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Lessons of the Apartment Internet Marketing Conference

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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.

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Lessons of the Apartment Internet Marketing Conference

  1. 1. AIM 2012 and 2013 Preview
  2. 2. AppFolio • 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©2012 AppFolio, Inc. All Rights Reserved.
  3. 3. 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.
  4. 4. 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
  5. 5. Campaigns! Sarah GreenoughPrinceton Properties Management, Inc. Friday, April 27, 2012
  6. 6. Sarah Greenough Princeton Properties
  7. 7. 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.
  8. 8. Polling Question #1
  9. 9. 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!
  10. 10. Facebook CampaignsFan GrowthCorporate:1. Summer E-Reader Sweepstakes FB Fan Growth (%): +472%2. What I’m Thankful for Photo Contest FB Fan Growth (%): +18%
  11. 11. Facebook CampaignsResults for Corporate FB 121.43% Blog’s #1 Referral e-Reader increase is Facebook Referrals 33.85% increase 0 200 400 600 800 1000 2011 2010
  12. 12. Facebook CampaignsIncrease InteractionProperty:1. Ugly Sweater Photo Contest Cost: $0 – 3 Partner’s paid $1502. Be my Valentine Caption Content Cost: $50 – Partner paid $503. Facebook BINGO Cost: $500 – Operating costs
  13. 13. Facebook CampaignsResults for Property FB Numbers Speak Volumes Subject Property – Worcester, MA
  14. 14. Polling Question #2
  15. 15. Ratings & Reviews:Past, Present & Future Erica Galos-Alioto, Yelp Patrick Grandinetti, GoogleWade Hewitt, ApartmentRatings.com Wednesday, April 25, 2012
  16. 16. Yelp, Google and ApartmentRatings.com
  17. 17. Reviews & the Bruised Corporate Ego“Any business owner who has invested a considerableamount of time and energy into building a business is goingto be somewhat protective and defensive when they hearnegative feedback about what kind of job they are doing.”-- Erica Galos-Alioto, Yelp
  18. 18. Reviews as a Conversation
  19. 19. Reviews & The Competition
  20. 20. Reviews as Market Research
  21. 21. Editor’s Note – Tag Clouds• Tag clouds = quick visual• Export text from review sites• Free at TagCrowd.com, Wordle.net
  22. 22. Responding to Residents
  23. 23. Good Service = Good Ratings
  24. 24. Zero Moment of Truth"Its imperative that marketers today, no matter theindustry, work hard to win their customers Zero Moment ofTruth. And as part of that, fully embrace the role reviewsand ratings take in that process to impact a futurecustomers ZMOT."-- Patrick Grandinetti, Google
  25. 25. Patrick GrandinettiHead of Real EstateGoogle, Inc.
  26. 26. Win at Point of DecisionAccording to Procter &Gamble, shoppers makeup their minds about aproduct in three to sevenseconds, just the time ittakes to note a producton a store shelf.This time lapse is called(by P&G) the “FirstMoment of Truth," andits considered the mostimportant marketingopportunity for a brand.— Wall Street Journal, 2005 Google Confidential and Proprietary 28
  27. 27. The Traditional Mental Model of Marketing• Stimulus First Second Moment of Moment of Truth Truth 29
  28. 28. A New Path to Purchase Holds True inReal Estate89%of home buyers in theUS use the internet toresearch real estateinformation 30Source: National Association of Realtors Profile of Home Buyers and Sellers, Updated November 2011
  29. 29. A New Path to Purchase Holds True inReal Estate 78% of US Internet users go online to search for information about products and services. 32% have posted product reviews or comments online.Sources: ―Online Product Research,‖ Pew Research Center, September 2010 31
  30. 30. The New Marketing LandscapeStimulus First Second Moment Moment of Truth of Truth Which becomes the next person’s ZMOT 32
  31. 31. +1 What You Recommend Available on:Google search results Google search ads 3rd Party sites 33
  32. 32. Connect on Google+ 34
  33. 33. Engage in YouTube Comments 35
  34. 34. Embracing Engagement“I think there are a lot of myths and misunderstandingsabout ratings and reviews out there. If you encourage andembrace ratings and reviews, you get a much more accuratespectrum of user sentiment.”-- Wade Hewitt, ApartmentRatings.com
  35. 35. ApartmentRatings The leader in consumer reviews for apartments • 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 ApartmentRatingsSource: comScore November 2011 and Google Analytics
  36. 36. 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’sOnline Renter” study, July 2011. 2010 Cone Online Influence Trend Tracker
  37. 37. Reputation ManagementApartmentRatings’ Manager Center allows apartments to takecontrol of their reputation • 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
  38. 38. Reputation ManagementResponding to reviews is key • Manager Center customers tend to see increases in their ratings. • Improvement in ratings are correlated to responding to reviews
  39. 39. Reputation Management Lifecycle • Perception • Consumer Shift Review - Expand - Positive . Reach - Negative - Social Marketing - Deep - Causation .Breath - Take - Honest . Action .Response • Manager • Manager Response Analysis
  40. 40. Polling Question #3
  41. 41. Polling Question #4
  42. 42. Online Reputation Management Wednesday, April 25, 2012
  43. 43. Aaron Helfman, Director of Marketing, Korman Residential
  44. 44. Online Reputation ManagementThe International ORM Industry The above image is from a leading ORM firm.
  45. 45. Online Reputation ManagementVenturing Beyond Social Media
  46. 46. Differentiating ORM from SEO
  47. 47. Unmanaged Online ReputationDestructive Anonymous Content
  48. 48. Polling Question #5
  49. 49. The 4 Steps to Successful ORMAssess, Create, Empower, Reassess
