Investing in Your Resident Retention Efforts To Reduce Turnover
While the majority of apartment complex owners understand the importance of reaching out to a targeted consumer demographic in order to fill vacancies, far fewer place enough emphasis on avoiding vacancies by effectively marketing to existing residents. Financial and business experts agree that keeping current tenants in place is one of the best ways for apartment complex owners to build long-term value and boost overall ROI. Citing market information from Forbes Magazine, the National Apartment Association discusses many reasons that this holds true. For example, attracting new residents often requires the delivery of contract signing bonuses, initial rent discounts, and other marketing tactics that can significantly damage your bottom line. By retaining your existing tenants, you can not only avoid these profit-destroying offers, but also eliminate costly vacancies and foster a climate of ongoing community satisfaction and togetherness. Key tips to keep residents engaged and avoid costly turnovers So what measures can you take to increase tenant retention? Here are just a few key marketing tips. 1. Show Sincere Appreciation with a Gift The value of saying “thank you” far exceeds the monetary price of a small seasonal gift or renewal bonus. Consider showing your appreciation for loyal residents with a gift card for a local shop, restaurant, or coffee shop. This can go an incredibly long way when it comes to fostering a positive community environment, increasing overall tenant satisfaction, and reducing your turnover rates. Although more costly than a gift card, apartment upgrades, such as a new carpet or a fresh coat of paint, will also increase your overall property value, making them gifts that truly keep giving. The property video tour app Real NYC suggests thinking outside of the box with gift ideas like making a donation to a worthy charity in a resident’s name. Just be sure that you are tailoring your gifts to meet the specific wants, needs, and values of your customer base. 2. Keep Residents Informed From distributing regular newsletters to sending text messages, there are countless ways to reach out to your tenant community with pertinent information. Discover your residents’ preferred channels of communication and keep them informed of matters of importance that relate to the property and its surrounding areas. Residents who feel that they are kept “in the loop” by a fully transparent real estate company are generally far more comfortable in their living environments. You can further the retention marketing potential of your resident communiqués by ensuring that your messaging remains consistent with the defining values of your organization and brand. 3. Build a Sense of Community In the words of the property management software company AppFolio, “a true sense of community can really keep residents around.” Help your tenants feel as though they belong in your apartment complex by hosting appropriate resident activities and/or appreciation events. Holiday parties, donut breakfasts, and fun “how-to” classes are just a few ideas of on-site gatherings that can generate a true sense of togetherness and mutual appreciation. Consider welcoming new residents with social “meet-and-greets.” Get professional guidance For more information about the importance of resident retention and for assistance with resident marketing and resident advertising in general, wise apartment complex owners will secure the services of experts in these fields. An incredibly innovative multifamily marketing agency, Bigeye has the knowledge and skill necessary to keep residents happy and dramatically slash those dreaded turnover rates!
What College Renters Really Want from Apartment Communities
Often in need of relatively short-term housing while completing their studies, college renters have long been key drivers of the apartment rental market. But what, exactly, are they looking for in an apartment? From short-term tenet agreements to increased risk of property damage, renting to college students has its obvious pitfalls. However, college towns remain one of the best markets in the United States to own rental property. This is particularly true of states, like Indiana, in which people generally own homes rather than rent. Forbes Magazine points to Indiana as a prime example of this fact. Although the percentage of renters in most Indiana counties is less than 25 percent, in Monroe County (home to Indiana University at Bloomington) that rate rockets to approximately doubles to 48 percent. So what can you do to capitalize on the key college student rental sector? Here’s a brief look at what college renters really want from their apartment communities. Cost, location, and overall value As the cost of a college education continues to skyrocket, students are generally wise beyond their years when it comes to choosing rental apartments that are reasonably priced. Surveys of students and recent graduates have increasingly shown that on-campus dorm living has become incredibly expensive. In light of this fact, more and more students are turning to off-campus apartments as a way to stick to their budgets. In addition to overall apartment cost, college students list location as one of their top concerns, indicating that they may be willing to pay a bit more for a place that is close to campus. Security, home technology and access to public transportation After coast and location, renters are highly concerned with security and convenience, ranking gated access high on their list of must-haves. They also value high-tech security measures such as