20 Ways for Apartments to Compete In Today’s Markets

Apartment Marketing

Apartment MarketingLooking for quick, easy-to-understand ways to get and keep a competitive edge— in leasing, marketing and in property management.

1. Change your leasing strategies and incentives weekly. Many markets are fast-moving, and if we keep doing the same thing over and over, we’ll get the same results over and over.
2. Add an Uber drop off and pick up location in your community. A sign works as a new amenity. These suggested locations are meant to make pickups easier and faster for riders and drivers. Make this area comfortable by adding a seating area. When selecting the location consider if possible protection from snow and rain, easy to charge a phone and easy to access without going past the security gates.
3. Has your resident profile changed over the past 4 years? With all the new construction odds are likely that community profiles have changed. Has this information been reviewed? Has your website and models altered to reflect this new profile?
4. Create “star” apartments every week. If you have sure apartment floorplans that are harder to lease, offer an additional incentive for renting those apartments.

5. Create urgency among leasing staff. In some companies, regional managers make random, surprise calls to properties to give them unique, short-term incentives. For example, they might say, “Just for today, every lease signed, the leasing consultant will receive an additional $50.”

6. Change your prices every day. Break every occupancy and leasing report down by floorplan, and set prices and concessions according to floorplan availability.

7. Upgrade all associates’ computer skills. Everyone at every property should be able to use not only the property management software but also basic laptops slow down the amount of work that can be accomplished. Daily, I hear leasing teams complaining about the age of their technology tools.

8. Learn how to tell the truth effectively. Don’t over inflate your community or its amenities in your marketing campaigns—it will come back to bite you. Instead, focus on what really is unique about your apartments and community.

9. Offer multiple methods of paying rent. Give residents as many options as you possibly can—direct deposit, e-pay, credit cards, cell phone apps, etc. This will increase the likelihood of their paying on time.

10. Offer telephone incentives. Increase telephone-to-appointment conversion by allowing leasing professionals to dangle a carrot: “If you are able to come in today, I’ll take $50 off the application fee.”

11. Treat EVERY employee like a professional by providing personalized business cards. Giving service team members those standardized business cards that require them to write in their name sends a wrong message: You aren’t significant enough (or won’t be here long enough) to warrant your own personalized cards. Instead of doing this, why not be confident in your new hires—and express that confidence by printing up customized business cards.

12. If you have happy residents, by all means, put them on display. Create a book of testimonials and put it on display in your leasing center; highlight them on a “wall of fame;” use them in your advertising, etc.

13. Practice the Internet “Golden Hour” rule. Do your best to reply to Internet leads within one hour of receiving them. Remember that people use the Internet, in part, to get information quickly. The text is an essential part of the leasing process today. Does your team have a cell phone to send and receive texts? Don’t forget to place all call on Call forward to the main line.

14. Incorporate instant rewards into your mystery shopping program. Identify 6 to 8 items on which shoppers should critique onsite people—and have the shopper give the staff member an instant reward if he or she successfully covers those 6-8 things. This is a great morale booster!

15. Mechanize every process. Keep the property running smoothly and make sure nothing is overlooked by creating a book of checklists, by position, for every procedure.

16. Support pet projects. Allow staff members to pursue aspects of property management that interest them. Give them new responsibilities or even create new positions for them. It is not only empowering for the employee but also beneficial for the property.

17. Rethink your renewal strategies. Does it make sense to offer better deals to new residents than to existing ones? Or to provide leasing professionals higher incentives for new leases than for renewals? Now more than ever, it’s critical that we close the back door by treating our existing residents like the valuable assets they are.

18. Set realistic goals. Goals that are too big to be realistically achieved are demotivating. Break huge “wishful thinking” goals into smaller benchmarks that can actually be reached over time.

19. Get rid of “survival language.” Stop talking about “hanging on by the skin of your teeth” or “making it through the year.” Put the past in the past, focus on what you’ve done right, and move forward.

20. Embrace diversity in all its forms. Learn to make the most of the different life experiences, skills, and interests every employee brings to the workplace.

