Regrouping is Quickly Becoming… September 9, 2020

Regroup…is this a new management trend?  Not a chance!  Regroup is simply an opportunity to end one month’s business cycle, recap the performance of your company and outline a plan of success for the new upcoming month.  Why does it work?  Because it allows each person on your team to assess their performance from the previous month and make any necessary adjustments for the new month.  Here’s how it works: Scheduling and preparing regroup:  Regroup should be scheduled during the slowest time of each month and should start early in the morning, if possible.  A solid and productive regroup takes about two hours and will require about one hour of preparation.  Be certain to have a blank chalkboard or a standing easel for taking notes and keep distractions to a minimum.  Regroup is also a time to build on the creative ideas from each person on your team, so make regroup a special part of each month and allow everyone to have equal time to share their feedback.  Simply stated, there are no wrong questions or topics discussed at regroup and your team will respect and respond positively to this level of communication freedom. Tip From the Coach:  As a leader within your company, it is critical for you to attend regroup and actively participate in them.  Your preparation for each regroup should begin by reviewing the agenda from the previous month, to assess if the to-do list from last regroup was accomplished.  Then, review your new regroup agenda making certain your gameplan is consistent..

Lifestyle-Forward Amenities and Community… September 9, 2020

There’s no doubt that the sharing economy is redefining the meaning of public spaces. And, it’s not just the sharing economy—it’s digital technology as we know it, which has transformed social interaction in ways that are still trying to be understood by everyone, from medical professionals and marketing firms to those of us in the multifamily sector. Commercial spaces set the precedent for the “sharing” trend, with businesses moving towards building more collaborative workspaces, like the modern-day headquarters of Google and Pixar. However, these businesses did not pull the idea that physical surroundings influence relationships out of thin air. Instead, they drew inspiration from a 1950 study entitled, Westgate West, which was conducted by psychologists, Leon Festinger and Stanley Schachter and sociologist, Kurt Back. In this study, these brilliant social scientists theorized that physical space was the key to friendship formation, as opposed to values, beliefs, or attitudes. The research team tested this theory by surveying college students, residing in a student living community by the name of Westgate West, nine months after they moved in. The students were requested to list their three closest friends, with 42 percent of responses being names of direct neighbors. Even more fascinating, the students inhabiting the bottom floor of the two-floor building were the most popular— simply for the fact that they lived at the bottom of the staircase, forcing upstairs residents to interact with them more frequently. In social psychology, this phenomenon has become known as the “propinquity effect,” and it’s a common occurrence in group settings,..

The Game Has Changed… September 9, 2020

The rental housing industry is no stranger to change. Throughout the decades, the multifamily sector has witnessed its fair share of highs and lows, ranging from economic recessions to occupancy booms. Through it all, our industry has remained consistent in its dedication to customer service, loyalty to local businesses, and steady support of technological solutions. Now, the multifamily industry must conquer a new challenge: providing the apartment experience that residents desire (and deserve) during and after these uncertain, trying times. A few months ago, Forbes reported renewed interest in apartment searching, as residents continue to move in and out of rental properties during the pandemic. Even with searches reaching pre-pandemic volumes, coronavirus has shifted resident expectations – just like many other aspects of daily life. Despite your current roster of luxury amenities, it’s likely that your management team will still have to adjust your current leasing approach to effectively capture incoming prospects. Of course, certain precautions should be followed by every multifamily community to ensure everyone’s safety, such as diligently sanitizing common areas or providing on-site staff with as many preventive measures – like hand sanitizer and disposable face masks – as resources allow. However, what about residents’ long-term expectations? Which amenities, services, and conveniences should you afford current and future residents in light of recent events? Check out the suggestions below! Creative Co-Working Spaces Co-working spaces have steadily increased in popularity over the past few years, but these days, they’re far more than a trendy apartment amenity – they are essential to the American..