app-controlled door locks. Other home technology devices and infrastructure that renters list as important include built-in USB charging outlets, smart digital thermostats, and Amazon lockers. Among renters who must live a considerable distance from campus, the convenience of nearby public transportation is also a top concern. According to Apartment Guide, 31 percent of renters are seeking properties with shuttle service to public transportation. Specific amenities Reaching out to a consumer base that tends to value practical concerns, apartment communities can forget about frivolous incentives. Apartment Guide points out that lease-signing gifts such as free iPads or gift cards may have effectively filled vacancies in the past, but today’s students are looking for something far more substantial. However, there are many apartment amenities that might be potential deal-breakers regardless of their inessential nature. With 92 percent of renters listing it as a priority, air conditioning is an amenity that many renters simply won’t live without. Other top amenities, such as automatic dishwashers (86 percent) and in-unit washer/dryer combos (77 percent) are equally practical in nature. When it comes to less practical amenities, renters particularly value outdoor spaces such as patios, balconies, and rooftop terraces. In addition to these key on-site features, apartment complexes can benefit from close proximity to a variety of off-site amenities. For example, 32 percent of renters want to be close to a café or coffee shop while 24 percent of renters want a library nearby. For more information If you want to learn more about the top concerns of renters in the college environment, you should talk to an agency with specific expertise in the fields of apartment marketing and resident advertising. A highly innovative and forward thinking marketing firm, Bigeye has countless ideas when it comes to reaching college students in the residential housing marketplace.
What’s the Difference Between Co-Living and Co-Housing?
Two up-and-coming buzzwords in the worlds of residential real estate and property development marketing, co-living and co-housing draw upon the best of historical traditions and new trends to create shared living environments and communal spaces. There is certainly nothing new about shared living spaces. Offering co-living home options in major cities that span the United States, the residential property firm Common points out the fact that people have chosen to live in shared spaces since before the dawn of recorded history. From the hunter-gatherers of the Stone Age through the public homes of the Middle Ages to the boarding houses of the Industrial Revolution and the World War II era, shared living has been a prominent part of the human experience. While there is certainly nothing new about shared living, it has recently emerged anew as a highly popular concept among millennials and other people who are looking for something different in the residential property sector, both urban and rural. What is co-living? The shared living organization Open Door has locations in both Portland, Oregon and the San Francisco Bay Area of California. It offers a definition of co-living that is both nuanced and succinct. In its attempt to clear up any confusion, Open Door calls co-living “a modern form of housing where residents share living space and a set of interests, values, and/or intentions.” In short, co-living gathers individuals and/or families in residential environments that offer private sleeping quarters but shared bathrooms, kitchens, living rooms, and other common areas. As previously mentioned, co-living is particularly popular with millennials who have come to age in an era of social networking and the sharing economy. Many young adults view co-living as the natural progression of these ideas and appreciate its emphasis on values such as openness and collaboration. It is important to note that modern co-living environments differ from the “hippy” communes of the 1960s, which tended to be activist-oriented and isolationist in nature. The co-living of today stresses the value of interconnectedness within the community and without. What is co-housing? The California co-living housing development Kindred Life resorts to Wikipedia to draw a clear distinction between co-living and co-housing. While both promote communal residential life, co-housing allows for substantially more privacy, keeping certain, more personal spaces (such as kitchens and bathrooms) separate. In addition to sharing significant indoor living spaces, co-housing places a strong focus on integrating shared features such as specialized work spaces, gymnasiums/health clubs, and game areas. Co-housing, as we know it, first came to the United States in the late 1960s from Denmark. It generally tends to exist in suburban or rural settings rather than urban centers. The prototypical co-housing setup consists of a cluster of small private homes that share one or more common buildings. These common buildings often consist of common recreational areas, guest rooms, dining rooms, and/or kitchens. In many co-living situations, the community is planned and managed by its residents and governed by consensus-based decision-making. To learn more Despite its inherent value and growing appeal, shared living remains a decidedly niche market. If your residential property company is interested in pursuing this trendy new living style, you absolutely must have a clear and forward-looking plan to promote and market it. For more information about co-housing and co-living marketing, contact a knowledgeable Bigeye representative today.
