by threshold | Sep 10, 2024 | General, Marketing, Thought Leadership
Amanda Spicer
Digital CSM
The real estate industry has always been very dynamic, but recently, it has undergone significant shifts that have impacted renters. As the housing market continues to evolve, renters find themselves navigating a difficult environment influenced by economic conditions, changing demand, and new trends.
Let’s take a closer look at the current state of the real estate industry for renters, including some challenges they face and opportunities that are coming.
rising rental costs.
One of the most pressing issues for renters today is the continuous rise in rental costs. Across urban and suburban areas, rental prices have skyrocketed, making it increasingly difficult for many to afford housing. An analysis of Zillow and StreetEasy’s rental data shows that rent prices across the US are increasing at a faster pace than wages, especially in major cities like New York. This mismatch between rising rents and stagnant wages means a larger portion of people’s income is going towards housing, making affordability more difficult and unrealistic. Several factors contribute to this trend, including:
- High Demand & Low Supply: The demand for rental properties has outgrown the supply, particularly in high-demand areas like major cities and hubs. This imbalance is contributing to higher costs, leaving renters with very few affordable options.
- Inflation & Economic Pressures: As inflation affects the entire economy, owners are often compelled to raise rents to cover their costs for property maintenance, taxes, and utilities.
- Post-Pandemic Market Adjustments: The COVID-19 pandemic led to fluctuations in the rental market, with some areas experiencing temporary rent drops. However, as the market has rebounded, rents have significantly increased.
For renters, these rising costs mean that budgeting for housing requires careful planning and may require exploring alternative living options. We have seen an influx in sharing spaces, tiny living, or relocating to less expensive areas.
the shift toward suburban and rural rentals.
The pandemic has accelerated a trend toward suburban and rural living. With the rise of remote-first work, many renters are no longer tied to urban areas and are seeing more space and affordability in suburban or rural areas. This shift has resulted in:
- Increased Demand in Suburban + Urban Areas: Suburban and rural areas have seen a surge in demand for rental properties. This increase is now driving up rents in these areas.
- Changing Rental Market Dynamics: Owners in traditionally less competitive markets are finding themselves in a stronger position, able to demand higher rents and offer fewer concessions.
For renters, this trend opens up opportunities to find more spacious and affordable housing, but it also requires adjusting to different lifestyles and potentially longer commutes for in-person work.
the rise of build-to-rent communities.
A huge development in the real estate industry is the rise of build-to-rent (BTR) communities. There are residential developments specifically designed for renting rather than selling. BTR properties offer a wide range of amenities and are often managed by professional property management companies, providing a higher level of service than traditional private rentals.
Some benefits include:
- Modern Amenities & Services: BTR communities often come with features like gyms, pools, coworking spaces (perfect for remote work), and community events, perfect for a high-end lifestyle. And, regularly exceeding the offerings of a traditional apartment complex.
- Flexibility & Stability: Renters in BTR communities may benefit from long lease terms and more stable rental costs, proving better security and predictability.
However, the premium nature of these properties can also mean higher rents, so renters are forced to weigh the value of amenities against the cost.
As the demand for BTR communities grows, strategic digital campaigns are essential to stand out in the market. In August 2023, we teamed up with a BTR community near Atlanta to help boost leasing and reach their 94% occupancy goal by April 2024. Through dynamic Google and Social Media campaigns, we surpassed expectations. In just six months, they achieved 100% occupancy, over 300,000 impressions, and an impressive 80% average website engagement rate.
For more details, check out our recent Legato Lakes Case Study.
the impact of technology on renting.
Technology continues to revolutionize the rental experience, making it easier for renters to find, lease, and manage their homes. Some of the ways technology is impacting renters include:
- Online Rental Platforms: Websites and apps have streamlined the process of searching for and applying to rental properties, giving renters access to more options.
- Smart Home Features: Many rental properties are equipped with smart home technology, such as keyless entry, smart thermostats, and security systems, enhancing convenience and safety.
- Virtual Tours & Remote Leasing: The pandemic accelerated the acceptance of virtual tours and remote leasing, allowing renters to view and secure properties without needing to be physically present.
These technological advancements offer greater convenience but also require renters to be more tech-savvy and vigilant about online security.
opportunities for renters.
Despite the challenges, there are still many opportunities in today’s market:
- Rent-to-Own Programs: Some developers and owners offer rent-to-own options, allowing renters to build equity in their home over time with an option to purchase the property later. This can be a viable path to homeownership for those who are not able to provide a down payment.