How Your Multifamily Community… September 9, 2020

Data is everywhere. The tech buzzword has infiltrated every industry during the past few years, from Internet service providers to Silicon Valley startups. Now, the data craze has become apparent in the marketing world, so much so that you’d be hard-pressed to find a modern marketing campaign that doesn’t utilize it in some fashion. In fact, 88 percent of marketers use data obtained by third parties to enhance their understanding of customers. Paid ads, relevant blogs, targeted social media posts—they all depend on useful pieces of data.Data is also used in brand storytelling, a modern marketing strategy first brought to the public’s attention by Google. Using colorful characters, relatable situations, and of course, a healthy dose of gathered data, brand storytelling provides consumers with a captivating message that engages them and packs a revenue-generating punch – just ask the 83 percent of top-performing marketers who already use storytelling in their content. When done well, shows that businesses care about consumers and seek more than just a transactional relationship from them.The good news is that brand storytelling isn’t exactly rocket science. Its effective nature lies in its appeal to consumers’ emotion and intellect, which drives actionable insight. Consumers also respond positively, with 92 percent indicating that they want brands to create material that feels like a story. Despite the numbers, almost half of all marketers neglect to use storytelling to nurture their audience. This means, there is still time for your multifamily community to distinguish itself from the sea of properties in the modern rental market,..

Facebook's Policy Changes Stand… September 9, 2020

Facebook advertising has long been a cornerstone of digital marketing strategies across a range of industries. Where else can strategists enjoy seamless access to millions of users, many of whom might be searching for their next apartment home? From showcasing products to publicizing team culture, it’s little wonder why Facebook is utilized for sales and branding efforts, which are delivered straight to the screens of 7 in 10 American adults. In fact, Facebook ads are the second most powerful digital advertising medium on the Internet. In 2018, Facebook advertising accounted for just under 22 percent of all digital advertising revenue in the United States – second only to Google and ahead of Amazon. The social media giant booked 55 billion dollars in advertising revenue in that year alone, reflecting a 30 percent increase in profits year-over-year. Facebook is also the most popular social media network in the world with approximately 2.23 billion monthly active users; therefore, it’s an effective platform to utilize while advertising for your business. However, Facebook advertising has recently undergone certain modifications in response to recent judicial events. In September 2018, the American Civil Liberties Union served Facebook with a class action job discrimination suit, claiming that their paid ad platform enables advertisers to exclude users based on certain classifications. In March 2019, the Department of Housing and Urban Development filed a similar suit against the social network for their treatment of housing ads. HUD found Facebook’s advertising policies in direct violation of the Fair Housing Act, a law passed in 1968..

The Rise of the… September 9, 2020

Influencers. They’ve taken your social media channels—and the world—by storm in recent years. But, what is influencer marketing, and how did it become so popular? While social media helped popularize the notion, influencer marketing is actually a hybrid of new and old marketing tools, taking the idea of a celebrity endorsement that’d you typically see in commercials or magazines and repurposing the concept for the digital sphere.  At its core, influencer marketing is another modern-day tactic to better your content-driven marketing campaign. Influencers are the celebrities of the 21st century, though their claim to the spotlight doesn’t always involve artistic talent or good looks. Influencers can be anyone, who live anywhere. They usually gain “influence,” or social media traction, from their large followings on Instagram, YouTube, , and the like. Although modeling/fashion, fitness, and beauty seem to be the aim of many social media stars, there are influencers in every niche imaginable. Since modern consumers tend to trust recommendations from a third party more than the brand itself, influencer marketing has become a widespread trend in the age of social media, providing these users with an extensive platform that spans the globe. Consumer trust, along with the influencer’s original content and boundless social reach, is what makes influencer marketing so effective. While you may correlate an influencer’s large following with increased engagement, in reality, the opposite has been proven to be true. A recent study shows that Instagram users with 1,000-10,000 followers earn likes at a 4 percent rate, while users with 10,000-100,000 followers show..

How to Achieve Digital… September 9, 2020

There are plenty of reasons to rebrand an apartment community. Perhaps, you want to revitalize your brand image to appeal to up-and-coming renters. Maybe, your management company has ushered in the New Year by acquiring a new property, and it needs a brand identity to match your vision. No matter the motive, rebranding your property is a great way to refresh your marketing strategy and catch the eye of potential residents, who are searching within your area. While there are many important aspects of the rebranding process, few are as crucial to your success as rebranding from a digital perspective. Given that 72 percent of apartment hunters start their search for rental homes online, it’s vital that your rebranding efforts make their way to your website, social media channels, and online business listings to capture the attention of Internet users. Fortunately, it is a simple and straightforward process. Update the Content on Your Property’s Website. A professional website is an apartment marketing must-have – just ask the 88 percent of consumers who use the Internet to research potential purchases. Therefore, it is imperative that your website reflect the community’s new image. If the name of the community has changed, it will need a new domain name so that it can easily be found on the internet.  Refreshing content to reflect the new brand is critical, as prospective residents will want to know what the community offers and provides.  Having new high-quality pictures to amplify its visual assets, will additionally help reveal the community’s charm. ..