Using Look-Alike Modeling for Multifamily Marketing Outreach
A proven technique for expanding audience for multifamily property developers, look-alike modeling should be a key component of any advertising campaign. Look-alike modeling defined Look-alike modeling certainly isn’t a new technique on the modern marketing landscape, but far too many multifamily developers and apartment complex owners fail to grasp just how valuable it can be when it comes to broadening their marketing audience base and spurring overall renter conversions. Briefly defined, look-alike modeling regards your current consumer base as a “seed audience” that can be used to cultivate a far larger audience base while mainlining highly relevant and precise target marketing practices. In other words, a skilled marketing professional will begin to create a look-alike model by analyzing your existing target audience and identifying individual consumers of exceptionally high value. The specific characteristics and behaviors of these consumers can then be used as a template in efforts to reach out to similar individuals that lie beyond the limited purview of your existing marketing efforts. The prevalence and effectiveness of look-alike modeling As reported in the leading sales and marketing medial outlet Business 2 Community, a 2014 study by eXelate determined that a 73 percent of American advertising agencies and 64 percent of advertisers regularly employ look-alike modeling to “enhance their targeting marketing focus.” Furthermore, among the advertising agencies that actively engage in the technique, roughly half say that it improved the overall performance of their marketing campaigns by 100 to 200 percent. Although no other qualified marketing industry resource has released a comprehensive survey of look-alike modeling since this most recent eXelate report, it is safe to assume that the practice has only expanded and become more effective thanks to the continuing evolution of marketing standards and improvements in digital technology. The complex nature of the look-alike modeling process As we have previously discussed, the look-alike modeling process begins when a qualified professional isolates the most valuable members of an existing marketing audience and analyzes their defining attributes. This requires a great deal of expertise because, among other potential problems, marketers who focus on the wrong consumer attributes are bound to skew final look-alike modeling results and set the process off in a decidedly less fruitful direction. GlobalWide Media Analytics Manager Zackary Cantor offered a perfect example of this issue in a recent article for the leading global performance marketing publication PerformanceIN. Detailing look-alike modeling work that he undertook for an apartment rental site that sought to boost overall numbers of online rental applications, he demonstrated the need to value certain consumer attributes far more than others. While many look-alike modeling processes simply look for overlaps in general characteristics and behaviors among different consumer profiles, Cantor quickly realized that this particular model had to pay closer attention to profile attributes for home ownership. Even prospective new audience members who share many attributes in common with the ideal target consumer were “very unlikely” to submit a rental application if they showed a propensity toward home ownership. Look-alike modeling guidelines The intricate nature of look-alike modeling makes it truly effective only in the hands of highly experienced of digital marketing professionals. But how can you tell if your multifamily developer marketing agency has what it takes to produce the look-alike modeling results that you seek? Here are just a couple of guidelines for securing the very best look-alike modeling services available: Pay close attention to any negative predictors – A strong propensity toward home ownership is only one of may potential negative predictors that can easily trump a whole host of commonalities between the most valuable members of your existing marketing audience and the expanded audience base that you want. It is absolute vital to place all data in proper context when determining consumer similarities and differences in order to identify strong negative predicators and give them the appropriate weight in your final look-alike model. Insist on full look-alike model transparency – We have already examined the ways in which the underlying elements of a less than optimal look-alike modeling framework can lead to less than desirable results. If your marketing agency can’t give you a basic understanding of the predictive modeling method that they are employing on your behalf, you may want to look elsewhere for your look-alike modeling needs. How Bigeye can help If you’re looking for a multifamily developer marketing agency with extensive expertise in look-alike modeling and other techniques that can expand your potential customer base and drive prospective renters to your door, contact a skilled and knowledgeable Bigeye representative today.
