Over the last 6 months, the sales process for new property marketing projects has shifted. Developers, owners, and fellow marketers are asking more questions about KPIs and ROI than ever.
This isn't 2019 anymore. Money is tight, so naturally, everything finds itself under a microscope.
I used to try and answer this question with a passion.
My Type A, Enneagram 1 self loves to figure it out and stand by a solution. I'd do my best to reassure by reviewing what we know about the location, the expected audience, unit sizes, rents, etc.
I would also reference stats and spitball numbers based on previous projects. It was a big game of hypotheticals.
But it's a losing battle. And it will be for you, too.
Here's why.
I was reminded recently that a 13-year-old can capture, edit, and post a TikTok video that gets 5,000 views and hundreds of engaged comments in an afternoon.
As professionals, that can be disheartening to reflect on when we consider that a beautifully designed multi-million dollar property often only sees a few hundred leads.
So no matter what I say about KPIs, I know I'm dead in the water when that type of media expectation is normalized today.
Developers, owners, and operators see a landscape of virality, views, and engagement daily.
"I want that," they (understandably) think.
Back to real estate, though.
How does this relate to property marketing?
And how does it work when there is a renewed drive to see results in a budget-conscious and fickle capital environment?
I think it requires a reframing of our new 2023 reality.
Right away, I use this question to share my point of view on property marketing and its impact on an organization's overall marketing strategy.
It's not one thing or two things. It must be a global approach that the entire organization agrees to.
What are two ways we can view the ROI of our marketing efforts?
One involves "KPIs," and the other does not.
First, you can measure the impact of your work by looking at soft metrics. Metrics that are often observed or self-reported:
The second way to evaluate marketing ROI has nothing to do with metrics. For this, we turn to the evaluation of process and efficiency.
A single thoughtfully executed pre-leasing effort can unlock many time-saving pieces of the corporate process:
In other words, there's a tendency to recreate the wheel every time.
New brand approaches, new email campaign tools, new opinions on data, etc. A revolving door each time a property needs to find success.
So, when we think about KPIs and the ROI of marketing a property in today's world, it's not binary.
The renter today is more sophisticated than ever and can't be bought through an ad.
They want to understand the story of where they will be putting down roots, spending tens of thousands of dollars, laughing and crying, and, more generally, doing life.
That decision, today, is about more than a KPI.
It's about a thoughtful brand and property design with the renter in mind. It's about making that property easily discoverable and consumable. And it's about finding clever ways to be top of mind and in the running.
It's not just Google Analytics.
It's some data and a lot more about having your finger on the pulse.
Self-reported attribution and gaining clarity in a buyer's journey will be the new secret sauce for savvy marketers in the coming years.
We already see it happening today.
This week, we're digging into what multifamily can learn from hospitality when it comes to creating a five-star resident experience.
This week, we're breaking down the basics of absorption rates in multifamily real estate. What they are, how to solve for them, and why they matter.
AI's and chatbots can't feel, but if they could, they wouldn't like what we're about to say. In an era where technology seems to be taking over every aspect of our lives, the question for multifamily leasing professionals is: How much should we rely on automation, and where does the human touch still play a vital role?
This week, we're diving deep into how to make your property’s ILS presence work for you and fast.
A simple read in under 5 minutes, delivered to your inbox Saturday mornings.
A simple read in under 5 minutes, delivered to your inbox Saturday mornings.