by threshold | Nov 2, 2021 | Digital Marketing, Marketing, Tech/Web, Thought Leadership
Written by Michael Smart, Digital Strategist
The world of digital apartment marketing is a constantly evolving, confusing, and sometimes even chaotic one. Staple advertising platforms like Google and Facebook are changing their UI or adding new features on an almost monthly basis. New extensions, targeting capabilities (or limitations, thanks to updates like those introduced by iOS 14) are constantly changing, making it difficult to know what’s resulting in leads and what isn’t.
But outside of diving into the individual platforms and looking at the performance from a siloed point-of-view, how do you know if all of these efforts are working? What does your combined Cost Per Acquisition look like across all platforms on a month-over-month basis? How does your performance compare to this month last year, when the scramble to find housing began to slow down? More importantly, how can you prove to stakeholders or property managers that their marketing dollars are being spent wisely?
This is where developing a digital marketing performance report comes into play. A digital marketing performance report can come in the form of a dashboard or recurring static report that marketing strategists, managers, and property owners alike can use to quickly analyze campaign performance, spot trends, and optimize where needed.
First, sit down with relevant stakeholders and discuss what information and metrics are most valuable to you and your team. While this should ultimately result in multiple dashboards updating in real time and automated reports that are relevant for different teams, we suggest starting small and defining what metrics have the biggest impact determining performance and ultimately, attracting new tenants to your property.
Here are a few basic cross-platform metrics that should be included in your performance report:
- Impressions
- Conversions
- Conversion Type (Applications, Calls, Contact Forms, etc)
- CTR (Click-Through-Rate)
- CPA (Cost Per Acquisition)
The fun doesn’t end there though. It’s important to add as much context to these metrics as possible. For example, if your Search campaign has a 15% CTR, what does that actually mean? How does that compare to the same month last year? How does it compare to last month? How does it compare to benchmark in the same “subvertical” (i.e. Student Housing, Conventional, etc.)?
While all of these questions can be answered in the form of pretty looking graphs and charts, the most important thing is to identify any outliers that need immediate attention. Set up some conditional formatting that highlights your campaigns that are performing in the bottom 15th percentile. Identify campaigns that have 0 conversions over a certain period of time, or after spending a certain percentage of budget.
If you can add as much context as possible to a campaign’s performance and back it up with as many data points as you can that make sense, this will allow for your digital apartment marketing team to quickly decipher what’s going on and where optimizations can be made. The more context you add, the quicker and more accurate the analysis. The quicker and more accurate the analysis, the more optimized your ROMI (Return On Marketing Investment) is and the quicker your property becomes leased up by happy tenants (hopefully). Who knew data could be so much fun!
by threshold | Sep 28, 2021 | Creative, Design, General, Marketing, Thought Leadership
Written by Mike Krankota, Art Director
There are a lot of elements that go into creating a real estate brand. Everything from voice and tone to visuals like color palettes, shapes, and patterns must be considered in order to develop a coherent brand identity…but in the process of developing a visually striking brand, design efficacy sometimes becomes an afterthought. When this occurs, marketing results suffer, because if your brand doesn’t stand out from the pack, then it doesn’t really matter how pretty it is. In order to stand out, a brand has to not only be eye-catching, but also interesting and memorable against the backdrop of other competitors. As we discuss how to create effective real estate branding, we’ll focus on logo design specifically, but these principles can and should apply to everything from naming to advertising.
Consider brand logos that you’ve encountered and remember. Chances are very likely that it’s not something that looks ‘trendy’ or similar to other brands in its space. The reason it sticks with you? Boldness. For example, consider the candle aisle at your local Target or similar. Can you think of one single brand that has a memorable logo? Not really. They all kind of look the same. It’s either filigree and florals, or stark and modern. “But,” you may be saying, “who cares about the logo, it’s the scent, right?” But when you do see something that stands out for being different, you’re compelled to at least pick that candle up and give it a sniff.
The same applies to your property. Ultimately, a flashy logo design isn’t going to compel potential tenants to live on that property. It’s going to be the interiors, the amenities, the space, the location. So why even care about a big bold brand?
Easy! Because we want to be bold and eye-catching to make that potential renter stop and take a look. We want something that will pique interest and make that person think, “I could see myself living here.” This is doubly true for new construction. When what you have is a construction site and fence wraps, creating an entire vibe with bold branding is extremely important for pre-leasing and lead generation.
