by threshold | May 11, 2021 | Digital Marketing, General, Marketing, Tech/Web, Thought Leadership
In spite of evidence to the contrary, some marketers still operate under the incorrect assumption that today’s seniors don’t spend time online or rely on technology to make purchase decisions. In reality, seniors are more tech-savvy than ever, with 88% of adults aged 50-64 and 73% of adults over 65 identifying themselves as internet users. In fact, today’s target audience for senior living communities will rely on online searches, online reviews, digital ads, and your property website to help make their final housing decision much the same way younger generations do. Still, that doesn’t mean you should use all the same digital marketing strategies for senior housing as you would for student or multifamily communities. There are some crucial nuances to be aware of.
When it comes to Active Adult housing, digital marketing strategies should focus on the platforms where these active adult prospects spend most of their time. For Independent Living, Assisted Living, and Memory Care, your strategy should also appeal to the adult children of senior prospects who are often assisting or directing the housing search. Your digital marketing should also take into account the prolonged digital renter’s journey that can be common for senior prospects, who often have more flexibility regarding when they choose to move out of their current home. Finally, a digital marketing strategy for senior housing should be tailored to address common priorities for senior prospects, including sense of safety, reliability, and community.
There are many strategies you can employ to meet these unique demands of the senior housing market, from unique ad types to website design. Here are some of the top digital marketing strategies for senior housing.
Addressable Marketing Campaigns
Addressable Marketing is emerging as the direct mailer for the digital age, making it a particularly excellent choice when marking housing to seniors. It allows ads and other media to be served to individual households across a number of personal devices—TVs, smartphones, personal computers, etc. These ads can target prospects based on household location, age, income level, home equity information, number of household members, and a variety of interests, resulting in highly qualified online and offline traffic from prospects who are more likely to convert.
Because it targets your audience household-by-household, this tactic shares many of the benefits of the direct mailer while also saving on design and printing costs and allowing you the flexibility to target your audience with data aggregation tools rather than requiring you to have a list of addresses ready at hand. These data aggregation tools and fine-tuned targeting factors can help you hone in on senior prospects who may be ready to move, like empty nesters who may be looking to downsize, for example.
When creating an Addressable Marketing Campaign, you start by defining the audience you’re hoping to reach across factors like household location, interests, and other demographic information such as age, income level, etc. Then, though data aggregation tools, micro-geofences are drawn around each physical address that meets those data requirements. Next, a conversion zone is drawn around a specific location where you want to measure foot traffic (e.g. your leasing office).
When a prospect enters your micro-geofenced locations (e.g. physical home address), they will be targeted with your ads on their mobile and desktop devices for a set amount of time (30 days is typical). When the customer enters the conversion zone (e.g. leasing office) with their mobile device after being served your ad, the conversion zone recognizes the prospect and attributes their visit as an offline conversion. OR, if a prospect converts online by filling out a contact form, that action is measured as an online conversion.
Facebook Campaigns
By now, it’s well-understood that most seniors and active adults have adopted social media. In particular, older generations tend to use Facebook. Many seniors use Twitter and Instagram as well—some even use TikTok—but Facebook reigns supreme for its focus on fostering connections with family, friends, and acquaintances both current and past. To get specific, 72% of American adults between the ages of 50 and 64 were on Facebook in 2016, as were 62% over 65 and those figures are even higher in 2021. Naturally, this also means that seniors between the ages of 50 and 70 respond well to Facebook advertising. After all, 15% of users in this age range spend 11+ hours per week on the site.
Facebook offers a wide variety of ad types, be we particularly recommend Traffic and Lead Generation Campaigns for senior and active adult prospects. Traffic Campaigns are especially useful as an awareness tactic, targeting users within a geographic area and proactively serving ads to users with relevant interests and demographics. This ensures seniors nearby are aware of your community when they are ready to start their housing search. And because seniors tend to take longer to finalize their housing choice than younger generations, building that awareness over time is particularly rewarding when it comes to these prospects.
Lead Generation campaigns allow users to submit their name, email, and phone number directly on the Facebook platform, sending this information directly to property staff for quick and easy follow-up. This tactic is excellent for senior housing marketing because it gets prospects on the fast track to a real conversation with your staff, which many seniors still find preferable to the experience of browsing a website and hunting for information online.