- Exploring Emerging Markets: Renters willing to explore new up-and-coming neighborhoods or smaller cities can often find more affordable rents and a higher quality of life, with the added benefit of potentially seeing property values rise if they choose to purchase in the future.
- Specials & Concessions: In some markets, especially where there is a surplus of rentals, owners and property managers may offer competitive pricing, specials, or additional concessions, such as discounts on rent or waived application fees.
The current state of the real estate industry presents both challenges and opportunities for renters. Rising rental costs, shifting market dynamics, and the impact of technology are all forming a new landscape. By staying informed and being strategic, renters can navigate these changes and find housing that meets their needs and budget. As the market continues to evolve, renters who are adaptable and proactive will be best positioned to thrive in this complex industry.
about the author.
Amanda is the Digital Junior Client Success Manager at Threshold. In her role, she is responsible for relationship management, client advocacy, renewals and upsells, monitoring metrics, strategy development, and documentation and reporting. When she’s not busy managing her clients, you can find her picking out new plants, watching Cowboys football, running her small business, or spending time with her fur baby, Daisy Marie.
by threshold | Jul 2, 2024 | Digital Marketing, General, Marketing
Legato Lakes, a pet-friendly townhome community situated in Pooler, GA, embarked on a marketing campaign with Threshold to drive leasing activity and achieve a 94% occupancy goal by April 2024. With a focus on showcasing its brand-new, smart home features, and scenic lake views, Legato Lakes aimed to attract prospective residents through targeted digital campaigns.
Commencing on August 22, 2023, Threshold launched campaigns for Legato Lakes primarily on Google Search and Paid Social platforms (Facebook & Instagram Ads). Leveraging its unique selling points, including smart home features, lake views, and private fenced yards in select homes, the community sought to resonate with potential tenants seeking modern and convenient living spaces.
The campaign yielded impressive digital and leasing results:
- Total Impressions: 318,378
- Total Clicks to the Website: 20,248
- Paid Search Website Traffic Engagement Rate: 79%
- Paid Social Website Traffic Engagement Rate: 62%
- Leasing Goal Achievement: Exceeded the 94% occupancy goal by reaching 100% by April 1st
- Lease Conversion: Exceeded monthly goals with more than 6 leases signed each month
- Total Leases Signed: 54 leases signed over 6 months
The campaign generated significant digital engagement, with high click-through rates and website traffic engagement rates on both paid search and social media platforms. This indicates effective targeting and compelling ad content that resonated with the target audience.
Legato Lakes surpassed its leasing goal well ahead of schedule, achieving full occupancy by April 1st. The consistent lease conversion performance, with more than 6 leases signed each month, demonstrates the effectiveness of the marketing efforts in driving tenant interest and conversion.
The community’s emphasis on modern amenities, such as smart home features, along with the allure of lake views and private fenced yards, proved to be compelling selling points that attracted renters seeking quality living experiences.
In conclusion, Threshold’s strategic digital marketing campaign for Legato Lakes effectively drove leasing activity and surpassed occupancy goals, showcasing the community’s appeal and attracting renters seeking modern, pet-friendly townhome living in Pooler, GA. By leveraging its unique features and amenities and maintaining a focus on customer satisfaction, Legato Lakes is positioned for continued success in the competitive rental market.
by threshold | Jul 10, 2023 | Digital Marketing, Marketing, Tech/Web, Thought Leadership
Abby Barnes
AI: ever heard of it?
As the digital marketing landscape continues to rapidly evolve, artificial intelligence (AI) is emerging as a critical tool for marketers. At Threshold, we’ve witnessed how AI is reshaping customer interactions and enabling marketers to make more informed marketing decisions.
To fully unlock the potential of AI and create personalized customer experiences, it’s crucial to understand its fundamentals, select the right AI technologies, and measure its impact. We’ve created a guide to equip you with the knowledge you need to really harness AI’s capabilities, enhance your marketing campaigns, and drive your team toward success.
Let’s get started, shall we?
what is AI?
AI simply refers to the ability of machines to perform tasks that traditionally require a human. In digital marketing, AI plays a critical role in helping businesses automate and optimize their marketing efforts to create more personalized experiences for their customers. Cool, right?
One use of AI in digital marketing is through the use of machine learning algorithms. These algorithms can process and analyze large datasets, including customer behavior and preferences. AI can help identify patterns and predict future behavior, allowing marketers to develop more strategic and personalized marketing campaigns.
But it doesn’t stop there. Another application of AI is through the use of chatbots on your websites. Many property management companies have already started adopting these bots as they can serve as valuable virtual assistants, capable of delivering instant support.
what are the benefits of AI in Digital Marketing?