Apartment Marketing Solutions Through Programmatic Media Buying
Apartment complex owners who want to cut their marketing budget while strategically targeting their advertising are turning to programmatic media buying. Programmatic Media Buying Explained Do you remember how difficult comparative shopping and informational research used to be before the Internet? If so, you certainly know the incredible value of software algorithms and data analysis. In short, when you search for something online, you are letting state-of-the-art technology do most of the work for you, thereby making your search far easier, faster, and more efficient. Online searches can also help you focus your efforts in the most fruitful areas and save you a tremendous amount of money. Programmatic media buying works much the same way in the world of Internet advertising. While traditional manual methods of purchasing online ads is both time-consuming and labor intensive, programmatic media buying employs automated processes to executive targeted purchases across a wide spectrum of digital channels that include desktop/laptop, tablet, mobile, connected TV, and outdoor digital media formats. Programmatic media buying involves the use of a particular type of software called a demand-side platform (DSP), which allows agencies and advertisers to buy media inventory across a multiple channels. Because the automated DSP purchasing process is so fast, it can sort through incredibly large amounts of digital advertising options to target the exact right consumer at precisely the right time. Through a DSP, marketers can also buy media inventory at an exceptionally good price. This is because programmatic media buying works through automated platforms that employ cost effective processes such as real-time bidding (RTB). Also called “open auction,” RTB sells media inventory to the highest bidder, allowing marketers to target the most viable consumers at rates that are often far below average market value. The Popularity of Programmatic Media Buying Considering the tremendous amount of work and lack of efficiency that go hand in hand with the traditional media buying process, more and more agencies and advertisers are benefiting from the speed, ease, and cost-effective benefits of programmatic media buying. In fact, trusted industry news outlets that range from Ad Age to eMarketer have identified programmatic media buying as an essential component in the future of marketing. In fact, eMarketing projects a considerable increase in programmatic media buying over the next year alone. According to this research, roughly 58 percent of live video and video-on-demand ad spending occurred as a result of programmatic media buying processes in 2019. By 2020, however, this figure will jump to approximately 80 percent. Programmatic Media Buying for Apartment Marketing As the number of advertisers using programmatic media buying continues to rise, companies across a wide range of business sectors and markets must leverage the benefits of this technology if they wish to remain competitive. The unique characteristics of apartment marketing make programmatic media buying particularly valuable within this industry. In particular, apartment marketers stand to benefit from the highly targeted nature of programmatic media buying. Since only a small percentage of the general public will be interested in renting any specific apartment unit at any specific time, multifamily residential marketers absolutely love programmatic media buying’s ability to reach out to an exact audience base that is severely restricted according to geography (where a prospective renter lives) and demographics (age, gender, income, etc.). Programmatic media buying can even target digital media users according to their unique personal interests and daily behaviors. Using a Qualified Marketing Agency for Your Programmatic Media Buying A July 16 article by the independent news outlet Target Marketing has determined that nearly 47 percent of advertisers are now performing programmatic media buying in-house. However, article author Lina Lugova recommends that advertisers coordinate their programmatic media buying through a qualified and specialized marketing agency for a number of important reasons. In particular, forward-thinking marketing agencies that were able to predict the tremendous value of programmatic media buying have employed the best and brightest of industry professionals with a depth programmatic skill, knowledge, and experience. These agencies are also well connected with multiple leading online traffic platforms and resources, enabling them to negotiate the absolute best prices for media inventory. Contact Bigeye Today Want to learn more about programmatic media buying and the apartment marketing solutions that it provides? An agency that has earned a widespread reputation for innovative thinking, Bigeye specializes in leveraging state-of-the-art technology to boost your bottom line. A skilled and knowledgeable Bigeye representative is standing by to explain how programmatic media buying can set you apart from your closest competitors.