Facebook can also do retargeting campaigns, which target users that have already interacted with your ads or Facebook posts before, making it useful as a way to keep top-of-mind with prospects. But bear in mind that older generations tend to be more wary of data tracking than younger generations who tend to see these tactics as the norm. That means aggressive retargeting campaigns may strike them as eerie and invasive rather than convenient and friendly. However, retargeting them sparingly and with the right message can result in increased conversion rates.
Email Marketing
When it comes to lead nurturing, Email Marketing is hard to beat. That’s especially true for seniors and active adults who tend to value personalized interactions directly from leasing staff when making their decision. So when developing your email marketing strategy, be sure to incorporate personalization as often as possible.
For more tips to enhance your Email Marketing strategy, Check out our article below.
Email Marketing for Apartments: Best Practices That Actually Earn Leases
Reputation Management
Before signing a lease with you, your prospects are going to research your community’s online reputation on sites like Google, Yelp, Facebook, Apartments.com, and ApartmentRatings.com. And that’s not just true for younger generations. Seniors (and their adult children who sometimes assist in or steer the housing search) also pay attention to reputation and use online reviews as well as word of mouth to determine whether they can trust a housing community.
When your prospects conduct this research, it’s important that what they find inspires their confidence. A poor online reputation means fewer prospects make it to your website, choose to schedule a tour, or take the plunge and sign a lease with you. In fact, a study by Harvard Business School showed that a one-star increase in your ratings can result in up to a 9% increase in your overall revenue.
There are many things you can do to improve your online reputation, including encouraging reviews from loyal residents and responding to the reviews you get, both positive and negative. For more tips on how to improve your online reputation, we have another article you should check out.
How To Make Online Property Reviews Work for You
Website UX Upgrades
A poor website experience is frustrating for everyone. Those who are especially tech-savvy may find their way around a poorly designed and developed website, but often prospects will just give up and look elsewhere. Poor website UX results in high bounce rates, low SEO rankings, less website traffic, and ultimately fewer digital conversions.
When it comes to improving UX for seniors, consider all the factors you normally would (page load times, easy scannability, a clear hierarchy of information, prominent calls to action, etc.). Also consider avoiding smaller font or icon sizes or images with poor contrast. This makes your website more legible to everyone, not just to seniors.
How To Improve UX on Your Property Website (and increase conversions)
Most importantly, ensure you have clear CTAs in prominent areas of the page to direct users to the actions you want them to take, such as viewing available floor plans, exploring amenities, and most importantly, contacting your leasing staff.
by threshold | Apr 28, 2021 | Creative, Design, Digital Marketing, Marketing, Tech/Web, Thought Leadership
Written by Weylan Lee, Senior Graphic Designer at Threshold
User experience and user interface (UX/UI) design are both in high demand, especially for digital spaces like apartment websites and mobile apps. With this high demand comes many tools that cater towards UX/UI design. At Threshold, we use Adobe XD, which is a design tool that allows us to create and prototype interactive experiences like websites, digital products, and mobile apps. With this tool, our teams are able to design, animate, prototype, and collaborate more efficiently, experiencing our designs just like an end user (i.e. our clients’ residents and prospects) would. This has significant advantages both for us internally as well as for our clients and their end users.
How Adobe XD Improves the Real Estate Marketing Client Experience
First and foremost, Adobe XD allows us to present our compelling and amazing website designs more comprehensively and engagingly for our clients. With XD, instead of designing static pages and leaving it to the imagination how they will animate or link to one another, we are able to incorporate engaging user experiences and interactive functionality that enhance our client’s brand and optimize for conversions from the very beginning. Our clients are able to view and experience their website designs just like a viewer would on a live website. They can scroll down a web page, click on links and buttons, interact with CTAs, as well as interact with things like galleries, floor plans, location maps, and much more. Plus, with the ability to leave comments and replies right on website designs, using Adobe XD allows our clients to make more informed decisions and provide accurate feedback, streamlining our collaboration with our clients.
