Friendslist might be something to keep an eye on. Especially in light of the shrewd move by Forrent.com in creating an exclusive, carve their client marketing partners right out of an avenue of advertising platform, relationship on FBs Marketplace. Could a platform like friendlist make the likely crazy expensive quasi-distribution point irrelevant? Likely not but I secretly hope so…
Friendslist offers a cleaner interface to start, but that’s nothing new. What it does is connect buyers and sellers, or people who are looking for jobs and people who are hiring, through the people they know. Yes, Oodle does this to some extent on Facebook Marketplace, but Friendslist takes a slightly different approach.No offense FR. But, please know whether it was you, AF, AG or any other provider, I would feel the same. The move gave me every cause to expedite the reallocation of near $550,000 of FR specific marketing spend over the last 18 months. Not a complete departure but a semi-massive one. Stay tuned…
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Good Morning Mike,
How times are changing. Seems we were talking about such things a couple three years ago, except now, folks are actually following through. The directional flow of marketing has forever changed, as companies build and perfect their own Branded Media and become much less reliant on outside sources.
Eric
Thank you for your time this morning to add some thought. And, look at the resource! That 550k number is what we spent on one resource over the last eighteen months. Combine the five or six majors to include the ILSs specific; it makes for a pretty hearty war chest. Re-purpose those dollars and you have a real shot at creating an experience that endures forever. That is provided you get the fundamentals right. Get that wrong and it’s all for naught.
Hope your week to come rocks!
M
$550,000 for FR? Wow that is serious money. You can get a pretty killer website with top notch SEO for that amount. That of course is just my opinion… Have a sweet Sunday sir.
We are working on a new website now – hope to have it as early as today. 😉 It is our goal reallocate some significant chunks in addition to creating some pure savings across the portfolio.
I’m sure you don’t need me to tell you this but that’s an EXCELLENT long term strategy. Good way to kick that ILS habit. Heh.
That goal is achievable Mike. We’ve done it and haven’t looked back.
Very much looking forward to the day when we pull the plug completely. So close.
A couple things come to mind here. Do you think that apartment marketers “Over Market”, just curious to your thoughts on that.
Also, I think you can make a fair amount of mistakes along the way, assuming you learn and make corrections and still be just fine. Best of Luck!
I think in the absence of a real focused strategy and in the presence of a do everything possible so we can prove to C-levels that we are acting strategy – Yes.
I still see it today in our own portfolio. A property starts to move below budgeted occ and the natural reaction [working actively on changing our culture’s natural reaction to a natural response – big difference with outcomes] is to run for grassroots, more ILS, more print, more, more, more.
Not sure if that is the crux of your question.
I agree on the road dotted with mistakes; the learning, shifting and keep going mentality is key. On that note; while I am huge believer in first mover advantage; I would say in this case – for Mills at least – that I see advantage in learning from the first movers. We can now build on the ideas that have been fleshed out by the likes of others.
Thanks for the sentiment; we are excited to see what we can do with it.
The one problem with Craigslist is that it works. As convoluted as their search results can be, at the end of the day, people typically find what they are looking for there. Friendslist can add the flashy, social-y type stuff but it’s VITAL that people find what they’re looking for. I hope they can. Thanks for the info this morning Mike.
Bill
Thank you for taking some time out of your morning to add some thought her. I have to say – I agree wholeheartedly. I have seven properties in our 50+ property portfolio that are craigslist only and they trend higher in occupancy than many of the others. If Friendlist does nothing more than augment CL then I’m happy. That said, they have a very tough road to hoe.
Have a smashing Sunday!
“The move gave me every cause to expedite the reallocation of near $550,000 of FR specific marketing spend over the last 18 months. Not a complete departure but a semi-massive one.”
Because FR partnered with Oodle to further spread the syndication of the ILS ads, you’re leaving FR? Rather than this being an opportunity to build efficiency into the ad process (place one ad, it goes everywhere) this is a bad thing because it prevents you from using FB Marketplace?
I’m just trying to understand the thought process Mike. Maybe you can explain further why FR/Oddle partnership is bad for the individual community? :o)
I hope it works…we spend way too much money on print advertising!