How to Choose the Best Apartment Marketing Company to Brand My Development
In light of the supreme importance of your apartment complex brand, you’ll want to enlist the help of top professionals to help develop and maintain it. But how can you find the best apartment marketing company for you? Why Branding is Essential for Your Apartment Complex If you are in the process of launching your first multifamily residential business or considering a rebrand for either a longstanding property or recently acquired apartment property, you are likely asking, “What is the best apartment marketing company to brand my development?” Furthermore, if you aren’t questioning your current branding efforts, you probably should be. Most residential development marketers realize how important it is to promote the outstanding features and conveniences of their apartment complexes and specific apartment units. However, even seasoned professionals in the multifamily residential field often underestimate the incredible value of brand optimization. An overwhelming amount of statistical research confirms the superlative importance of company branding across a wide range of industries and markets. In fact, according to the Content Marketing Institute 77 percent of marketing leaders identify branding as critical to growth. On the consumer side, Small Biz Genius reports that 89 percent of shoppers remain loyal to brands that share their values. Furthermore, 64 percent of people surveyed by the Harvard Business Review cite shared values as their main reason for establishing a consumer relationship with one or more specific brands. In the highly competitive multifamily residential real estate market, branding is particularly important for businesses that want to differentiate themselves from their closest competitors. After determining the outstanding features and amenities that make your property unique and the exact audience demographic that you wish to target, a good apartment marketing agency can develop and/or build upon a brand image that rises to the occasion to meets your particular wants and needs. Tips for Choosing the Ideal Apartment Branding Agency But how can you find a marketing company that has what it takes to spearhead branding operations for your multifamily residential business? The masterminds at Ad Age Magazine have come up with a couple of general guidelines to start you off in the right direction: Establish clear goals and expectations – Before you can find an agency to deliver a specific result, you must first clearly define exactly what that result should be. After you have established your specific objectives, you can source and examine the options that are most likely to meet them. You might search out that edgy marketing startup to make your provocative marketplace splash or gravitate toward that industry stalwart to foster an image that is both stable and trustworthy. Narrow your search – Anyone attempting to sort through thousands of potential advertising agencies will quickly become overwhelmed and lose all sense of perspective. In fact, even choosing between a dozen or so agency options can become quickly problematic. To combat this problem, Ad Age says that even “your initial ‘long” list should be relatively short and focused.” Real estate professionals can turn to their affiliated industry associations or a qualified search consultant to source only the most effective potential candidates. Forbes Magazine reached out to a variety of marketing leaders to get further tips for choosing the right marketing agency for specific branding purposes. Some of the results were quite inspired. The HOTH’s Marc Hardgrove, for example, recommends a close examination of each candidate’s in-house branding and advertising efforts. After all, any agency that cannot brand itself is likely to have difficulty branding your apartment complex. In its 2018 article, Forbes also quoted Danielle Wiley of the Sway Group, who cited a compatible business philosophy as the top reason to choose a specific marketing agency. If your multifamily residential company, like most successful enterprises, fosters business approaches that are collaborative, practical, and forward-thinking, you would be wise to embrace an advertising agency that has similar values. Reach Out to Bigeye Today If you’re looking for an exceptional branding company for developments in the multifamily residential sector, Bigeye offers a range of personalized services to help you build a unique brand from scratch, execute an efficient rebranding, or refine your existing brand to connect with a whole new audience. Contact us today – a skilled and knowledgeable marketing professional is standing by to answer any questions that you might have.
Highlighting the Unique Value in Your High Rise Apartment Marketing
In the highly competitive residential real estate sector set your high rise apartment marketing apart by stressing the unique value, benefits, and features of your available units. High Rise vs. Low Rise Apartments Before discussing elements of effective marketing strategy for high rise apartments, it is essential to determine what, exactly, a high rise apartment is. As explained by RENTCafé senior creative writer Nadia Balint, the definition of a high rise varies significantly from country to country and from business sector to business sector. In the United States, the National Fire Protection Association officially classifies any building over 6 stories as a high rise. For real estate marketing purposes, however, a high rise building should generally include a few more floors. The leading commercial real estate market research and data provider Yardi Matrix, for example, limits apartment community high rises to those that have at least 10 residential floors. Marketing Tips Specific to the High Rise Apartment Sector Low rise apartments and high rise apartments each have their own pros and cons. While many of these pro and cons are obvious to any prospective renter, others may not be so immediately evident, As a marketer of high rise apartments, you are doing yourself a great disservice if you aren’t stressing the specific advantages that your units have to offer. In many cases, you can even succeed in changing a negative into a positive through the power of an effective