How Adobe XD Improves Collaboration for Creative Real Estate Marketers
For our internal teams, using Adobe XD has allowed us to design more immersive and impactful website experiences and made our internal collaboration more efficient – which also benefits our clients! Our designers are able to experience and interact with their website designs in real-time as they are designing. This allows us to create more impactful, engaging user experiences and ensure that a website not only looks amazing and functions properly, but also provides a great experience. Adobe XD also allows for the creation of brand-specific design libraries, which our designers use to ensure that a client’s branding (fonts, colors, buttons, and more) is applied consistently throughout each page of an entire website. Even better, the collaboration tools within Adobe XD allows our designers and developers to share website assets and details more efficiently, reducing project timelines and ensuring a smoother transition between design and development.
Why You Should Work With a Real Estate Marketing Agency That Uses Adobe XD
To sum it up, by using Adobe XD, our teams are able to create impactful user experiences that our clients (and their current and future residents) will enjoy. The improved and efficient collaboration between our internal teams and our clients and project teams means that we are able to reduce project timelines and ensure we are creating the highest quality websites for our clients. Our project teams are able to spend more time on creating amazing and impactful website designs with great experiences. At the end of the day, that all leads to increased conversions and customer loyalty among our clients’ prospects and current residents.
by threshold | Apr 22, 2021 | General, Marketing
Build-to-rent single-family homes have been on the rise in recent years, but they haven’t yet comprised a major portion of new housing developments. However, the changing market landscape brought on by COVID-19 and the associated economic recession could put them on track to become the next big real estate trend.
Due to COVID-19, more and more people have been looking to make the move to the suburbs, looking for more space, less crowding, better air quality, and other suburban perks. But for many, buying a home is undesirable or altogether out of the question due to the cost of a mortgage and down payment and/or the limited availability of housing in many markets. When the pandemic hit, it drove the median price for home sales up, resulting in high demand with dwindling affordable options. This all adds up to a growing segment of the population looking to live in a single-family home but not looking to (or able to) own a home.
The response? Build-to-rent single-family homes.
While people search for suburban housing that fits their needs, developers are also discovering that luxury build-to-sell single-family homes weren’t driving the same profit they once did. In 2019, the sales of luxury or move-up homes dwindled, so home builders like Meritage, Lennar, and KB Home shifted towards an entry-level product. And realized they could make money doing it.
The History of the Single-Family Home Rental Trend
From 2008 to 2018, the number of single-family rentals (including existing homes and build-to-rent units) grew 18%. By 2018, single-family rentals accounted for 15.5 million units—about one in every three units nation-wide.
What started this? The recession in 2008 caused investors to buy up foreclosed homes in bulk and for cheap and begin to rent them out. But later, home prices recovered and it became more difficult to find foreclosed homes in bulk. Further complicating the home rental model was the fact that upkeep and maintenance on older homes was more challenging and costly than that of newer homes. Hence, incentive grew for purpose-built, single-family rental homes.
Where Are Single-Family Rental Homes Being Built?
Although this trend is cropping up across many United States markets, it’s more common in some areas than in others. In general, the focus is on areas where builders can acquire cheap land and offer rental prices ranging from $1,600 to $2,000. This includes areas of Texas, the Carolinas, Florida, and Arizona.
For example, Capstone Communities announced in January 2021 that they were building a community of cottage-style build-to-rent single-family homes in Summerville South Carolina, estimating a completion in early 2022.
How Are Single-Family Rental Homes Different From Traditional Homes?
A few distinct design features make build-to-rent single-family homes different from their build-to-sell counterparts. Builders are focusing on materials and layouts that will be durable, desirable, and efficient with long-term maintenance in mind. That typically means no carpet, laminate-wrapped cabinets, and composite decks, for example. In many cases, builders opt for more expensive installations because they offer added longevity that saves money in the long-run.
Who’s Renting Single-Family Homes?
Who’s driving the demand for single-family home rentals in 2020 and into 2021? There are actually many segments of the population who are interested in this product, each for their own reasons. We’ve already mentioned growing demand among millennials, but active adults and seniors also comprise a significant segment of the target audience for these new housing developments.
Perks of build-to-rent single-family homes include avoiding the obligation of a mortgage or costly down payment while also getting many of the usual benefits of home-ownership: no shared walls or corridors with neighbors, more private outdoor space to enjoy, private parking (typically in an attached garage), and distance from the hubbub of urban centers while still offering reasonable accessibility to the action.
