Author Archives: Stuart Platt

What’s More Important – Material or Social Upgrades?

WHICH WOULD YOU CHOOSE?

Imagine¬†you live in an apartment (and maybe you do)¬†and your lease is about up.¬† The apartment Manager tells you, “If you renew your lease, I can provide the following things for you, but you have to choose either¬†list A or B – You can’t have both”.¬† Which would you choose?:

List A – Material

  • Upgraded kitchen countertop.
  • Above-counter lighting.
  • Professionally steam clean¬†your carpet.

List B – Social

  • Regularly themed resident appreciation parties and events.
  • Promotional give-aways, drawings¬†or contests.
  • Community retail discount programs.

Now¬†ask the same¬†question from the perspective of the apartment Manager or Owner.¬† Let’s assume the expense to the community will be the same regardless of which list is picked.¬† Did your answer change or stay the same?

Lastly, ask yourself the same question from the Manager’s point of view, guessing what the majority of your tenants might pick.¬† Would they lean for the material upgrades or go for the social perks?¬† Your mind is likely spinning because of all the new variables to consider now.¬†¬†How¬†might the social-economic demographics affect your answer (age, income, location, etc.)?

And now the most important question of all, (assuming you can’t have it ALL) do you currently feel¬†your property¬†focuses on¬†the¬†most appropriate¬†types of upgrades and amenities to best match your tenants?¬† What would you change?

Differentiate Your Property From Others

Could you split these two up?

One property I spoke with increased their maximum pet weight limit from 25 to 50 lbs and gained 3 new tenants in the first week that normally would have been turned away.  Another property added an online furniture planning tool to their floor plans and increased the average time spent online by over 300% (http://a.ifp.outhouse.net).

Interactive Floor Plans - Will my bed fit?

We all want our property to stand out differently than others (in a good way!), right?¬† We all believe, at one level or another,¬†”If I can implement a marketing tool or strategy unlike¬†any other property, I will gain more traffic and more tenants.”¬† We think this because for the most part it can be very true.¬† Or if you can¬†revise a common policy more lenient than another, maybe that will fill your¬†vacancies faster like it did by allowing a larger pet.¬†

Please share with us other clever strategies or even the simplest ideas you have come across that have driven additional traffic to your property or website.  And what have you seen other properties implement that seem to be working?

What Are THEY Doing That WE Aren’t?

 

Imitation is the highest form of flattery, right?

What Ideas and Strategies Can We Imitate From Single-Family Home Builders?

I commonly hear from the multifamily industry how ‚Äúthe big builders have deeper pockets and can afford more for marketing campaigns‚ÄĚ.¬† I wonder how true this is.¬† What campaigns have you seen from a home builder (or any other industry) that¬†made you think, ‚ÄúUgh, if we could only afford to do that we would get so much more traffic to our properties (or website)‚ÄĚ.¬† Once we get a few ideas down, let‚Äôs take the discussion to the next level on how adjustments might be made to make similar and more affordable campaigns for multifamily.

Since the format of our blog revolves around ‚Äúdialog marketing‚Ä̬†it means it‚Äôs time to share and contribute your thoughts, solutions, ideas and¬†experience¬†below with¬†your group.¬† It‚Äôs amazing how the collaborative power of a talented group (Yes You!) can come up with great ideas to work for us all as individuals.¬† It is because of your experience in multihousing that you are a part of this blog in the first place!

Be the first to comment!

Working Together – Marketing Multifamily for 2011

Multi Family

Rising to the Occasion

We at Outhouse llc, a division of The Contrado Group, look forward to serving the multifamily housing industry starting with a campaign in Dialog Marketing. The concept of Dialog Marketing means connecting on a personal level with consumers who will buy or lease because the company resonates with them. Differentiate yourself and stand out as leaders in the marketplace!

  • What Dialog Marketing is:
  • Relationship driven
  • Bi-Directional Communication
  • Engaging in relevant conversations
  • Permission based
  • What Dialog Marketing is not:
  • Shotgun messaging in traditional media formats
  • Push-Marketing or “forcing” your message
  • Lack of research about the client or prospect
  • Expensive

Dialog Marketing is real and effective! ¬†It invites your customers to connect, foster ongoing relationships and forge new ones. The purpose of this message is exactly that. I‚Äôm inviting you to be part of this discussion, contribute at your discression and learn from others in your industry. Let’s work together!

The topics covered will be chosen by you. We plan to research and blend comments of previously blogged topics that will be made available after each topic is introduced. So, to get started, please take 30 seconds to visit our site and vote on which topics are most critical for your business.  Feel free to suggest additional topics too!

What discussion topics around marketing are most important to you for 2011?












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