Be smart with your logo design as well. The days of just being able to slap some trees flanking “The Oaks at Washington Heights” or whatnot are over. Consumers have become more sophisticated, and demand brands that are tailored to their lifestyle. More to the point: brands that are tailored to their perceived idealized vision of self. It’s always aspirational. This especially plays into the importance of a decision like where a person is going to live. You’re not just selling a place to store your stuff. You’re selling a community. An area. A lifestyle. And overwhelmingly, people want to feel cool and interesting—and to have their home reflect how unique and interesting they feel.
So how do we do that? By embracing the unexpected. Take elements from the location. Consider the design of the property. Analyze the area. Establish the target demographic. And then the key is to execute based on an idealized aspirational vision of that target demographic. For example, a bold brand that targets millennial creatives who want a live/work/play kind of community is very different from a bold brand catering to active adult senior living. But both can be achieved! It all starts by asking the question, “If I were the target resident for this property, what would be a logo that would inspire me to stop and learn more about this cool looking place?”
As you’re considering the answer to this question, don’t fall into the trap of believing everything has to pretty and perfect. Embrace dissonance. Perfectly perfect design is often boring. It’s blandly pretty, with no unique features that create a WOW factor. Imperfections, asymmetricality, bold typographic choices, and even unexpected bursts of color can create a pleasantly dissonant effect that will get your brand described with those words all marketers love to hear: Edgy! Bold! Brash! Unique! Interesting!
Ultimately, the goal is not to blend into the neighborhood. If it was, you could simply put a for rent sign out and not even bother naming the building. Your real goal to stand out. Yes, you want to create something that resonates with the community and the target demographic, but you also want to be a linchpin of that community and not simply a cog. In order to accomplish that goal, it’s important to prioritize bold and impactful design choices over elements that are pretty, but innocuous.
by threshold | Aug 11, 2021 | Creative, Design, General, Marketing, Thought Leadership
Written by Emily Barker, Graphic Designer
In the midst of the murder of George Floyd and the ensuing protests around the U.S., the design community revived discussions of anti-racism and activism and how it fits into the field of Graphic Design. Just what exactly does designing for social change look like? Specifically in the field of marketing and advertising, the topic of social justice can often feel at odds with the day-to-day worklife in an agency. That’s especially true in the field of real estate–centered design, where the emphasis is often ‘heads-in-beds’ and being 100% leased up, without much room for discussions on equity. However, this sort of all-or-nothing thinking, especially in fields that are complicated, nuanced, and related to issues of housing and equity, can stymie conversations on race and equity before they even get started. The truth is that there are many avenues toward anti-racist marketing while also meeting the needs of clients whose focus is on leads and leases, and real estate designers have a unique position in advocating for those anti-racist strategies.
Creating Historically-Informed Real Estate Design
Anoushka Khandwala in her article entitled “What Does it Mean To Decolonize Design” talks about understanding the schema of one’s own history as a way to re-examine motivations and find new and better modalities of design for the future. She argues that, “With every design choice we make, there’s the potential to not just exclude but to oppress; every design subtly persuades its audience one way or another and every design vocabulary has history and context.”
What can that mean for us as real estate designers? At Threshold we delved into the history of redlining and the Fair Housing Act as a way to better understand the industry and its numerous failures and shortcomings. This meant a combined team of creative and digital staff researched the history of the Fair Housing Act and redlining to create an agency-wide presentation of the history of the Fair Housing Act and red-lining. The creative team made social posts outlining the history of redlining and the creation of the Fair Housing Act during the 1960’s Civil Rights Movement. For more information on redlining and how it denied Black American’s housing and generational wealth in the U.S. please click here.
What this revealed to us was that, as real estate marketers, we had an obligation to help our clients adhere to the FHA rules and regulations. Strictly speaking this meant using photos of diverse individuals in the marketing materials, ensuring that websites were ADA compliant, and using FHA and ADA icons. But it also revealed holes in the system or gray areas where we could advocate for our clients to choose inclusive marketing and branding strategies and also choose to go above and beyond in their digital marketing strategies to prioritize inclusivity.
How Designers Can Be Advocates for Social Change
In Jarrett Fuller’s article on Isometric Studios he describes the studio as one that is “rethinking the way in which designers build a better world”. The founders Andy Chen and Waqas Jawaid describe their clientele as broad: “We’ll take on any kind of client who demonstrates a desire to think about what authentic inclusion looks like, what foregrounding marginalized narratives looks like.” The article goes on to describe the work of Isometric as that of advocates as well as designers.