Who do these perks most appeal to? Here’s a breakdown of some of the groups that are contributing to the demand for these single-family home rentals:
- Millennials moving to the suburbs in search of more space and good schools, including those who have recently had their first child or anticipate having one soon. This group may be particularly motivated by the benefit of avoiding a costly mortgage or down payment.
- Gen Xers who enjoy privacy and space but don’t want the maintenance or obligation of owning a home
- Boomers looking to downsize and enjoy a more maintenance-free lifestyle
- Anyone in need of transitional housing who doesn’t want the apartment lifestyle (e.g. moved for a job or recently divorced)
- Anyone who wants more flexibility with their housing situation and doesn’t want to be tied down to a mortgage
- People with unusual schedules like pilots, nurses, and public service workers. This is a group of people who may want to live in a home but need something that requires less maintenance due to their demanding schedules.
by threshold | Apr 19, 2021 | General, Marketing
While 2020 threw a deluge of uncertainty onto the student housing market, things are beginning to look up for student housing in 2021. As vaccinations increase and communities across North America are seeing the light at the end of the tunnel, we’re glad to report that student living communities have something to be optimistic about in the coming months.
Wondering what the market trends signal for student housing in 2021? We’ve rounded up current insights on leasing, demand, and new development that can help you make informed decisions going into 2021 and 2022.
Student Housing Leasing and Demand:
With universities announcing movement toward in-person semesters in the fall, student housing communities are seeing an overall increase in applications. That means that for most, it’s a good time to resume or increase marketing efforts to drive more leases. After all, as schools announce in-person classes, there is a direct correlation in leasing numbers. And some schools have also changed freshman living requirements due to the pandemic, so in many cases, there’s a larger pool of students looking to live off-campus.
Even when campuses are staying remote, there’s plenty of hope for student housing communities. Communities located near campuses that have gone remote have only seen about a 10% dip in leases on average, likely because many students want to stay on campus and have a student experience as close to normal as possible.
However, the numbers also vary based on the size of the school. Markets with larger schools expect to exceed leases from last year, although smaller schools in smaller markets could be impacted more heavily in lease declines.
Overall, market leasing is behind, but leasing incentives can help achieve a stable leasing percentage. Make sure you clearly display special rates on your website so that more prospects are motivated to reach out for a tour or application start. It’s also smart to use Google My Business posts and digital ad campaigns to highlight your special rates.
Student Housing Development:
While rebrands were common in 2020, new developments were down, not surprisingly. The good news is that investment demand is still there and has actually increased due to pent-up demand. Investor involvement has also been a common cause of rebrands as interested investors are more selective about finding the right partner in the right market, resulting in more investor relationships that are more…well…invested.
Some new developments are now working to stay ahead of anticipated changes to on-campus housing inspired by the pandemic, which could bring on-campus housing design more in line with off-campus student apartments. For example, some campuses are working to offer more “private” housing options like townhomes or cottages, which would avoid the downsides of the communal bathrooms and kitchens that are common in dorm-style living.
High-quality assets have had luck in finding stable lenders, but overall lenders are being more selective, although capital is plentiful. Still, student housing is more attractive post-pandemic because of the low volatility cash flow nature of the business and consistent sustainability in revenue.
Insights from the Multi-Family Market: Investor POV
Unsurprisingly, multi-family sales volume was down 28% in 2020 vs. 2019, but there was significant rebound in Q4. Overall, multifamily was comparatively one of the least-impacted sectors. Although apartment vacancy did rise during the pandemic, CBRE expects a full recovery by early 2022 with affordable housing as one of the star verticals. CBRE Research also expects to see multifamily investment volume rebound with 33% growth.
The seasonal nature of student leasing means this rebound could be delayed for student housing communities, but overall we can expect a similar timeline for things returning to normal for student housing communities. Offering more flexible lease terms could help student housing properties see this rebound sooner, as lingering hesitancy among students in spring and summer of 2021 could fade away by winter and we could see an influx of students looking to move into an off-campus apartment for the Spring 2022 semester.
Trends To Watch:
New developments and established communities alike should be anticipating changes in the wants and needs among student renters. We expect to see a preference for large units and outdoor amenities, for example, which could make now a good time to implement renovations and upgrades, especially while vacancy remains higher.
