Hello to my blog readers! This is a great article from ForRent.com and I don't just think that because they quoted me....the information will help you rent more apartments. Learn and live, Kate

January 15, 2009 In today’s economy it is more important than ever to effectively build your company’s brand offline and online. Magazine Publishers of America (MPA), an industry association for consumer magazines, released third-party research which offers marketers insights on purchase funnel dynamics and consumer online behavior that can have profound ramifications for advertisers looking to maximize their ROI. One of the most important things the study found is that media synergy is important and that the more media you have the better results you will achieve. When examining media, magazine ads are the most effective medium when it comes to purchase intent.

Key Findings from Research:

Magazine ads are # 1 in driving brand favorability: Magazines have 2X the impact of TV and 4X the impact of online

Magazine ads are # 1 in driving word of mouth: Among the general population and influentials, magazines are the strongest influence on personal recommendations

Seeing a magazine ad increased web traffic by more than 40%: Including a URL address such as the ForRent.com Vanity URL in magazine ads significantly increased web visits

Including a URL address increases web visits: When the URL was included in the magazine advertising creative, the percent change in visits tripled from two to six points

People were 2X as likely to visit a website after seeing a magazine ad: Magazine ads have a major impact on building web traffic at each stage of the purchase funnel

Magazine ads are # 1 in driving web search among 18-44 year olds: Magazines promoted web searches more than any other medium

Magazine ads are the #1 offline medium for driving consumers to social networks: Magazine readers are more than twice as likely to be social networkers compared to TV viewers and two-thirds again more likely than newspaper readers

Download the full report here

In a recent blog entry, Kate Good, a nationally recognized apartment marketing expert, states “Print drives traffic to the Internet. I have heard some chatter concerning dropping print ads to save money and “going to all Internet.” This has been tested before and it failed. Eventually you will see that the loss of residual marketing that print provides will adversely effect your phone and walk in traffic.”

For Rent Media Solutions continues to prove “The Power of Print and Internet” is delivering favorable results. In 2008, For Rent Media Solutions launched nine additional publications, including four After 55TM Housing and Resource Guide magazines, three ForRent.comTM-The Magazine publications, one For Rent Magazine®, and one Apartamentos Para Rentar®. ForRent.com-The Magazine instantly affirmed the powerful combination of print and Internet by increasing LEADSTM in a variety of previous “Internet only” markets by 313%.1

Source: Magazine Publishers of America (MPA) http://www.magazine.org/ 1ForRent.com internal sources

Labels: ads, advertising, internet marketing, marketing

Yes, I still use AOL. I know it is for tweens and gmail is quickly taking their market share, but AOL is just easy! I use this box for my personal mail and for my Mother so that I can be her technical support department. One of the things I love about AOL is that when I log in I hear the ever familiar "You've Got Mail." LOVE IT! And, it makes me think of Meg Ryan and Tom Hanks checking their email for love notes from each other...top 10 movie but of course I'm a sucker for a romantic comedy that includes a wonderful dog!

Last night my team sent out another installment of my newsletter which means when I log in a few hours later I will hear "You've Got Feedback" (well, it rings in my head when I read my email). Today, I found feedback and confirmation. If you look at the previous post on Wednesday, January 7, 2009 "Fewer folks popping bottle tops as champagne sales fizzle" you will see I was writing about things we can do to step ahead of our competition in difficult market. Scott Knauer, Principal and Chief Investment Officer with Orion Residential, shared with me some thoughts to support my 2009 strategies.

Scott agrees with me that the name of the game is to get our unfair share of the leases. To do so people need to spend more on advertising, marketing and training and they need to spend it cost effectively.

Next, he reminded me of a strategy that Jack Welch follows about our people productivity. Mr. Welch believes that there are people out there who are deserving of a great job with a great company but they do not work for him. He lives by the concept that it is important to trim the dead wood, this means that the bottom 10% of team members either need to meet your expectations or move on because there are better people out there that need jobs. Does this make you shake in your designer shoes a bit? Me too. But I think I agree. Embrace your fear as it is a key ingredient to success. That which we are afraid of we overcome by facing head on and conquering. This always makes us stronger and smarter.

Last year I worked with Scott Knauer consulting for one of his portfolios. He reminded me to calculate breakeven occupancy, what is the level of occupancy that the property needs to cover debt service and then determine the number of leases needed to achieve break-even. This is how we determined our goals. I am passionate about goals. They must be realistic, measurable and active.

I want to say thank you to Scott for his feedback and invite you to do the same. My father taught me to never stop learning. So, I may be the teacher when I turn on my microphone but I earn the right to teach by always being a student.

Labels: kate's favorites, management, marketing, training

"New Year's resolutions take an outward turn in tough times"

Tough headlines to start a new year. Successful companies know that the most important thing you can do to maintain success during a slow market is to review and revise your current tactics. Updated training for your employees and implementing new and creative marketing strategies are the best way to ensure that your community is seeing traffic and signing more leases. It's also important to stay up to date on current industry news and trends.