This is a familiar role for designers as we are already advocating for good design as we talk to our clients about our work and advise them on the best choices for their brand. Isometric Studios would take that same advocacy a step further and challenge the client’s perspective on social issues when needed and advocate for development of brands that support the greater social good. Sometimes this advocacy can look like recommending that a client incorporate people of diverse races in their lifestyle photography or choosing a logo that celebrates the existing community culture where their new development will be built.
One important way to have these conversations with clients is to directly addressing the elephant that is so often in the room: gentrification. By addressing this openly we are better able to advocate for our clients to help them maintain a positive reputation and resident satisfaction. These types of conversations present the opportunity for us to simultaneously advocate for our client and the greater community’s needs by encouraging our clients to create positive connections with their communities.
How do we ask our clients to connect with the communities they will exist in? Here are a few suggestions:
- Hosting events for the neighborhood at the property
- Striking mutually advantageous partnerships with local businesses
- Resident appreciation events that feature goods and services from the local community
- Hiring local instructors to teach fitness, art, or meditation classes
- Hiring local artists to design artwork for the property
- Host a concert of local musicians
- Offer communal spaces to local groups for weekly meetings
- Organize volunteer days with residents or staff in the local community
The point of these conversations and ongoing partnerships with the community isn’t to whitewash the real estate industry, but to offer real-world pathways for community engagement for our clients.
Isometric Studios, in their interview with Jarrett Fuller describes their name’s origin as “a floor plan drawn at a thirty degree angle where the same scale is used for every axis, creating a non-distorted image. ‘It’s an ideal that isn’t really possible,’ Jawaid said. ‘But we’re interested in that ideal. We’re designing for that ideal.'”
In the same way, we can also struggle towards a more ideal design practice in real estate design. We can become advocates for creative work that will be better suited for this current, complex, and multicultural world and our clients will benefit from the nuance that design will bring to their brands.
by threshold | Jul 20, 2021 | Digital Marketing, Marketing, Tech/Web, Thought Leadership
Identifying key audiences is critical to any marketing campaign, and that is even more important when you are attempting to drive foot traffic and the right audience to your website. That’s why real estate marketers are constantly innovating around digital targeting tactics in an attempt to maximize your reach without wasting ad spend on unqualified leads and impressions. Addressable marketing is one of the most cutting edge advancements in audience targeting because it allows apartment marketers to target their audience on a household-by-household basis, achieving a granularity that was previously unheard of in location-based marketing.
If you’re new to addressable marketing and unsure if it’s right for your real estate asset, this post can help you understand what addressable marketing is, how it works, and how it can add to your real estate marketing plan.
What is Addressable Marketing?
Addressable marketing campaigns allow ads and other media to be served to individual households across a number of personal devices—Connected 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 a 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. Think of it like the direct mailer for the digital age.
How Does Addressable Marketing Work?
It used to be that location-based targeting was relatively limited in terms of the specificity it could achieve, but nowadays, it is possible to use GPS data combined with IP information and plat line data to specifically target on a household-by-household level. This image from Simpli.Fi, one of Threshold’s vendor partners, shows the evolution of available technology.
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, through 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.
Who Should Be Using Addressable Marketing Campaigns?
Addressable Marketing tactics can be useful for any real estate vertical, whether it be student housing, multi-family, senior living, or commercial. But in general, the more time your audience spends at home (or at the geofenced location), the more opportunity you have to engage them with Addressable Marketing campaigns. This makes it a great option for multi-family communities with a target audience that includes work-from-home professionals. It also makes addressable marketing a particularly lucrative choice for senior living brands.
In fact, since the COVID-19 pandemic changed how we work, live, and relax, the emergence of addressable marketing as the next frontier of digital real estate marketing has only been bolstered. Targeting users while they are at home has become especially important during a time when going out is no longer the norm. In fact, with fewer prospects visiting leasing offices, addressable marketing is one way to off-set the reduced in-person marketing opportunities.
Simpli.Fi, a leading provider of addressable marketing services, put it this way:
As the COVID-19 outbreak continues and social distancing becomes the new normal, people are spending more and more of their time at home. It is essential for businesses to be able to effectively reach consumers in their homes in order to increase online sales.
Furthermore, because addressable marketing is emerging as the direct mailer for the digital age, it is regarded as a particularly excellent choice when marking housing to seniors. Because addressable marketing campaigns use data aggregation tools and fine-tuned targeting factors like age, home equity, and interests, they are able to hone in on senior prospects who may be ready to move, like empty nesters looking to downsize, for example. For more advertising tactics for senior living, check out our post on the Top Digital Marketing Strategies for Senior Housing.