marketing campaign. For example, to combat the perceived hassle of living so far above ground level, you can stress the convenience, speed, reliably, and/or overall number of elevators on the premises. Here are a few other features and elements that you may want to emphasize when marketing high rise apartments: Great Location Because land development professionals aren’t exactly clambering to construct skyscrapers buildings in rural or small town locations, high rise apartment buildings typically appeal to prospective renters who value a bustling, metropolitan lifestyle. It’s the oldest cliché in the real estate business, but, like many clichés, it holds true: location is everything. If a prospective renter values working, shopping, and enjoying the nightlife of the big city, the prospect of living in the heart of these various activities will be welcomed as not only extremely convenient but pleasantly exhilarating. Stunning Views Of course, no one is going to fail to stress an amazing panoramic cityscape in their apartment marketing materials. A great view might be the single greatest feature of a high rise apartment unit. However, every unit in your high rise complex needn’t offer a full perspective of the New York City skyline in order to draw in prospective renters. Consider the value of promoting an apartment free of overwhelming visual obstructions and full of beautiful natural light. Solid Security A preponderance of high rise apartment complexes employ doormen and/or a security staff to ensure that tenants and their belongings are protected and safe. Many high rise apartment complexes also offer a concierge and/or other service professionals to make daily life a little bit safer and easier. In addition to increasing security and convenience, on-site apartment building workers can brighten your day with a friendly “hello” and generally contribute to a warm community environment. Flexible Leasing Options / Vacancies Renters in search of a month-to-month lease or other flexible rental agreements are significantly more likely to find one in a high rise. Plus, due to the sheer number of units that a large high rise building contains, apartment hunters are more likely to find a desirable vacancy in the high rise sector. Overall apartment options are also quite wide in the high rise sector. Prospective renters who require a furnished apartment, for example, can commonly find one in a high rise apartment complex. Easy Utilities / Maintenance If you’ve ever had to wait for a cable provider to start or disconnect service, you know just how time consuming and frustrating this can be. Because the vast majority of residential high rise complexes are already wired for services such as cable, phone, and Internet, renters typically don’t have to wait for the entertainment and connectivity that they rely upon. High rise apartment buildings also widely support on-site property management offices that provide prompt access to maintenance services. This means that high rise tenants typically won’t have to live with malfunctioning or damaged apartment infrastructure for long. To Learn More Bigeye is an innovative high rise apartment marketing firm that leverages every possible advantage in the campaigns under our management. To get in-depth marketing advice for your high rise apartment business, contact a skilled and knowledgeable Bigeye representative today.
Key Elements of an Appropriate Apartment Complex Rebrand
An apartment complex rebrand is certainly nothing to be taken lightly. If you choose to do it, make sure that you do it right by choosing a rebrand apartment marketing company that adheres to these guidelines. The Benefits of a Well Timed and Executed Rebrand No matter how much time and energy you put into the creation of your initial multifamily residential brand, there will inevitably come a time when it no longer delivers the desired results. As times, audiences, and marketplaces continue to evolve and change, brands must generally keep pace or place themselves at risk being left behind. As reported on the digital publication of Entrepreneur Magazine, successful organizations generally tend to retool their brand and corporate identities once every 7 to 12 years. Although rebranding is a risky venture that requires abandoning all of the brand equity that you have previously accumulated, the value of an effective rebrand simply cannot be underestimated. Entrepreneur highlights McDonald’s, Apple, Pepsi, Shell, and Twix, as just a few examples of brands that have benefited greatly from one or more comprehensive overhauls. But, of course, your company’s chances of a successful rebrand has everything to do with your reasons for beginning the rebranding process in the first place. Key Occasions for a Rebrand In addition to simply falling out of step with the times, companies may want to consider a rebrand during periods of transition or to improve their general position in the marketplace. Here are just a few situations that may require a multifamily residential business to rebrand apartments. Capital Improvements – A remodel of your apartment complex may necessitate a similar remodel of your apartment complex brand. New Ownership – Anyone who acquires a new apartment property will want to consider rebranding that property in order to bring it in line with your core values and image as well as any other properties that you already own. Damage Control – If the online reviews and/or general public reputation of your apartment complex are poor, you may be able to start anew with an effective company rebrand. Elements to Consider When Rebranding One you have decided to rebrand, you shouldn’t shy away from dramatic change or opt for lukewarm half measures. Here are just a few tips that can separate a smooth and effective rebrand from one that ends in disaster: Tailor Your Rebrand to Your Target Audience – Conduct in-depth research to gain accurate information about local demographics and typical rental behavior in the vicinity of your apartment complex. A rebrand can also provide an ideal opportunity to expand or shift your existing audience base. Capitalize on the Distinct Personality of Your Apartment Complex –This tip is particularly useful to drive rebranding efforts for recently renovated properties. Because a company