We’re so glad you asked.
enhanced efficiency
AI helps with automating tedious tasks like data collection, analysis, and segmentation, freeing up valuable time for marketers to focus on strategic initiatives.
personalized experiences
Leveraging AI tools allow marketers to gain insights into customer needs and preferences, providing tailored campaigns that resonate with your target audience.
real-time optimization
AI-powered analytics provide real-time insights into customer behavior, enabling marketers to optimize campaigns quickly. By leveraging AI’s ability to analyze vast datasets, businesses can make data-driven decisions that enhance marketing strategies and deliver better results.
automation and scalability
AI automates various marketing tasks, including customer service, data analysis, and social media and email scheduling. This automation allows businesses to scale their marketing efforts efficiently as their customer base expands.
identifying the right AI technologies
Choosing the right AI technologies that align with your specific needs is crucial for successful implementation in marketing. A wide range of AI-driven tools, from customer service bots to data analysis platforms, are available. Like any technology, AI in marketing carries inherent risks that should be addressed. Privacy concerns may arise when collecting and analyzing customer data using AI-driven tools.
That’s some serious business.
It is crucial to ensure that data is collected and used securely and in compliance with regulations. Additionally, being aware of the potential for bias in AI algorithms and taking steps to ensure accuracy and fairness are paramount.
integrating AI into your marketing strategy
Once the appropriate AI technologies have been identified, integrating them into your marketing strategy is key. As digital marketers, we’re already using AI-driven initiatives in Google Ads campaigns. Responsive Search and Display Ads are the perfect example!
By providing multiple headlines, descriptions, and creative assets, Google’s AI will generate ad combinations and learn over time which combinations drive better results.
AI-driven tools enhance efficiency and campaign effectiveness, but it is crucial to track and evaluate results. By measuring campaign performance, you can identify areas where AI has the most significant impact and make informed adjustments. Plus, (last point, promise), considering factors such as cost and return on investment helps ensure you make informed decisions about implementing AI technologies.
to sum it up
The potential of AI in marketing is vast, and understanding how to harness its power is vital for marketers. This comprehensive guide gives you a quick overview of the fundamentals of AI in marketing, along with how you can see success in implementation.
By embracing the benefits and mitigating the risks associated with AI, you can unlock your marketing team’s potential and drive better results.
Tired of spending precious hours trying to decipher AI, ad trends, and where to put your spending? We don’t blame you. Luckily, we have a solve. At Threshold, we are well-versed in AI technology and can guide you through this transformative journey.
Contact us today to explore the revolutionary possibilities AI offers for your marketing initiatives.
before you go
For more tips and information about marketing, take a look at the rest of our blogs, right here on our website! You can also subscribe to our email newsletter, or follow us on Instagram and Facebook!
by threshold | Jun 15, 2023 | Creative, Digital Marketing, Marketing, Thought Leadership
Laura Robbins
Your brand story is the soul of everything you do. In a world of ever-increasing competition and constant bombardment of advertisements, your “why” as a company, brand, and business is just as important as the services you offer, the apartments you lease, and the products you sell. Connecting with your audience on a deeper level has become the key to successful marketing.
Your brand’s story holds the power to captivate, inspire, and foster a genuine connection with your target audience. Let’s explore several powerful ways to share your brand’s story and make an indelible impact on your customers, shall we?
craft a compelling brand narrative.
What’s your humble beginning? What are the core values, mission, and vision that drive your business? Crafting a story that highlights your brand’s journey, challenges overcome, and triumphs achieved will tap into the emotional response of your target audience. It conveys authenticity and can transform your brand from being a mere product or service provider to a source of inspiration and trust.
Stuck? Go back to the basics with a simple principle: why it all began.
showcase your people.
Humans are visual creatures. It’s human nature to feel more connected to a brand with a face. Leverage behind-the-scenes footage that resonates with your audience. Engaging visuals not only grab attention but also make your brand story more memorable and shareable.
leverage customer success stories.
Your customers are an invaluable asset when it comes to sharing your brand’s story. Encourage them to share their experiences, testimonials, and success stories. User-generated content adds an authentic touch to your marketing efforts, demonstrating real-world examples of how your brand has positively impacted people’s lives. Think about it, who wouldn’t be drawn to live in an apartment community that has so many real happy endings?
don’t forget: share your storytelling across all channels.
Your brand’s story should permeate all your marketing channels consistently. From your website and social media platforms to email campaigns and advertising, ensure that your narrative is integrated seamlessly. Develop a cohesive brand voice and tone that reflects your story, creating a unified experience for your audience across various touchpoints.