Some investors who had been pursuing commercial assets (e.g. office, hospitality, and retail assets) are now looking to deploy equity in apartments; increased demand has created lower yield requirements and increased valuations.
Finally, it goes without saying that amid an economic recession, student renters will be looking for affordable housing—a trend that may prove to be at odds with the desire for larger units. Highlighting the affordability of smaller units could therefore be a promising way of overcoming the preference for more spacious units. Again, offering special rates and advertising “starting at” prices will be a strong tactic for the upcoming leasing seasons.
by threshold | Apr 12, 2021 | Digital Marketing, General, Marketing, Tech/Web, Thought Leadership
With Facebook preparing to implement an update to their platform related to iOS 14, many advertisers are wondering what the update means for real estate marketing. To summarize it briefly, this update will affect the treatment of 3rd party data tracking, effectively limiting its use on the Facebook platform. This change comes as no surprise for many in the advertising space, since it coincides with a general rise in user concerns around data privacy that have made 3rd party data use a hot-button topic in recent months, even among some lawmakers. Facebook is just one of multiple platforms that have responded to this trend by distancing themselves from 3rd party data tracking or removing it from their platform entirely.
So how does the iOS 14 update affect digital apartment marketing strategies on Facebook? Here are the details:
Facebook Users Will Have a Chance to Opt In to Data Tracking
Facebook has worked with iOS 14 to develop an opt-in approach to 3rd party data tracking. While the update is already part of the code of iOS 14, at the time of writing this post, the update hasn’t been pushed live yet. Facebook announced that it would push this update live sometime in Q1 2021.
Once the update does go live, Apple users will see a prompt on their phone asking if they want to allow Facebook to track their data after they have left the Facebook app. Unless a user opts in when they receive this prompt, Facebook will not gather 3rd party data about that user from other apps, nor will it share their Facebook data with other apps.
Facebook Will Limit Conversion Tracking
Facebook has also developed a tool called Aggregated Event Measurement, which limits domains to 8 conversion events that can be used for campaign optimization. This means if you want to track conversions based on an action taken outside of Facebook (e.g. filling out a contact form on your property website), you’ll only be able to take data from 8 of those outside-Facebook conversions into account when it comes to understanding audience behavior and optimizing your ads for further conversions.
This will not impact optimization strategies which optimize and report on fewer than 8 conversion events on domains outside of Facebook, but for those who prefer to optimize based on larger aggregates, this update may impact the information available for an informed optimization strategy, leading to less precise optimizations.
Even if you optimize based on conversion events within the Facebook platform (e.g. ad clicks), it is still best practice to verify your domains in case you ever need to use the Aggregated Event Measurement tool to optimize over multiple conversion events on domains outside of Facebook (like your property website).
How These Changes Will Impact Facebook Apartment Marketing
Luckily, due to previous platform changes directed specifically at housing, finance, and credit ads, many apartment marketing teams are already a step ahead of the game compared to other industries that have been enjoying more advertising flexibility. Still, Facebook ads for apartments could be impacted in certain key ways.
Depending on how your team is optimizing Facebook ads and whether your strategy relies heavily on 3rd party data tracking, these changes could have anywhere from no impact at all to significant impact on your Facebook ad performance. Here are some of the main areas that could be affected.
- Retargeting campaigns that rely on data about a user’s behavior outside of Facebook (e.g. visiting a property website) would not reach users that have chosen to opt out of 3rd party tracking. However, apartment marketers can still retarget users who have interacted with a property’s other ads or posts on Facebook, because this relies solely on 1st party data.
- Conversion tracking will be limited and conversions may go under-reported as a result. This does not necessarily mean that fewer conversions are occurring, but it does mean real estate marketers will have less information for the purposes of campaign optimization.
While these changes will impact some of the flexibility you have with digital ad campaigns, there are ways to avoid a significant dip in performance as a result of these platform changes. We recommend relying on digital advertising strategies that focus on 1st party data (actions taken on the Facebook platform) rather than on 3rd party data (a user’s behavior outside of Facebook) moving forward, especially as these platform changes are unlikely to be the last restriction on 3rd party data tracking we’ll see in upcoming months and years.