brand should always reflect the unique value prospects that that company presents, your apartment brand should encapsulate the ways in which your complex goes above and beyond in areas such as amenities, staff, special events, and surrounding environment. Communicate Your Brand Change – To give your apartment rebrand every chance of achieving success, it is absolutely vital to work in partnership with company stakeholders and ensure that all service partners fully understand both the changes that you have made and the reasons that you have made them. Furthermore, you must adequately promote your new brand, driving your new image home for both existing and future customers. Take Rapid and Full Possession of Your New Brand – Embrace your new brand and begin to build a better reputation as soon as possible. Develop a comprehensive and detailed marketing plan that includes both onsite and offsite campaigns. Immediately alter existing advertising efforts to reflect your rebranding efforts. For example, if you have a new name, logo, slogan, and/or jingle, its time to use them. Make sure that all promotional materials, from commercial spots in the digital or conventional media to business cards and company email signatures, reflect the key branding changes that you have made. To Learn More For more information about rebranding your apartment complex or effective multifamily residential brand management in general, contact a Bigeye representative today. As a leading rebrand apartment marketing agency, we have the knowledge and skill that it takes to navigate every phase of the rebranding process with exceptional creativity and a dedication to innovation.
Customer Journey Maps for the Apartment Rental Industry
The best creative agencies for apartments have developed considerable expertise in the identification, analysis, and prediction of consumer activities through the drafting and use of customer journey maps. What is a Customer Journey Map? In much the same way that a geographic map displays specific details of a certain tract of land, a customer journey map provides a visual representation of the unique course that a customer or potential customer takes as he or she interacts with a particular company. Because they allow for clear and easy visual study, customer journey maps are a great way to examine and predict the full spectrum of consumer behavior as a constantly evolving process. The Value of Customer Journey Maps As it charts the evolution of a consumer’s relationship with your company, a customer journey map offers a range of unique insights into his or her wants, needs, likes, and aversions. Furthermore, by mapping out the different contact points in a customer’s relationship with your company, you can develop more efficient motivational strategies to better meet your own goals (driving online traffic, boosting rental conversions, etc.). While your potential level of control at any given consumer contact point may vary dramatically, the customer journey map clearly shows the ways in which all consumer interactions with your company work together and exert a profound influence upon one another. The most important and beneficial characteristic of a customer journey map is the fact that it presents information squarely from the point-of-view of the consumer. Therefore, when planning a customer journey map, it is absolutely vital to assume the consumer’s perspective and, in the words of prominent Dallas multifamily marketing professional Misty Sanford, think “from the outside in.” In an article for the leading independent multifamily industry networking group Multifamily Insiders, Sanford gives several tips for ensuring that your customer journey map accurately reflects your customer’s experience and, thereby, delivers the maximum benefit to you. She recommends beginning by asking and answering the following questions: What are customers doing at each stage of the journey? (What action are they performing?) How are consumers feeling at each stage of the journey? (Are their emotions motivating them to continue, and if so, why?) What questions do customers have during each stage of the journey? (Will these questions stop/hinder them from continuing or compel them to continue?) What other elements might be stopping or hindering the customer journey? (These elements might range from apartment unit cost and/or availability to technical issues with your website and/or social media pages.) The Customer Journey of the Typical Apartment Renter Writing for Exchange (the official online publication of the Chartered Institute of Marketing), reporter Rob Coston stresses the supreme importance of the following stages, phases, or contact points of the customer journey: Awareness – When and how the customer first becomes familiar with a particular brand. Consideration – When and how the customer begins to weigh the value of a particular consumer option. Purchase – In the multifamily residential sector, this typically involves the signing of a rental agreement or lease. Retention – Following the initial purchase, companies can seek customer retention through a wide range of initiatives. Advocacy – When and how the customer shares opinions about a particular brand and its product/services. Can be either positive or negative. Organizations with a specific focus on apartment rental have added other key customer journey stages including “rental application,” “move-in,” and “acclimation to apartment.” Each of these stages may involve multiple points of contact with multiple representatives of the chosen apartment complex, and some may take an extended period of time to accomplish. The acclamation stage, for example, begins when all of a renter’s belongings have been moved into their new apartment unit, but may continue for a while as that renter unpacks boxes, arranges furniture, sets up/transfers utilities, and shops for needed or wanted home items. For More Information If you’re looking for the best creative agency for apartment developers or the best creative agency for multifamily residential property owners, contact a skilled and knowledgeable Bigeye representative today. Someone is standing by to answer any questions that you might have about customer journey mapping or other key digital or conventional marketing techniques.
