lessons of the apartment internet marketing conference
DESCRIPTION
This webinar highlights the very best of the AIM 2012 Conference and reveals the cutting edge topics slated for 2013 so you can get a jump on the competition and market like a rock-star. This complimentary webinar will provide you with action-oriented information that you can use in your marketing and training efforts today.TRANSCRIPT
AIM 2012 and 2013 Preview
• Web-based property management software
• Complete Solution Includes• Property Mgmt & Accounting• Online rent collection (free)• Prospect / Guest Card Tracking• Marketing • Website• Payment processing• Online applications• Resident Screening
So You Run a More Successful Business
AppFolio
©2012 AppFolio, Inc. All Rights Reserved.
Grace Hill
• Leading Education Provider• Offering eLearning for more than 10 years• More than 1,500 courses taken each day• Accounting
• Apartment-Industry Specific Training• Fair Housing, Preventing Sexual Harassment• Intro to Social Media, with Lisa Trosien• Dozens more in English & Spanish
• Vision Learning Management System (LMS)
• Custom Course Development
• www.gracehilllearning.com for course previews
©2012 AppFolio, Inc. All Rights Reserved.
Webinar Agenda
• Social Media and Customer Experience
• Mobile, mobile, mobile
• Ratings!
• Reputation management
• Data-driven marketing
• AIM 2013 ($50 discount code delivered here)– The art of marketing
– Video
– Cutting-edge social media
Campaigns!
Sarah GreenoughPrinceton Properties Management, Inc.
Friday, April 27, 2012
Sarah GreenoughPrinceton Properties
Increase Social ExposureReduce Outbound Marketing Spend
Continue with Customer 1st Approach.
Three areas of focus for 2011:
• Ratings & Reviews initiative • Facebook Campaign• Company Blog launch
Infrastructure was already in place, now we wanted to grow our social exposure in hopes of giving the customer a better experience while increasing our ROI.
Polling Question #1
Our Facebook Challenge
• Increase FB Fans & Blog site referrals.
• Increase interaction with residents & fans on existing FB pages.
• Decrease outbound marketing expenses.
Narrow your focus. Concentrate on a few targeted social initiatives.
Do them WELL!
Facebook CampaignsFan Growth
Corporate:1. Summer E-Reader Sweepstakes
FB Fan Growth (%): +472%
2. What I’m Thankful for Photo ContestFB Fan Growth (%): +18%
Facebook CampaignsResults for Corporate FB
0 200 400 600 8001000
Referrals
e-Reader
2011 2010
121.43% increase
33.85% increase
Blog’s #1 Referralis Facebook
Facebook CampaignsIncrease Interaction
Property:1. Ugly Sweater Photo Contest
Cost: $0 – 3 Partner’s paid $150
2. Be my Valentine Caption ContentCost: $50 – Partner paid $50
3. Facebook BINGOCost: $500 – Operating costs
Facebook CampaignsResults for Property FB
Numbers Speak VolumesSubject Property – Worcester, MA
Polling Question #2
Ratings & Reviews:Past, Present & Future
Erica Galos-Alioto, YelpPatrick Grandinetti, Google
Wade Hewitt, ApartmentRatings.com
Wednesday, April 25, 2012
Yelp, Google and ApartmentRatings.com
Reviews & the Bruised Corporate Ego
“Any business owner who has invested a considerable amount of time and energy into building a business is going to be somewhat protective and defensive when they hear negative feedback about what kind of job they are doing.”
-- Erica Galos-Alioto, Yelp
Reviews as a Conversation
Reviews & The Competition
Reviews as Market Research
Editor’s Note – Tag Clouds
• Tag clouds = quick visual
• Export text from review sites
• Free at TagCrowd.com, Wordle.net
Responding to Residents
Good Service = Good Ratings
Zero Moment of Truth
"It's imperative that marketers today, no matter the industry, work hard to win their customer's Zero Moment of Truth. And as part of that, fully embrace the role reviews and ratings take in that process to impact a future customer's ZMOT."
-- Patrick Grandinetti, Google
Patrick GrandinettiHead of Real EstateGoogle, Inc.
Win at Point of Decision
According to Procter & Gamble, shoppers make up their minds about a product in three to seven seconds, just the time it takes to note a product on a store shelf.
This time lapse is called (by P&G) the “First Moment of Truth," and it's considered the most important marketing opportunity for a brand.
— Wall Street Journal, 2005
Google Confidential and Proprietary 28
The Traditional Mental Model of Marketing
• Stimulus
29
Second Moment of
Truth
First Moment of
Truth
30Source: National Association of Realtors Profile of Home Buyers and Sellers, Updated November 2011
89%of home buyers in the US use the internet to research real estate information
A New Path to Purchase Holds True in Real Estate
31
78% of US Internet users go online to search for information about products and services.
Sources: ―Online Product Research,‖ Pew Research Center, September 2010
32% have posted productreviews or comments online.
