PMA Presentation 041912

8/2/2019 PMA Presentation 041912

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Social Media Strategy for the

Property Management Industry


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http://www.youtube.com/watch?v=H61WvxOm1AM


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J U L I E C O N T O S

T H E J B G C O M PA N I E S

K AT H Y M A S T E R S O N

L C O R

A M Y W E E D O N

M E R R I C K T O W L E C O M M U N I C AT I O N S

Introduction


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Todays Agenda

7 social media tools

Strategy for 3 scenarios: lease-up, renovation/transition,

and stabilized

Best practices and potential pitfalls Promoting social media

Who is responsible?

Concerns Online reputation management

Justifying costs to owners and executives


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A Q U I C K L O O K AT T H E T O O L S

A N D T H E I R F U N C T I O N S

Social Media Tools


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Facebook


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Google+


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Twitter


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FourSquare


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YouTube


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Flickr


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Pinterest


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I N F O R M AT I O N V E H I C L E

C O N S T R U C T I O N U P D AT E S

P R O G R E S S P H O T O S

N E I G H B O R H O O D A C T I V I T I E S

T E A M I N T R O D U C T I O N SC O N T E S T S A N D P R O M O T I O N S

Lease-Up Strategy


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Progress Info

Show your progress and

engage your potential

residents. Ask what they

want to see then post

their photos.


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Updates

Property updates

Tour information

Neighborhood links

Business discounts and

announcements

Team info


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Cevallos Lofts


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CL Contest

Business engagement

Happy hours

Prizes and promotions

Build Facebook following


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Results

Fans doubled during promotion

Planned direct mail, grand opening and billboardall canceled due to strong traffic

Community was over 50% leased upon openingin January

Second promotion underway to continue the

engagement


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W H E N I N R E N O VAT I O N O R T R A N S I T I O N

B U I L D T R U S T W I T H R E S I D E N T S

C R E AT E A P O S I T I V E R E S I D E N T C O M M U N I T Y

L E V E R A G E C O M M U N I T Y T O G E T N E W R E S I D E N T S

Strategy


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The Monterey


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American Idol

Parties

Engage the residents inorder to repairrelationships damagedduring a long renovationprocess

Parties during Idol

Giveaways

Food and drink

Voting and promotion


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American Idol Resident Event

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ail-AIinvitation

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5/7/2009-Email-AIwinner

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Fan Views

Page Views

Unique Page Views

Photo Views

Page views peak

immediately following

the event.

Conclusion events are

driving the residents to

Facebook and giving

them something to talk

about.


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Leverage residentengagement to attractnew residents

Twitter

Facebook

YouTube


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Karaoke Contest

Residents vs. Prospects

Polls and contests


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Facebook Interaction

Page views are starting to

spread out more throughout

the month, rather than focused

on the event cycle.

Conclusion people are

engaging and using

Facebook.com even beyond thevoting contests.

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sposted

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Fan Views

Page Views

Unique Page Views

Photo Views


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Results

Event attendance grew from 70 to 170 over the

course of the summer

Promotion was suspended after first month due

to social media and word-of-mouth taking hold

Social media interaction took place from bothresidents AND prospects - building a sense ofcommunity

Lease-up pace increased to bring the buildingback to full occupancy (from the mid-80s)


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W H E N S TA B I L I Z E D

C R E AT E A S E N S E O F C O M M U N I T Y

R E S I D E N T R E T E N T I O N

U S E R E S I D E N T S T O S E L L T O P R O S P E C T S

S H O W C A S E T H E A R E A

Strategy


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The Blairs


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Negative Posts

They are talking about

you. At least this way you

know and you can

respond!


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Results

More communication between residents

Management learned about resident concerns toaddress them more quickly

Opportunity to sell the neighborhood to existingand new residents


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B E S T P R A C T I C E S

P I T F A L L S

P R O M O T I O N

R E S P O N S I B I L I T Y

Maximizing Your Social Campaign


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Best Practices

Engage with residents and prospects to create excitementabout living at your property.

Post relevant content about the property and local area.

Social media is real-time, so be prompt in responding tocomments or questions.

Use names when responding to a comment.

Thanks for asking, Ashley. Yes, the pool will be open on Memorial

Day. Dont forget the SPF!

Use 1st person pronouns to be more friendly.

(YES) We planted new flowers this week. Spring is in the air!

(NO) Ashburn Apartments planted new flowers this week.

f ll h d


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Caution: Pitfalls Ahead

f ll h d


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Spelling and grammar. Always proofread.

ALL CAPS = SHOUTING!

Use a professional yet friendly tone. Do not write the

same way you might on your personal Facebook page.LOL, CUL8R, and BRB arent appropriate.

