I just got back from AIM last week, and it was quite the inspirational experience. As usual, the networking was great…a chance to catch up with many old friends and meet a few new ones. Here are key themes I took away from the sessions I attended and the conversations I had:Read More
Topics: apartment marketing
There are many different opinions about the value of social media in multi-family housing. Readers of this blog should be pretty aware of mine. But the one thing that everyone seems to agree on is that ratings sites are important. Theres a lot of debate about what to do with ratings sites, but everyone seems to agree theres some there there.
So I thought it would be a good idea to get a sense of exactly how important ratings sites are. The first step I took was to dig up some research I had done for a client back in February. In it I wanted to identify whether there was a clear category killer or whether multiple ratings sites were important. In an admittedly un-scientific way, I just looked at 10 communities in the Washington, DC market.Read More
So Im at the NMHC Market Research Forum in Boston this past week to sit on a panel/workshop on revenue management. Mark Obrinsky, who heads up Market Research at NMHC and has been a good friend and colleague for roughly decade brings up an interesting question:
(paraphrasing) So what do you think about longer lease terms? And by longer lease terms, I mean 3-, 4- or 5-year leases. He hypothesizes that theres a latent, older renter by choice demographic that could be tapped, particularly in urban markets. The theory is that these folks would choose to rent but for the fear of unknown and thus uncertain future rent increases.Read More
At AIM last week, I was up early for breakfast and wandered into the roundtable Lisa Trosien was leading, called Talk Nerdy To Me. If youve never experienced Lisa, youre missing out on a true force of nature. Ive barely woken up, and shes already full of energy and just moving the discussion alongpresenting interesting websites, asking the group questions and just generally always pushing forward.
Anyway, thats not the point of this blog. About a third of the way through, she asked a senior marketing person (someone Ive known for years and always watched what shes doing as a bit of a bellwether for the industry) what shes found to be the most effective marketing tactics these days. After a pause, the answer came back, Well, I hate to say it, but its still the traditional stuffdriveby, website, referrals, [note: I would add ILS although this executive said they've really cut back on ILS without any pain maybe a good topic for a future blog].
I found that response incredibly interesting on two levels.Read More
Those of you who know me well know that my brother is a sales coach. Well, more than that but this blog isnt really about him, so Ill leave it as a gross simplification of what he does. He and I used to work togetherhe ran a sales team and I ran the service team for a membership group of travel agencies back in the 1990s.
One of the first things I remember he taught me about sales and marketing is that people are motivated by only two thingsthey seek to avoid pain and they seek to gain pleasure. But its not symmetrical. Were actually wired to put more attention to avoiding pain than to seeking pleasure. Thats why its easier to sell something to someone solving a crisis than it is to someone whos doing very well and says they want to do better.Read More
Amenity pricing can be one of the tougher things to get right—but also one of the most lucrative. So here’s the shortest blog I’m likely to ever write.
Do you put an amenity charge on south facing units? Why south facing (many of you may already have figured it out)? Because you have to have a south facing view if you want a satellite TV subscription. As a displaced Marylander who desperately wants to watch his Washington Capitals on DirecTV’s NHL Center Ice package (even this year, when they’re not playing too well), I can personally attest to the willingness to pay a segment of the market has.Read More
So heres a shameless plug for a good friend of mine, Steve Lefkovits and his conference, the Apartment Internet Marketing Conference. Its going to be Apr 29-May 1 in Huntington Beach. If youre responsible for demand managementcertainly marketing, but also pricing and/or salesyou should go to this conference. Its the finest collection of discussions about marketing and demand generation by industry insiders and, sometimes more importantly, those outside multi-family. Heres a few things Im looking forward to:Read More