How To Market Your Apartments On A Small Budget Tip 5

Apartment Marketing

Apartment Marketing

Tip 5.

Location

In some markets prospects have drive times from work of more than more than 20+ miles to visit and live in a apartment community they trust. One of the reasons Reviews are so important is that prospects will inquire based on reviews and how far they have to drive to visit. Do you know your drive time?  Do you include a link or actual reviews in your elead responses?

Marketing Tip: Conquest major employers from areas outside your primary market based on zip code and city.

Low cost lead generation for apartments

Low cost lead generation for apartments

Apartment Marketing: Website Tool

Hotjar is one of the leading “heatmap analytics” solutions (others include Clicktale and Crazy Egg). Heatmaps are visual representations of how visitors interact with your site and help you understand what visitors are looking for, what they care about, and how well your site meets their expectations. Many marketers find this visual approach to website analytics is more intuitive and easier to understand than the complex charts and graphs reported by the more conventional website analytics tools.

Evolving beyond simply presenting heatmaps, Hotjar now includes a wide range of analytical tools, including individual visitor session recordings (allowing you to watch everything a visitor did while using your site, including mouse clicks/movements, page scrolling, and much more), tracking conversion funnels, and form performance analysis. Hotjar also includes easy-to-use tools to proactively solicit feedback from your site visitors via feedback forms, polls, and surveys.

Hotjar offers a free basic offering, with paid plans starting at $29/month for sites logging up to 10,000 daily pageviews. To get started, click here.

2019 Update on Apartment Markets Cycles

Just like our year has four seasons during which temperatures rise and fall, the real estate market has four general cycles during which prices rise and fall; but while spring, summer, fall, and winter last only a few months, cycles in the real estate market last longer—seven to ten years. Keep in mind that these cycles are normal functions of dynamic markets and are affected by factors within those markets.

Of the four market cycles, two represent appreciating markets and two represent declining markets. The two appreciating market cycles are called Recovery and Expansion. The two declining market cycles are called Hyper-supply and Recession. The main characteristics driving market cycles are vacancy rates, new construction, employment growth and rental rate growth. Now, let’s take a closer look at the four general market cycles and what goes on in each of them.

To read the full report from Irr visit Irr.com

 

Expansion

Expansion is an exciting market cycle because it’s where the economy starts to get rolling again. You’ll start to see vacancy rates decreasing and a little new construction at first with a great deal more toward the end of the cycle. Absorption rates pick up as more people go back to work or upgrade jobs, and the pickup in income brings moderate to high growth rates in rents. Property values start increasing until the end of the cycle where they’ll peak. Investors want to buy at the beginning or middle of this cycle and sell toward the end (when property values peak) before the market starts declining again. The country experienced a lot of this in 2006-07 when property values hit their peak. Those who sold during those years made a killing while those who bought at the peak and overpaid will take years for their properties to get back to the value at which they purchased.

 

Hypersupply

The market cycle following Expansion is called Hypersupply, and it happens when the market gets oversupplied during expansion while job growth slows down. Due to the amount of new construction, supply outweighs demand, and vacancy rates begin to increase again. There is still new construction happening, but absorption of apartments starts to really slow down. Employment also starts to slow as companies have already done their major expansions. Rental rates may still be growing, but at a pace between a crawl and a stop. Investors don’t want to buy during Hypersupply unless it’s for major cash flow that can withstand prices going down and weathering the storm to follow; and should be very careful to sell marginal properties before the market starts to decline more rapidly.

 

Recession

Recession is the last stage of the market cycle; and it’s the cycle that most of the country; and at the time this book is being written, it’s the cycle that most of the US and the world have experienced over the last 4-5 years. During a recession, vacancy rates increase as jobs and income decline. New construction slows to a halt and fewer apartments or houses are absorbed. You’ll see low to negative growth in employment as salaries level off or companies even implement layoffs. With the general economy in a slump, see many more concessions offered and rental rates go down with fewer people willing to pay as much for apartments. In this phase, investors want to focus on buying quality properties that provide strong cash flow. While your value will probably not increase anytime soon, you can still find properties that will provide a strong cash flow again.

