2023 Property Marketing Mindset
This originally appeared in?Transforming Cities AM. For the latest updates, visit and get on the list for quick Saturday morning reads that focus on multifamily, marketing, and development.
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.?
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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:
Most items listed above are created in a company vacuum if no process or bigger picture is defined.
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.
Regional Sales Director at WithMe, Inc. ? 2024 Presidents Club Winner ?? ? National Strategic Account Management ? Client Relationship Management ? New Business Development
1 年Most people don't realize that virality is not always a good thing. If TikTok has not categorized your account as, for example, an apartment complex in Austin, TX, then a viral piece of content most likely will not stop the thumbs on the "For You" page of a renter looking for apartments in Austin, TX. Those 100,000+ views you got are probably widespread Nationally to a lot of people that have no interest in looking for apartments in Austin. Posting videos of the leasing staff dancing or a farmers market next door is a sure fire way to get TikTok to NOT categorize you correctly as an apartment community on their platform. The only way a renter will get to you is if they actually search your name...but that's not how TikTok is designed to work. I am personally not a fan of likes, clicks, cost per click, ect because of that very reason. Those are "fluff" metrics. After a lot, and I mean, A LOT of relevant content curation and captioning - then maybe we can celebrate virality as a good metric to look at.
Managing Partner, CHARLESGATE | Real Estate insights for forward-thinking developers, investors, and owners | Inc. 5000 Fastest-growing companies in U.S. | BBJ 40 Under 40
1 年100% correct on metrics. "Vanity metrics" are mostly useless since a renter/buyer journey is so convoluted these days. Single-source ROI is nonsense. I get it. It's easy to see a single metric like how many followers there are on the 'gram account, but not so easy to understand real, full attribution to a lease (and more so to renewal) of the overall marketing strategy. Too many marketers are more concerned about "cost per click" for individual ads or campaigns and not enough about creating a holistic demand generating process overall that drives real results - leases and renewals. A full, holistic go-to-market strategy, with strong process (much of what you describe in the newsletter) executed and planned for the lease-up and beyond is a major value-add for properties. It doesn't just drive faster absorption and higher rents in the short term, it becomes a true asset the adds value to the property.