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Can I Trust My (Apartment Marketing) Data?

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Quantitative analyst Mark Stange-Tregear of My New Place touches the tip of the iceberg in suggesting systemic flaws in current, popular methods of lead tracking in the multifamily rental business. …

Quantitative analyst Mark Stange-Tregear of My New Place touches the tip of the iceberg in suggesting systemic flaws in current, popular methods of lead tracking in the multifamily rental business. AIM Conference 2010. aimconf.com

Published in: Real Estate

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  • 1. AIM 2010
    Marketing Data Insights:Can I Trust My Data?
    Mark Stange-Tregear
  • 2. Contents
    Is the data in property management systems accurate enough to make marketing decisions?
    If the data in property management systems is not accurate enough, what are the alternatives?
    How to match guest card or contactors to leases
    What is the impact of the various matching options?
    How do I make this data actionable?
    Food for thought…
  • 3. A Leasing Funnel
    Prospect finds a property and decides to contact the property
    A contactor expresses continued interest and becomes a qualified guest card
    The contactor signs a lease
  • 4. Is the data in property management systems accurate enough to make marketing decisions?
    By matching a lease back to the original guest card, the advertising source can be verified
  • 5. If the data in property management systems is not accurate enough, what are the alternatives?
    If the tracking data in the PMS systems is not accurate enough, don’t use that data
    Instead, match the residents on the rent roll to contactor/guest card records
    Caveat: matching to contactors/guest card records is not going to tell you about walk-ins, but it is still better to have a smaller, accurate data set
  • 6. How to match guest card or contactors to leases
    • Match as much data as possible
    • 7. Let the guest card/contactor records age
  • What is the impact of the various matching options?
    As additional data sources are used, an increasing numbers of leases can have their source verified
  • 8. How do I make this data actionable?
    • Calculate the cost per lease for each paid advertising source:
    • 9. Collect the total billing for the advertising source
    • 10. Divide by the number of leases that were matched
    • 11. Adjust the cost per lease figure to allow for missed matches and walk-ins
  • Food for thought…
    • If the data in property management systems in unreliable, don’t rely on it
    • 12. Accurate data can be obtained by matching leases back to guest cards/contactor data
    • 13. And don’t forget to factor in one walk-in for every guest card or contactor matched