Recovery

The Recovery market cycle starts at the point that most people call the “bottoming of the market”—the moment when the market stops declining and slowly starts to level off or grow again. During a recovery, you’ll see vacancy rates stabilize and actually start to slowly decrease, due largely to very low or virtually no new construction. With little new supply coming on the market, property occupancy rates start to stabilize. There is usually low employment growth, but the decrease in jobs has ended. You’ll see very low rental rate growth and it may even go down a little. The good thing about this market is that it signals the end of a decline. This is a great time for investors to buy properties for cash flow; and when the market really improves you’ll see major jumps in rental rates, occupancy, and value. And with that recovery comes the opportunity to raise rents.

The Leasing Professionals Guide to Eliminating Concessions, Raising Rents and Selling Rent Increases Every Time

By Tami L. Siewruk
THE BOOK: This comprehensive program starts with thedefinitive book on raising rents, eliminating concessions and selling rent increases in multifamily communities, sourced from over 30 years of multifamily experience and across-the-board expertise. From presenting financial terms in a way that you can finally wrap your brain around all the way to putting the finishing touch on a rent-raising renewal, this book will fully reveal the when, where, and how behind successfully raising rents, eliminating concessions and selling rent increases and will equip you to immediately begin achieving record revenues for your company and community! All for ONLY $49!

SEO HUGE News

SEO HUGE news and means a lot of work! Google has recently updated the way that they track “vicinities,” or locations, and in doing so, locations have been completely changed in their back end and how they serve us this data. Because of this, we have to re-map these locations in our systems. Google no longer recognizes certain neighborhoods or boroughs. EVEN SOME SUBURBS CITIES If you are tracking a keyword by one of the changed location types, the keyword’s location will need to be updated to monitor on another city or postal code. I have some accounts that we are still figuring how or where to focus on. UGHHHERRRR Google! My source for this information is MOZ highly trusted by Google.

Apartment Industry Speakers

Are you seeking the perfect apartment industry speaker for your next event?

You want a professional apartment leasing, marketing or management speaker who will emotionally connect with your attendees, entertain them, give great content and leave them educated and motivated? Are you looking for a proven apartment professional who leaves their ego at the door so they can focus on the needs of  your employee?

Perhaps you need an “expert who speaks”? This is a book author or researcher who is a recognized expert in  the apartment industry who also speaks. They might be a currently active facilitator, consultant, coach and writer who speaks about their experiences and how they can help your company and employees

Whatever your needs are, Tami Siewruk is likely the  right speaker for your event. If she is not she will now the speaker and provide you with their contact information. Research goes a long way when you are choosing a speaker in the apartment industry. There are many levels of speakers in the apartment industry, with credentials and capabilities that vary widely.

You will want to look at fees, expenses, logistics, topics, expertise, professionalism, technology use, learning tools and most important of all, the audience outcomes the speaker creates for you, your organization and your sponsors.

Follow this link to a few of Tami’s seminars or customize one for yourself!

Apartment Leasing Today

For many Multifamily Leasing Professionals, leasing has become a challenge with the change in consumer’s expectations, higher rents, no concessions and the focus on raising rents at renewal, added responsibilities and less time! This tour focuses on arming you WITH a whole set of proven skills, strategies, resources and more, proven by years of success to help you  lease and renew more apartments. What would you say if we told you that you can learn how to lease more apartments, personally, from one of our industry’s most experienced authorities on leasing? Join Tami Siewruk and be amazed that targeted learning can be so fast, easy, and affordable, or the return on investment for your career and community been so HUGE!

Learn Today’s Apartment Leasing and establish a solid foundation of skills that will have you closing and renewing more leases immediately. Learn how to Turn Rants Into Raves: Turn Your Residents On Before They Turn On YOU! Build trust and exude credibility for stronger and more profitable relationships with your future residents; Learn hundreds of leasing tips, tactics, strategies and techniques that are guaranteed to retain today’s consumer’s and work in today’s market conditions; Lease smart and with unmistakable confidence … using more than 137 tools! Celebrate a measurable increase in your renewals and closing ratios; replace frustration with continual inspiration! Master the best practices of leasing and renewing to reach your goals and set the bar higher … far beyond what you previously thought possible; Fall in love with how great it feels to lease confidently and skillfully without incentives and concessions!