Ready to see addressable marketing in action? You can see how an addressable marketing campaign contributed to 165 online conversions for one senior living property by checking out this Senior Living Case Study. And when you’re ready to try it for yourself, you can always reach out for a free consultation on our contact page.
by threshold | Jul 9, 2021 | Digital Marketing, Marketing, Tech/Web, Thought Leadership
Written by Alfred Perez, Digital Success Manager
In 2010, 1.8 billion people had access to high-speed internet. Six years later it was 3 billion. Now, experts are forecasting that the entire world—and its roughly 8 billion people—will have high-speed internet access as early as 2022. With all that connectivity, much of our lives take place fully online already. These realities paved the way for new approaches to work when the COVID-19 pandemic hit: many businesses have shifted their attention to working remotely and/or a hybrid approach.
According to Review 42, before the coronavirus hit, 4.7 million people were already working remotely. Once the pandemic hit, 88% of the organizations, worldwide, made it mandatory or encouraged their employees to work-from-home. One benefit to employers and employees of this approach is that the rise in the availability to work-from-home offers the employees the option of living in cheaper, outskirt cities rather than being tethered near the office to avoid commutes.
WFH, The New Normal
The longer this pandemic forces people to work remotely, the more businesses are looking to expand their remote offerings and policies for current and future employees.
- In April 2020, a Gallup survey revealed that 60% respondents said that they’d prefer to work remotely as much as possible once coronavirus is under control.
- In August 2020, a report by CNN polled about 800 employers. 83% of respondents said they would have more flexible remote work policies after the pandemic.
- In September of 2020, Reuters surveyed about 1,200 Chief Information Officers (CIOs) in which they said they expect 34.4% of their employees to be permanently remote for 2021.
How Apartment Communities Can Adapt to This Shift
To stay competitive, owners and managers should consider providing amenities and services to appeal to potential residents who work-from-home and tailor their marketing messaging with this focus.
There are 3 main focuses that owners, management, and apartment marketers can use to attract residents who work-from-home:
- Tools and resources like high-speed internet or fiber internet. 92% of residents would like to have high speed internet in their apartments. 76% were interested in having USB ports in the wall.
- Allow the potential resident to visualize living and working there. Apartment marketing constantly adapts to the current situation and right now, it’s work-from-home. Examples include virtual staging tools to stage balconies or workspaces in vacant apartments, large windows for ample light, amenity spaces where residents can plug in and get to work, and rooftops and courtyards for a fresh video call backdrop. There has also been a correlation between work-from-home residents and being a pet owner so try incorporating apartment ads and messaging on your website related to that as well.
- Don’t forget about your current residents when you’re out looking for new ones. Current residents are more likely to renew and they are the best source for referrals. People crave human interaction and work-from-home residents are no exception. Adapting the community spaces to be more work-from-home friendly and hosting community events will help retain work-from-home residents.
Remote Work Is Not Going Anywhere
The pandemic threw a screwball in just about every business, but one thing is for sure, we learned how to adapt because of the rise in technology advancements. By allowing employees to work-from-home, businesses have lower overhead costs and studies show that employees are also more productive. We’re more connected than ever and businesses can still operate remotely in full effect. When the pandemic has gone away, we know working remotely will stay. That means the adaptations you make to your apartment marketing strategy will be beneficial even after the pandemic wanes.
by threshold | Jun 15, 2021 | Digital Marketing, Marketing, Tech/Web, Thought Leadership
Property Management Software like Yardi, RealPage, and Entrata are an essential part of many property managers’ day-to-day operations. For some management teams, they are an indispensable part of customer relationship management, lead flow, digital marketing, and more. With so much functionality centralized on one platform, property management teams may find it tempting to rely solely on their chosen PMS for all their digital marketing needs. But does that mean missing out on your maximum ROI?
Today, we’re covering some of the pros and cons of Property Management SaaS products like Yardi, RealPage, and others in order to assess the gaps in their service offerings. Along the way, we’ll compare the strengths of these SaaS products to the strengths of a relationship-oriented real estate marketing partner offering a People-as-a-Service approach to digital marketing needs. In the end, we’ll recommend a hybrid approach to apartment marketing strategies and explore how PMS and marketing agencies should work together to maximize ROI for the Property Management teams they serve.