A New Path to Purchase Holds True in Real Estate
The New Marketing Landscape
32
First Moment of Truth
Second Moment of Truth
Stimulus
Which becomes the next person’s ZMOT
33
Available on:
Google search results Google search ads 3rd Party sites
+1 What You Recommend
34
Connect on Google+
35
Engage in YouTube Comments
Embracing Engagement
“I think there are a lot of myths and misunderstandings about ratings and reviews out there. If you encourage and embrace ratings and reviews, you get a much more accurate spectrum of user sentiment.”
-- Wade Hewitt, ApartmentRatings.com
ApartmentRatings
• Over 4.7 million visits per month
• Over 80 thousand properties
• Over 1.2 million reviews
• Over 20% of prospective renters that visit the leading ILS sites also visit ApartmentRatings
The leader in consumer reviews for apartments
Source: comScore November 2011 and Google Analytics
Reviews are Growing in Importance
• The percentage of people who say they used ApartmentRatings during their apartment search has increased nearly 20% the last two years in a row.
• 52% of current apartment residents used ratings and reviews websites when they found their current apartment.
• 89% of consumers say they find online channels trustworthy sources for product and service reviews, up 25% from the prior year.
Source: ©SatisFacts Research (SatisFacts.com) and 30 Lines (30Lines.com) “Getting Inside the Head of Today’s Online Renter” study, July 2011. \2010 Cone Online Influence Trend Tracker
Reputation Management
• Respond to reviews as the “Verified Property Manager”
• Update property information like photos, rents and floorplans
• Set specific URLs and phone numbers for each property
ApartmentRatings’ Manager Center allows apartments to take control of their reputation
Reputation Management
• Manager Center customers tend to see increases in their ratings.
• Improvement in ratings are correlated to responding to reviews
Responding to reviews is key
Reputation Management Lifecycle
• Manager Analysis
• Manager Response
• Consumer Review
• Perception Shift
- Expand . Reach
- Social Marketing
- Positive
- Negative
- Causation
- Take . Action
- Deep.Breath
- Honest.Response
Polling Question #3
Polling Question #4
Online Reputation Management
Wednesday, April 25, 2012
Aaron Helfman, Director of Marketing, Korman Residential
The above image is from a leading ORM firm.
Online Reputation ManagementThe International ORM Industry
Online Reputation ManagementVenturing Beyond Social Media
Differentiating ORM from SEO
Unmanaged Online ReputationDestructive Anonymous Content
Polling Question #5
The 4 Steps to Successful ORMAssess, Create, Empower, Reassess
Editor’s NoteMalicious vs. Self-Inflicted
• Malicious is an unstable renter making libelous accusations
• Self-inflicted is suing a renter over what they Tweet about you.
1. AssessYour Current Online Reputation
2. Create Your ORM ProgramImprove Your Online Reputation
3. Empower Your AssociatesProvide Formal ORM Training
4. Reassess RegularlyEvaluate Your ORM Program
Free Reputation Management?Prospect Reviews
Hiring A Professional ORM FirmWhen Reviews Are Not Enough
The above image is from a leading ORM firm.
Editor’s Note - Negative ORM Sites
• RipoffReport.com ranks highly
• SearchEngineLand.com great source for help with ORM
– http://searchengineland.com/how-to-remove-ripoff-reports-from-google-not-just-bury-them-65173
Understanding ORM FirmsHype vs. Realistic Expectations
Business Meets Personal ORM
The above marketing is from a leading ORM firm.
Social Analytics
Stegmaier, Davidoff and Spiegel
Friends Drive Social Networks
Measuring Online Word of Mouth Marketing in Multi-Family
Social Reach
16 million friends
reached
Lead / Lease
Match
2x Increase in
Closing Ratio
(8% vs 14%)
Referral Match
3x increase in
participant
referral rate
(3% vs 9%)
Friend Match
20,434 social
networking
friends moved-in
$0.09 / Friend
Reached
$100 / Friend
Match$7 / Lead Influence$54 / Lease Influence
$387 / Referral
Match
* Based on combination of case study data, 16 million friend interactions, 1 million leads analyzed and over 8,000 referral bonus conversions.
What’s next for Social in Multi Family
Search
Surveys
Lead ScoringRevenue Management
Lead/Lease Influence Reporting
Predictive Analytics
Chris Brust: VP, Business Intelligence - ArchstoneMatt Eilen: Director, Decision Support - Aimco
Moderator - Rich Hughes: VP, Strategic Revenue Systems - Realpage
Thursday, April 26, 2012
What is Predictive Analytics?
• Reporting• “What is my marketing spend per channel month-to-date/ quarter-to-date / year-to-date?”• “What was my cost-per-lead by lead source last month?”
• Analysis:• “How effective were my ILS upgrades last quarter?”• “Did last month’s email campaign have more impact on the one-bedrooms, two-bedrooms, or three-bedrooms?”• “Did our change in transfer policy at our pilot communities last year have any material change in renewal retention?... can we look at that by market?