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New Social Media Platforms For Apartment Marketing

Apartments marketing platforms

Apartments marketing platformsWe’ve noticed apartment traffic from Facebook to our websites is going down. We share apartment community blog posts on our clients websites timeline for SEO benefit, and the number of visitors we attract to our sites has dropped in the past year-and-a-half. Overall, website traffic is going up and notice an excellent growth in organic search. Facebook is a resident engagement play. The benefit is that they share how much they love living in our communities and there for a referral platform. Increase sharable content, use influencers and engage heavily with each person that posts or comments. I have found that Facebook is more time consuming these days to achieve the same traffic to our websites. We are spending much more time on other social media platforms and is now also becoming a new essential strategy Has your strategy changed this year? Let me know.

Best Practices for Successful Apartment Marketing Tactics

One of the most successful apartment marketing tactics that people have been using to generate more qualified apartment prospect leads is via apartment internet marketing. However, for most apartment managers they have no clue how to begin. The article below can help you start generating more apartment prospect leads on the Internet.

Apartment Leasing

Apartment Leasing
Your apartment internet marketing strategy doesn’t have to be limited to the internet itself. For instance, you may want to host in-person gatherings or events for prospects, brokers, vendors, and residents with whom you regularly interact. This will have them become more familiar with your apartment community; this will make them more excited about writing about your apartments, company, and community.
Always keep track of what your main apartment competitors are doing. Take a look at your competitor’s website to see what you need to work. You can get a good idea of the number of visitors they are generating, and that can help you determine how you are doing.
Though apartment internet marketing is a road to success, supplement it with a direct marketing strategy as well. Reach out to your potential and existing residents with traditional methods, such as telephone, emails and local applications that many people are using today, such as nextdoor. You can find much helpful information in online directories.
Start with a small, well-optimized website site. If your site has thousands of indexed pages, search engines are more likely to pass it by in favor of sites with a few hundred well-optimized pages.
Create a blog if you don’t have one and post great content on apartments. Search engines rank sites with fresh content more highly, so if your site is not updated regularly, your ranking will suffer. A blog allows you to create new content consistently.
How your website looks and operates is as important as what you are selling. Regularly test your ads, links, graphics, and checkout system for problems that may inconvenience site visitors. Just like people won’t shop if they are unable to get in the front door, Internet shoppers will not wait while you keep fixing website bugs.
Know how to code HTML tags. HTML tags will indicate how relevant your content is, and will show it in different bold gradations based on its importance. Search engine spiders will evaluate your website based on what these tags emphasize. Be sure to highlight the essential keywords.
The key to any Internet marketing campaign is knowing what works and doesn’t work for your competition. Knowing your apartment community competitors and how they do business is essential to nurturing your Internet marketing success.
Use high-quality images that give visitors a good idea of the apartments you are leasing. Potential residents will appreciate the fact that they can see apartments.
It is optimal to be able to run pages on numerous social networking sites, but consider the time that would need to be invested in keeping them up-to-date and functioning. When you see a stagnant profile, it is seen as spam.
Use tools that can determine how many of your visitors become residents so that you can see if your marketing efforts are working. Most major companies online offer various add-ons and trackers, which allow you to see the comparison of visitors to lease numbers.
It is now time to start thinking about the goals of your Internet marketing campaign. Keep it reasonable, but consider what you want to accomplish in the next few months as well as over the next few years. If you set positive goals and continue to learn and grow, you will be successful in no time.

Apartments Near Me Search

Apartmnt Marketing help

Apartmnt Marketing help

“Near me” mobile searches that contain a variant of “can I buy” or “to buy” have grown over 500% over the last two years.

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Why it matters in apartment marketing

“Near me” is no longer just about finding a specific place. It’s now about finding a specific thing, in a specific area, and in a specific period of time. People now expect search to find the places in their area where they can get what they need. Marketers should make that easier. Read more