The Future of Wearable… September 9, 2020

Companies, like Apple, have built their reputation around the successful forecasting of trends. Just look at the iPod. When digital music downloads became all the rage in the late 1990s, and illegal file sharing created a highly publicized legal battle between music sharing platforms and recording artists, the market outlook for MP3 players was grim, at best. Like every great innovator, however, Steve Jobs saw potential in the problem and offered a solution to both parties: a portable MP3 player with a solid user experience. Partnering with Apple’s all-new iTunes Store, Jobs’ revolutionary iPod offered a way for users to enjoy an extensive, affordably priced music library and an organized way to store and access their tunes from anywhere. Now, Apple is applying similar strategies to the wearable technology sector. According to Tech Crunch, “During the company’s recent earnings call, Apple CEO, Tim Cook, noted the company’s wearable division now rivals the size of a Fortune 500 company.” Yes, you read that correctly – the tech behemoth’s wearables division alone is larger than a vast majority of American businesses. However, Apple isn’t the only tech giant jumping on the wearables bandwagon. In 2019, Google created headlines by purchasing smartwatch and activity tracker company, Fitbit, for an astounding 2.1 billion dollars. This acquisition clearly indicates that Google is finally jumping into the smart wearables space, with their eyes set on grabbing some of Apple’s Fortune 500-sized market share. With all the major tech leaders throwing their hat into the ring, wearable technology is now bigger than..

Five Fast Ways You… September 9, 2020

If you’re looking to attract potential renters to your property, a good marketing strategy is obviously a no-brainer. Whether you’re seeking to keep current renters or draw new prospects, sometimes your results seem almost insulting to the time, effort, and money you sink into your respective campaigns. But, if you’ve already realized this, first off, congratulations are due. You’ve accomplished the first step: you realized your current strategies are not effective for one reason or another. No need to be discouraged! It’s on to the next one. But, before proceeding with full steam ahead, you have to ask yourself, where did it all go wrong? It may be best to sit down with your marketing team and figure out exactly where you missed the mark. Sometimes, it can be a complete strikeout, but other times, you’re simply missing a key element that can make all the difference. With some attention to detail and a little bit of determination, you can easily increase your residential occupancy with a comprehensive digital marketing strategy.Sure, recognizing that you went wrong in some aspect is the hardest part, but evaluating where your strategy went wrong can be just as difficult. With this in mind, MultifamilyBiz.com has compiled our top 5 suggestions for evaluating the wrong turn made during your current online marketing campaign.Your property lacks a social media presence.  is the all-star of the digital marketing game for many types of businesses, and your multifamily community is no exception. According to recent studies, at least 78 percent of Internet users in..

Embracing Stay at Home… September 9, 2020

Social distancing is a new phenomenon for many. As humans, we are instinctively social creatures, who like to be surrounded by family, friends, and loved ones, and there’s nothing we look forward to more than sharing experiences. Though the evolution of human social behavior is not fully understood, researchers believe it was a gradual process, evolving from couples to clans to larger communities. Once The Digital Age took hold of the globe, our social interactions ceased being limited to in-person exchanges. Now that we can email, text, direct message, and video chat, digital interactions often supplement face-to-face contact, and some people even prefer it this way. In the wake of COVID-19, an infectious disease caused by a virus not previously identified in humans, many government officials and medical professionals are promoting social distancing to prevent overwhelming the health system of our country. More than just a buzzword, social distancing is vital in stopping the spread of the illness, which happens when an infected person coughs, sneezes, or otherwise releases droplets of saliva from the mouth or discharge from the nose. As of this week, COVID-19 cases surpassed 1.6 million people worldwide. Although nearly 100,000 people have died from the illness, over 350,000 have successfully recovered. With America now being the most infected country in the world— with over 450,000 confirmed cases—experts have recommend self-isolation  for everyone to “flatten the curve” of infection rates, which are adding up at lightning speed. Across the globe, social distancing has been difficult for many countries to implement successfully, including..