Economists and industry experts believe that one of the big trends in 2009 will be people choosing to rent instead of buy! Due to the fact that many people are simply unable to purchase because of stricter lending guidelines along with the additional responsibility of maintenance and unexpected fees and expenses some people have decided that they prefer the renter lifestyle. Many developers are building "condo style" apartments with upgraded finishes such as stainless steel appliances, granite counter tops and luxury club-style amenities. Armed with this knowledge you can increase your traffic, resident retention and new leases by shifting your marketing and approach. Create a community where your current and future residents can feel "at home".Most people predict that 2009 will be just as challenging as 2008. In order to survive in this market you need to be prepared with a unique sales approach, fresh ideas and motivated employees. Here are a few to get you thinking:

1. Do you really know what marketing sources are working for you? Remember many people are using several Internet listing services and publications when looking for an apartment. Make certain your are tracking all sources, not just one.

2. Print drives traffic to the Internet. I have heard some chatter concerning dropping print ads to save money and "going to all Internet." This has been tested before and it failed. Eventually you will see that the loss of residual marketing that print provides will adversely effect your phone and walk in traffic.

3. Does your team know how to sell and apartment or just "show" an apartment? In 2009 tour guides won't close leases. Train your team to gather information, demonstrate features and benefits, overcome objections and ask for the lease.

4. Have a plan to get the customer back for a second visit. Everyone feels the need to "look around." What are they shopping for? A better deal. Your sales strategy should include a promotion to get the customer back after shopping the others.

5. Does it really need to be said? Ok, yes, I have been saying it for years and we are still not doing this...rent ready apartments lease. If you don't have an apartment that is ready to move into, with zero defects, customers will look elsewhere.

Get back to the basics with Legendary Leasing or get your employees brainstorming with 50 Sales and Marketing Ideas Under $500. My seminars are known for providing new marketing ideas and approaches and motivating your sales staff to get more signed leases. I would love to help you exceed your goals for 2009!

Happy New Year from Kate Good & Team!

Labels: marketing, sales

I stumbled into the Apple Store while out Christmas shopping today and noticed there is a new Nano that my pod collection is lacking. Yes, I said collection. I actively maintenance and use three IPods. I love my ITouch because I can load a bunch of pictures, games and videos so it makes a good companion for my travels.

While flipping through some of the files on my ITouch I found the first Podcast ever created for the apartment industry. It was shot in about 1 hour by Elise, daughter of Mike Mueller (Vaultware CEO). What is so cool about this effort is that she was still in high school at the time. I hosted the Podcast along with Toni Blake and laughed the whole time (as you always do in the company of Toni Blake). This experiment was to prove the easy and usefulness of technology for marketing apartments.

Today when I click on property Web Sites, You Tube and FaceBook pages for apartment communities I see great use of video. Anyone can buy a Flip Video, shoot something fun and then plug it into your computer to create a captivating video. Next step, publish it so the world will know more about your apartment community. This is such a low cost marketing idea I don't know why we don't see more video.

Ok, ok....do you want to see the first apartment Podcast? Click here (and no comments on the big hair please!) http://video.google.com/videoplay?docid=8611820949239419842&q=source%3A006601590604224603136&hl=en

Labels: AIM, marketing, pod casting

I don't know why, but I can honestly say, January is a great month for leasing. Do you agree? Maybe it is all the people who did not want to move during the holiday months are now ready to make the needed change.

I wonder if the challenging economy with effect our January '09? There sure are a lot of job cuts out there and the paper informs us of new ones each week. I am still going to be optimistic as there are still people renting apartments.

So, I challenge you, what are you doing to get your "unfair share" of the traffic during one of our best winter months? Here is a little checklist to help you make sure you are putting your best designer shoe forward:

1. Landscaping - some of you are still in bloom, while others are living through the miserable winter wet weather. Is there something you can do to spruce up your look? While managing a community in Chicago, I tricked the eye with silk flowers.

2. Night time Marketing - the sun is setting early and lighting is very important. Where I live, it is already dark when the evening rush hits. Add an elegant glow to your community and get people to notice you.

3. Sales Path - put some extra signage along the path to remind people what your community offers. It is a competitive world and you want to make certain people remember you!

4. Step up the Model - what can you add to your model to sell a warm and cozy home environment? Possibly a furry throw on the cuddle couch, fuzzy slippers under the coffee table and a juicy book.

5. Deal Sweetener - talk it over with your team and think of a cool item that you can offer to be one step above the competition. At a community I am consulting with, we decided to offer a Ipod docking station in the kitchen. I love this idea because it helps us lease and since the docking station is a permanent addition to the apartment and adds value to the asset.

6. Guest Card Goldmine - every person that called or visited should be invited back in the month of January. In other words, don't just wait for the traffic to spike, create your own traffic.

7. The team that dresses together works better together. I really beleive this. When we are all dressing alike, it tends to reinforce the concept that we are a team. Head out to the after holiday sales and get a deal on something fun to have everyone wear in the office. Find something really cool and watch the enthusiasm in your office improve.

8. Stay Open - this is not the month to close early! In fact, advertise that you are open. At 5pm, put signs along the road that say "We're Still Open - when others are not!"

Now get yourself prepared for a fantasitc January! If you want more traffic and leases you must have a plan. Always plan your work and then work your January Plan.

Labels: marketing