Why? Consistency helps reinforce your brand’s message and fosters brand recognition, making it easier for customers to connect with your story.
to sum it up.
Sharing your brand’s story is an integral part of effective marketing, allowing you to forge meaningful connections with your audience. Remember, your brand’s story is unique and deserves to be shared. At Threshold, we believe in storytelling’s power and are committed to helping businesses unlock their brand’s potential through compelling narratives. Watch as your marketing efforts become more impactful and resonate with your audience on a deeper level.
For more tips and information about marketing, take a look at the rest of our blogs, right here on our website! You can also subscribe to our email newsletter, or follow us on Instagram, Facebook, and Twitter!
by threshold | Nov 15, 2022 | Creative, Digital Marketing, Marketing, Thought Leadership
Laura Robbins
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You have your property amenities sorted, your pricing figured out, and your interior design developed. But what does that all mean if you don’t have a name that fully captures the specialty of your real estate building?
Choosing a brand name is one of the most significant aspects of a brand development process. The right name creates an image of your property and brand in the mind of potential customers, sharing the idea of what you’re all about. And, it’s the most important keyword for internet searches.
A strong brand name should be:
- Meaningful: It communicates a brand story and creates an emotional response
- Unique: It should be memorable and stand out from your competitors
- Easily Understood: Avoid words that are hard to read or pronounce – they won’t stick in people’s minds
- Visual: It should lend itself to strong brand colors and imagery
- Future-Proof: You want your name to work now, and ten years from now, so veer away from names that feel really timely
Work backward. Decide what your brand identity, such as target audience, culture, mission, and purpose, will be, and then begin brainstorming names that line up with those needs.
Feeling stuck? Follow along for some tips for determining a successful name for your brand.
Reflect On Your Company Values
Think about your property’s mission statement or parent company’s values – what is it your company stands for, and how can your name tie back to that? Spend time with what your property is trying to achieve, focusing on your purpose and vision. Determining the heartbeat of your brand can lead to a stronger name association down the road.
Connect Your Name To A Story
We communicate in stories, and talking about a brand is no different. Effective marketing connects to a larger target audience through storytelling, which is why your property name needs to mean something. If someone asks you why you named the property what you did, and all you have to say is that it sounded cool, you’re missing out on some really good marketing.
Think about the history of the city your property is located in, what it’s known for, or what interests your target audience has, and then go from there.
Having a great story also allows for stronger visuals (think website design, brochures, signage, temporary leasing space designs), as the logo, colors, and brand patterns all have a north star to draw from.
Less Is More
Short and snappy wins the race! You want to limit the length of your brand’s name, as anything longer than three or four syllables will only be harder for your potential audience to remember. The final name should be punchy, and this is best determined by running any potential names by those who aren’t part of the brainstorming, allowing for fresh eyes and fresh opinions.
Here is where you’ll also want to factor pronunciation into the mix. Your property name won’t only live on signage and a website, it will be said by residents in passing, and therefore shouldn’t be something that’s hard to say or spell. So remember to say any names aloud!
Remember Your Competitors
The last thing you want is to come up with a really amazing name, only to find out a direct competitor has something similar. Standing out from your competition is a key factor in your brand name and final brand visuals, which is why doing research on your market early on is essential.
Consider Creating A New Word
The best way to avoid having the same name as someone else? Create a non-dictionary word. Your name should still have meaning behind it, and not just be created out of thin air, but there are a few ways you can create new words, like:
- Mashing up two words together
- Spelling an existing word in a new way
- Creating a word where each letter stands for something
Plus, what’s more fun than being the owner of a completely new word?
Think About SEO
You heard it here first, do not skip thinking about SEO (Search Engine Optimization) when it comes to naming your brand or property. SEO plays a key factor in determining how popular a potential name is for organic and paid searches.
Say you’re naming your property Dragon (not a great name, but work with us here), then Googling that name will bring up a lot about dragons themselves, the television series “House of Dragon,” a speech recognition software called Dragon, and restaurants in your area with Dragon in the title. A generic name like that could make it hard to stand out in the very competitive search engine space.
Psst. This is why creating a new non-dictionary word might help!
In Summary
The success of your brand and property depends largely on the branding, which begins with a really great name. A name that’s meaningful to your audience, lends itself to great visuals, is short and snappy, and is easy to remember. A name that stands out from your competitors and can be relevant for your audience today, and in many years to come.
Don’t let determining a name feel overwhelming! Have fun with the process and see what unique options you come up with.
For more tips and information about company and real estate branding, take a look at the rest of our blogs, right here on our website! You can also subscribe to our email newsletter, or follow us on Instagram, Facebook, and Twitter!