  50. 50. Editor’s Note Malicious vs. Self-Inflicted• Malicious is an unstable renter making libelous accusations• Self-inflicted is suing a renter over what they Tweet about you.
  51. 51. 1. AssessYour Current Online Reputation
  52. 52. 2. Create Your ORM ProgramImprove Your Online Reputation
  53. 53. 3. Empower Your AssociatesProvide Formal ORM Training
  54. 54. 4. Reassess RegularlyEvaluate Your ORM Program
  55. 55. Free Reputation Management?Prospect Reviews
  56. 56. Hiring A Professional ORM FirmWhen Reviews Are Not Enough The above image is from a leading ORM firm.
  57. 57. 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
  58. 58. Understanding ORM FirmsHype vs. Realistic Expectations
  59. 59. Business Meets Personal ORM The above marketing is from a leading ORM firm.
  60. 60. Social Analytics Stegmaier, Davidoff and Spiegel
  61. 61. Friends Drive Social Networks
  62. 62. Measuring Online Word of Mouth Marketing in Multi-Family Lead / Lease Social Reach Friend Match Referral Match Match 3x increase in 20,434 social 2x Increase in 16 million friends participant networking Closing Ratio reached referral rate friends moved-in (8% vs 14%) (3% vs 9%) $0.09 / Friend $100 / Friend $7 / Lead Influence $387 / Referral Reached Match $54 / Lease Influence Match * Based on combination of case study data, 16 million friend interactions, 1 million leads analyzed and over 8,000 referral bonus conversions.
  63. 63. What’s next for Social in Multi FamilyLead/Lease Influence Reporting SurveysSearch Lead ScoringRevenue Management
  64. 64. Predictive Analytics Chris Brust: VP, Business Intelligence - Archstone Matt Eilen: Director, Decision Support - AimcoModerator - Rich Hughes: VP, Strategic Revenue Systems - Realpage Thursday, April 26, 2012
  65. 65. 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”
  66. 66. Data Analytics Continuum Multi-Family REITsThere are different levels of maturity which result in varying complexity in howcompanies analyze data and leverage it Examiner Extrapolator Multivariable Modeler Statistical Visionary Competency  Reports previous results  Projects future  Develops complex models  Conducts constant and tries to explain past performance based on based on a numerous dependant heavily automated Level performance historical performance and independent variables statistical data analysis  Conducts some basic statistical to drive every day analysis to test / prove decisions hypothesis  Culture of data-  Sophisticated in house supported decision capabilities or engagement of making at all levels in the external experts organization. Task  Departmental analysts  Central analyst or team  Centralized team of analyst  Centralized analytic reporting to functional of analysts reporting to dedicated to enterprise-level professionals and semi- Organization area experts C-level projects professionals.  More advanced  Emergence of Director/VP – level  Senior-level leadership departmental analysts leadership of an enterprise of the analytics function. analytics function Typical  Basic Excel  Advanced Excel data  Advanced Excel  Advanced data analysis analysis tools  SPSS / MS Analysis Services suites Toolsets  Open source (R)  Open source (R) 94
  67. 67. Data Analytics FrameworkSuccessful organizations have formalized channels / methods for identifying thehighest value analytics.• The two most critical aspects are selecting the right projects and having a strongchange management capability to implement vetted recommendations Report / Identify Compare / Select Implement Conduct Analysis Recommendations Opportunities Opportunities Recommendations Results Receive Requests Review Prelim Develop Plan / Summarize Develop Rollout / Brainstorm Results Timeline Findings Plan Determine Specific Actionable Setup Change Prioritize Analysis Gather Data Bandwidth Recommendations Management Conduct Prelim Level of Effort vs Setup Model / Incorporate Develop Tracking / Analysis Potential Benefit Analysis Feedback/Changes Reporting Urgency of Run / Validate Finalize Analysis / Scope Analysis Analysis Model Project Iterate on Analysis / Hypotheses Reach Internal Consensus 95
  68. 68. Case Study #1In 2010, Aimco Conducted a Detailed Analysis Comparing Modeled FTEs vs ActualProperty Headcount• Sample Front Office Model Variables Variable Events - Time to Handle Activities Variable to Unit Count Activities Fixed 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• Sample FTE Model Output Front Office FTE Requirement by Month vs Actual HC 140 120 120 Resulting Initiatives 115 115 120 110 110 110 110 110 102 102 105 20 20 20 20 100 10 10 10 Variable Staffing 80 Technology Enablement FTE 60 100 100 100 100 100 100 100 100 100 100 100 100 40 Better Leveraging Offsite 20 Resources for Non-Core 0 Activities Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Month Base Incremental Actual HC 96
  69. 69. Case Study #2In 2010, Archstone Conducted a Detailed Analysis to determine the biggest driversof customer satisfaction• Resident Relationship Survey topics:Apartment, Apartment Maintenance, Care for Concerns, Community Features, CommunityMaintenance, Management Communication, Policies and Guidelines, Community management “soft”skills,” Renewal Process, Social Activities,Responsiveness Resulting Actions Operations-led initiatives in various resident- focused categories Re-prioritization of company initiatives and Capex funding 97
  70. 70. 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
  71. 71. Polling Question #6
  72. 72. 2013 Marketing Edge• Creative design – using beauty to sell• Video, video, video• Cutting-edge social media
  73. 73. Polling Question #7
  74. 74. Thank You!AIM 2013 Discount Code Webinar2013 Valid thru December 14, 2012 Steve Lefkovits 510-444-2988 steve@jtimedia.com

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