• Monitoring• “What’s currently the hottest ILS?”• “How’s my new campaign doing?”• “Is this new marketing channel cannibalizing the old ones?”
• Prediction• “How will this policy change improve customer satisfaction / retention?”• “How will this renewal model modification impact rental revenues next year”
Data Analytics Continuum Multi-Family REITsThere are different levels of maturity which result in varying complexity in how companies analyze data and leverage it
94
Examiner Extrapolator Multivariable Modeler Statistical Visionary
Competency
Level
Reports previous results
and tries to explain past
performance
Projects future
performance based on
historical performance
Develops complex models
based on a numerous dependant
and independent variables
Conducts some basic statistical
analysis to test / prove
hypothesis
Sophisticated in house
capabilities or engagement of
external experts
Conducts constant
heavily automated
statistical data analysis
to drive every day
decisions
Culture of data-
supported decision
making at all levels in the
organization.
Task
Organization
Departmental analysts
reporting to functional
area experts
Central analyst or team
of analysts reporting to
C-level
More advanced
departmental analysts
Centralized team of analyst
dedicated to enterprise-level
projects
Emergence of Director/VP – level
leadership of an enterprise
analytics function
Centralized analytic
professionals and semi-
professionals.
Senior-level leadership
of the analytics function.
Typical
Toolsets
Basic Excel Advanced Excel data
analysis tools
Advanced Excel
SPSS / MS Analysis Services
Open source (R)
Advanced data analysis
suites
Open source (R)
Data Analytics FrameworkSuccessful organizations have formalized channels / methods for identifying the highest value analytics.
95
Identify
Opportunities
Receive Requests/ Brainstorm
Compare / Select
OpportunitiesConduct Analysis
Report / Recommendations
Results
Implement Recommendations
Review Prelim Results
Develop Plan / Timeline
Summarize Findings
Develop RolloutPlan
Prioritize Analysis
Conduct Prelim Analysis
Scope Analysis
DetermineBandwidth
Level of Effort vsPotential Benefit
Gather Data
Setup Model / Analysis
Run / Validate Model
Urgency ofAnalysis
Iterate on Analysis/ Hypotheses
Reach Internal Consensus
Specific ActionableRecommendations
Incorporate Feedback/Changes
Setup ChangeManagement
Develop Tracking /Reporting
Finalize Analysis / Project
• The two most critical aspects are selecting the right projects and having a strong change management capability to implement vetted recommendations
Case Study #1In 2010, Aimco Conducted a Detailed Analysis Comparing Modeled FTEs vs Actual Property Headcount
96
Front Office FTE Requirement by Month vs Actual HC
100 100 100 100 100 100 100 100 100 100 100 100
10 1020 20 20 20
10
120
110 110105
120115115
110
102 102
110 110
0
20
40
60
80
100
120
140
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Month
FT
E
Base Incremental Actual HC
Resulting Initiatives
Variable Staffing
Technology Enablement
Better Leveraging Offsite
Resources for Non-Core
Activities
Guestcard # minutes per Rent Collection # minutes per unit per month Bank Deposits # minutes per day
Site Visit: # minutes per Rent Delinquency Follow Up # minutes per unit per month Walk Marketing Path # minutes per day
Application: # minutes per Posting Rent Payments # minute per unit per month Email / Calls # minutes per day
Lease: # minutes per Vendor Management # minutes per unit per month Team Huddle # minutes per day
Move In: # minutes per Time Card Management # minutes per unit per month Talking to Regional Leaders # minutes per day
Expiring Lease: # minutes per Resident Interaction # minutes per unit per month Team Member Issues # minutes per day
Renewal: # minutes per Dealing with Service Requests # minutes per unit per month Reviewing Reporting Materials # minutes per day
Move Out: # minutes per Mail / Packages # minutes per unit per month
Training # minutes per unit per month
Activities FixedActivities Variable to Unit CountVariable Events - Time to Handle
• Sample Front Office Model Variables
• Sample FTE Model Output
Case Study #2In 2010, Archstone Conducted a Detailed Analysis to determine the biggest drivers of customer satisfaction
97
Resulting Actions
Operations-led initiatives
in various resident-
focused categories
Re-prioritization of
company initiatives and
Capex funding
• Resident Relationship Survey topics:
Apartment, Apartment Maintenance, Care for Concerns, Community Features, Community Maintenance, Management Communication, Policies and Guidelines, Community management “soft” skills,” Renewal Process, Social Activities,Responsiveness
AIM 2013
• April 29 – May 1
• Hyatt Regency Huntington Beach
• Aimconf.com for more info
• Discount code for $50 off only thru 12/14
webinar2013
Polling Question #6
2013 Marketing Edge
• Creative design – using beauty to sell
• Video, video, video
• Cutting-edge social media
Polling Question #7
Thank You!
AIM 2013 Discount Code
Webinar2013
Valid thru December 14, 2012
Steve Lefkovits
510-444-2988