Apartment Marketing
Don’t Bing it On
You have probably heard commercials for this or seen it on the internet…Bing It On. Essentially, Bing is conducting a blind test of your preference for Bing or Google search results.
It is the ‘Pepsi Challenge’ of the 21st century. The only problem is, even if the challenge favors Bing more often, like it did Pepsi in the 80’s, there is a major flaw in their logic. I think Bing is under the assumption that if proven in a blind test, web searchers will actually start to change their behavior and choose Bing. Coca-Cola made a similar assumption when people started preferring Pepsi and nearly killed their brand to try to save it. Because, even though people prefer the taste in a blind sip test, that does not necessarily predict behavior. In the real world we don’t actually search for things blindly. That is to suggest that the experience means a lot more than simply the words on the page. Mainly, the power of the Google brand is being severely underestimated as was Coca-Cola.
Current contest explanation:
In the test, participants were shown the main web search results pane of both Bing and Google for 10 search queries of their choice. Bing and Google search results were shown side-by-side on one page for easy comparison – with all branding removed from both search engines. The test did not include ads or content in other parts of the page such as Bing’s Snapshot and Social Search panes and Google’s Knowledge Graph.
In my opinion, sensation transference has a huge impact here. Real or not, people have a strong emotional attachment to Google and the aesthetics and experience associated within. So taking all of that away would obviously have an impact because it is no longer Google. Same thing with Bing. Frankly, I hate Bing for many reasons one of which is actually the relevancy of their results to my search query. Which even in this test I noticed was an issue. While I agree this marketing campaign probably brought some additional recognition to the brand, the actual conversion will be minimal at best.
Blind Apartment Test
With Bing’s logic, we could stick anyone at our apartment communities and they would sell. We all know it takes a lot more than a pretty property or even one that meets all our ‘search criteria’ to get the sale. The experience (sensation transference and all) will make the sale in my book, every day, all day long.
In the blind test I still chose Google. Try for yourself – share your results with us! My advice to Bing is to take the approach that Pepsi did. Instead of trying to take customers from Google, create your own niche. Pepsi went for the younger generation and it worked. Coca-Cola still has more market share but the gap between them is less significant.
Will you change your search behavior based on your results?
My results…
(side note, Bing you have terrible apartment search results – thank you Google for including Mills Apartments on page one)
We Care
How can we show that – We Care:
1. Sweep your crib lines – every curb line
2. Paint your curbs – all cribs that have or need paint
3. Blow off your sidewalks and entry ways daily – all sidewalks
4. Power wash sidewalks and entry ways weekly – except in the winter months where there is a chance for freezing (don’t want to create a slip and fall situation)
5. Vacuum all common area carpets daily
6. Use smell good stuff in the common areas – daily
7. Conduct a ‘road map’ meeting every morning
8. Answer on the third ring – every time
9. Stand and greet everyone – vendors included
10. Smile
Your remembering that the smallest details have the biggest impacts multifamily maniac,
M
Connection
Say what you will about Facebook –
This Things That Connect Us video is pretty darn compelling:
Your love being connected multifamily maniac,
M
Apartment Budgeting: Corporate Rent Premium
Over the last couple of weeks we have discussed premiums that apply to such things as Month to Month Leases and Short Term Leases. Today we take a similar angle in the Apartment Budgeting Series as we are penning on the subject of Corporate Rent Premium. In the spirit of consistency, we will start by putting some definition around the term and then we will dig into some budget strategy and possibly some thoughts on marketing.
Corporate Rent Premium Defined
Corporate Rent Premiums are convenience fees added to your Apartment’s Market Rent. It is a little bit different from the last two fees that we penned about. In this case, apartments are generally leased and paid for by third-party agencies. National Corporate Housing and Oakwood are a few examples of the aforementioned third parties. You, in a sense, up charge the agency for the convenience of getting out of the lease(s) with just a standard 30 or 60 day notice.
I have seen the fee applied by way of flat rates and/or percentages with upsides of $300 or 10% of the market rate.
Corporate Rent Premium Budget Strategy
Like all other rent premiums this can be a tricky thing to budget for and it definitely something you want to control. To budget, I would refer to a twelve month trailing all the while considering current economic conditions. If the economy as a whole is downtrodden that the likely hood of a boom of corporate leases landing in your lap is between nil and none. If the economy is gaining traction and or booming you will likely see this business experience an uptick. But, it is always open-ended.
Remember to control this. I can’t tell you how many times I have sat in an owner’s meeting trying to remind them of their generosity in giving up 20% of their unit count to a corporate housing provider only to have that provider pull the rug out from under them. How quickly it becomes the other’s guys hot potato to deal with and explain. 5% is a good number to manage. 10% is pushing the risk handle. Anything beyond that is pure gamble in my book.
Corporate Housing Marketing Strategy
No ballyhoo with this one. It’s a simple down to earth Dale Carnegie approach to getting your foot in the door. Do a little research and find out what the owners and account executives grapple with. What are the biggest problems that they deal with? What keeps them up at night? What rattles their brain(s)? Get into that in the way of solutions. Solutions that you can play into their real-time business transactions and make sure your company and community are associated in some way. Be swift with any help that you can give to them. And, don’t be shy about asking for the business.
Your always looking for some premium to rent multifamily maniac,
M
Using Social Media to Market Apartments Redux
Back in 2009 I penned a post about using social media to market apartments. Back then the groundswell was happening and everyone had an opinion about it. And, over the past three years, I think we have all learned a lot. Some of it good. Some of it bad. Some have taken the lessons and left the conversation. Others have bet the farm. While others dipped their toe in, listened, learned, participated, grew and are now providing real value. And, while we were all quietly churning away in our social media bull pens another more than mentionable groundswell was taking place. Fewer multifamily starts and a generation ripe with numbers that we have not seen since the baby boomers hit the scene.
Fast-forward to the second half of 2012, the coastal markets are booming again while the somewhat insulated Midwest lays in wait. In St. Louis specifically, most sub-markets that have hit bottom and are now bouncing along. Some city central, mid-city and west county properties are sporting occupancy gains and rent growth they have not seen in three years plus.
Get these two things (marketing apartments using social media and the near perfect storm of fundamental metrics) in a room together and you have the makings of a home run. At least in my opinion.
Not Using Social Media to Market Apartments?
Now might be a good time to rethink that position. Don’t take my word for it. Take a look at this recent post over at Business Grow (a great blog by the way – subscribe and read every word). I pulled out a quote that I think speaks to my real point.
If you think about, using social media at the university level is the perfect test case for what all our organizations may be seeing just a few years from now:
- Its primary audience uses the social web as its primary tool for communication.
- It is an essential strategy for connecting with, and nurturing, its “customers.”
- The relatively low-cost effectiveness of social media fits with programs under constant budget pressures.
Assiduity and The Why Behind the What
How many of you knew what that word meant? Me either. But, I fell in love when I looked it up. Assiduity – constant or close attention to what one is doing. As I read the word then the definition and then the word again it made me think – get off your ass-n-do-it.
To the point: your near now, now and future residents are growing up digital. Miss the point and miss some real opportunity.
Your big believer in using social media to market apartments,
M