Pros and Cons of PMS Websites
Let’s start by reviewing the website offerings of some of the leading PMS. While Property Management Software like Entrata and RentCafe offer streamlined website templates, there are pros and cons to using them. The largest advantage to this strategy is that the website you create integrates with the other products in their suites (including their CRM products) with minimal effort. This helps facilitate lead flow so that your leasing staff can easily follow up on leads and turn them into leases.
However, there are limitations to RentCafe, Entrata, and other PMS’s website templates. For one thing, while these websites tend to focus on lead flow, this doesn’t necessarily translate into exceptional UX. In other words, while it’s easy for leasing staff to act on the leads that come through a PMS website, it’s not necessarily maximizing the number of users who actually convert after arriving to your site. When a user finds their way to your site, their experience there can quickly make or break their likelihood of filling out a contact form, scheduling a tour, or starting an application. They need to be able to get a strong sense of your brand, easily navigate to the information that’s relevant to them, and be guided to the action you want them to take without feeling pressed. A website that puts the User Experience first, rather than lead flow, can generate more leads and conversions. Plus, a savvy web developer can help ensure your website integrates into your PMS suite even if you don’t use a template provided by the PMS itself.
Not only that, but these PMS websites don’t provide easy ways to perform a website refresh as trends change, nor do they facilitate SEO updates to help ensure you’re incorporating the most effective keywords to maximize your qualified traffic. Working with an agency partner on your property website can give you the flexibility to update these elements as needed so you don’t get stuck with an out of date site.
Finally, using a template provided by popular PMS like Entrata and RentCafe means your website ends up looking like many other websites on the market. With limited options to choose from, it can be hard to find a template that reinforces your unique branding and stands out from your competitors. This means your site and your brand can become forgettable and fewer prospects keep you in mind as they move from the awareness phase to the consideration phase of their renter’s journey.
Pros and Cons of PMS Digital Marketing
Major Property Management Software like Yardi and Entrata offer an array of PPC advertising and SEM services, often supported by Google and Facebook Partnerships. While these PMS cover some of the most popular digital real estate marketing strategies like Google Search Ads, Google display ads, Remarketing ads, and Facebook ads, there are certain services they don’t cover. This typically includes emergent strategies like OTT & CTV ads and Addressable Marketing campaigns.
And that’s just in the digital marketing bucket; there are also many traditional marketing tactics that could supplement these digital strategies, which PMS do not assist with. For brochure design, exterior signage, flyers, leasing office design, and more, you’ll get more help from a full-service real estate marketing agency partner.
Additionally, while their CRM platforms make it easier to automate lead nurturing efforts and renewal campaigns over email, they don’t always assist with the creative process of copywriting and designing beautiful emails that earn opens, clicks, and conversions. A real estate marketing agency is typically better equipped provide email marketing options that coordinate with your unique branding and utilize best practices that result in increased brand awareness, loyalty, and conversion actions.
Pros and Cons of PMS Customer Service
Your mileage may vary when it comes to the PMS customer experience. While some PMS platforms assign account managers (sometimes at a premium) and have experts available to work with you to optimize and implement your real estate marketing strategy, there are others that follow the more bare-bones SaaS model that emphasizes the ability to do it yourself. For example, G5 promotes its “Knowledge Base” as a Customer Care strategy, but isn’t focused on providing individualized customer service that is responsive to your input and unique needs. In general, Software as a Service products focus on making it easy for the average user to get what they need without hands-on attention, which is what allows them to cut down costs and serve more clients at once.
The downside of the SaaS model is that the end user has less flexibility and less assistance when they need it. Software aren’t flexible to feedback from a leasing agent and they don’t automatically adjust to changes in your audience or in your marketing goals. While some Property Management Software companies offer calls to review strategy and discuss optimizations with expert consultants, you’ll typically get more communication and hands-on campaign management from a real estate marketing agency where you have a dedicated account manager and regular reporting calls.
The Best Real Estate Marketing Solution
So, taking all these pros and cons into account, should you use a PMS or rely on a real estate marketing agency instead?
Ultimately, the answer is that you don’t necessarily have to choose one or the other. For many, a hybrid approach is the best option. Leading Property Management Software offer excellent CRM, budgeting tools, resident portals, and other solutions. But adding a real estate marketing agency to the mix helps you leverage better website design, more diverse advertising mixes, and more consistent branding while also enjoying the benefits of hands-on customer service, which ultimately enhances results.
For those with the budget to do so, even a modest one, we recommend combining PMS with a marketing agency relationship.