Meet Your New Property Manager – A Six-Inch Tall Know-It-All
Amazon smart devices are in millions of homes and soon might be collecting rent. Here’s what brands need to know about real estate marketing strategy. Being a property manager is no easy job – you’re on call all the time and you interact with people in problematic and stressful situations. Wouldn’t it be nice if we could outsource many of a property manager’s tasks to some powerful, all-knowing entity who works tirelessly and never sleeps? Good news – that scenario is becoming reality, as Amazon’s Alexa and other smart home devices have the potential to allow tenants to request repairs, pay rent and manage a whole host of in-home experiences. It’s a development that has the potential to transform multiple industries, and should be of deep interest to anyone formulating real estate marketing strategy. Alexa will be the first to greet you Amazon is pursuing a new product strategy that will see their smart speaker device pre-installed in thousands of leased properties across the United States. The company’s Alexa Smart Properties Team partners with homebuilders, property managers, and hotel operators to custom-fit new residential units with Alexa-powered tech. By doing so, Amazon can reap the benefit of gaining a vast new group of customers and property owners will benefit from advanced property marketing. Once Alexa is embedded into the smart home ecosystem, tenants will use the devices to order groceries, household goods and other services. As mentioned above, Alexa can also serve as a proxy property manager, easing the strain on management staff and helping provide tenants with timelier service when issues arise. This will be accomplished through the integration of third party apps such as Zego. These apps can facilitate repair requests and even deduct rent payments directly from a user’s bank account when given an “Alexa, pay my rent” command. Managers can also use smart speakers to remotely grant access to contractors and repair workers, remotely adjust HVAC levels in unoccupied units, and gather insights into tenant preferences. An evolution toward the smart home experience Global growth in the smart speaker segment is growing at a rapid pace. According to projections from IDC, shipments of smart speakers devices are projected to grow by 27% in 2019. By 2023, 1.6 billion devices are expected to be shipped annually, making smart speakers as ubiquitous as smartphones. Amazon and Zego hope to push their products into millions of new homes over the next few years. Amazon’s chief smart speaker competitor, Google, isn’t standing still. Google is pursuing its own partnerships with homebuilders and property firms, including Century Communities, one of the largest homebuilders and property developers in the United States. Amazon is also seeking to enter the stadium and hospitality spaces. Alexa can be used in hotels to provide concierge-like services: Ordering towels, room service, wake up calls and other functions. At stadiums and concert halls, Alexa can be used to order beverages, adjust seats and perform other useful services. All of these advancements point to a future where smart devices aren’t merely an intriguing add-on feature, but rather a deeply integrated tool that’s wired in to everything that occurs in a home. As smart speaker adoption gains critical mass, these devices have the potential to become the central nervous system of the home – making life easier and more convenient for residents and property managers alike. Is your real estate marketing strategy up to date? Technology moves at lightning speed – but sadly we can’t say the same for most property development marketing. Too many multifamily marketing and apartment marketing agencies are stuck in the analog world and incapable of providing their clients with innovative campaigns driven by cutting-edge technology. At BIGEYE, that’s precisely what we offer. If you’d like to see how a creative, forward-thinking agency approaches real estate marketing strategy, we urge you to contact us today.