Fair housing applies on social media.

Ex. Happy Holidays instead of Merry Christmas.

Dont be controversial or take sides on any issues. Political elections

Super Bowl

Hunger Games: Team Peeta vs. Team Gale

C i i f ll h d


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Social media creates a public image to prospects of whatlife is like at your community and what the neighborhood

offers. In this sense, it is a passive sales tool.

However, social media is not the appropriate forum to

sell apartments. Do not post specials, rents, or vacant

apartments on Facebook. This is not an overt sales tool.

Residents are on social media and may get upset.

For example, for an Open House: DONT promote the Open House special for prospects.

DO promote a resident referral fee and Open House dates/times.


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Which of these

two examples is

the most effective

method of

promoting an

Open House on

social media?

P i S i l M di


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Promoting Social Media

How do I make friends? I want LIKES! Pleeeaasse like me!

Chicken or the egg? Great content helps increase likes.

You need likes in order to validate spending time and

money on maintaining the page and creating the content.

P i S i l M di


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Social media logos on all marketing materials

Residents flyer, newsletter, move-in packets

Prospects ads, brochure, flyer

Outlook signature Contests raffle for gift card

eBlast residents and prospects asking to like

Like other places in your neighborhoodex. local restaurants, shops, etc., and tag

them in posts. They may like you in return.

P i S i l M di


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First goal is to obtain 25 likes, at which point you cansubmit for a username link to create a custom vanity URL.

Which URL would you rather type?

facebook.com/pages/Fairway-Apartments-Reston/209020582461779

facebook.com/FairwayApartments

Ad ti i S i l M di
http://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartments


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Advertising on Social Media

Purchase pay-per-click banner ads on Facebook

Target geographically, by age, lifestyle interests, and can

exclude anyone who already likes your page.

Ad examples below range from $0.63 to $0.77 per click. Set a monthly budget cap (ex. $50).

Click-thrus can be programmed to go either to your

Facebook page or website.

Wh I R ibl ?


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Who Is Responsible?

On-Site Team PROS - Knowledgeable in resident events (ex. pool party) and property

activities (ex. spring flowers planted).

CONS Needs to set aside time for daily/weekly posts. Potential quality controlissues (ex. typos) or posts not on message for meeting social media goals (ex.inappropriate content).

Marketing Department PROS Understands the value of social media and importance of being on

message.

CONS Could be a full-time job for portfolio-wide implementation.

Outsource PROS Experts, who understand the value of social media and know where to

find good content.

CONS Budget expense. Needs to be informed of property activities andevents.

C


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Concerns

What will people say on my socialmedia page?

With the transparency of socialmedia, residents and prospects

tendnot

to post negative content,because it is notanonymous.

Review sites, such asApartmentRatings.com, often havenegative reviews because they can

be anonymous. However, you can take precautions

to prevent negative feedback onsocial media.

C


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Concerns

On Facebook, in the manage permissions tab, restrictage to adults only, block comments with certain words(ex. mice or roach), and set the profanity blocker on high.

O li R i M


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Online Reputation Management

Residents post online reviews and prospects make leasingdecisions based on ApartmentRatings.com, Yelp.com, and

Google.com/places.

Monitor these sites.

Property Managers should respond to negative reviews to

demonstrate their responsiveness and customer service.

Encourage happy residents to post positive reviews.

Hire a reputation management vendor to syndicatepositive content from resident surveys to these sites.


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HOW DO YOU CALCULATE SOCIAL

MEDIA ROI

BENEFITS OF SOCIAL MEDIA

JUSTIFYING COST TO OWNERSAND EXECUTIVES

What is the ROI of Social Media?

Wh i ROI?


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Return on Investment Lots of People are Talking About It

What is ROI?

In 2010, the term Social

Media ROI presented 2.5

million hits

In 2012, the term Social

Media ROI presented 2.5

billion hits


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What is ROI of

Social Media? Social Media has no cookie-cutter

ROI

What are the right questions to ask? What is the downstream impact of Social

Media engagement?

Can you afford NOT to communicate with

your customers?


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What is the Down Stream Impact of Social Media Engagement?

KPI (Key Performance Indicators) =

The Steps that Lead to ROI

ROI ( Return of Investment) =

Direct Sales or Direct Cost Savings


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Mobile Pet Spas MS Charity Walk

Promoting a Sense of Community


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Food Truck Nation Block Party Selling the View

Pushing the Message


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AN INEX PENSIVE/IN-HOUS E WAY FOR

PROPERTIES TO MEASURE THEEFFECTIVENESS OF THEIR SOCIAL MEDIA

PROGRAM IS TO TRACK THE VOLUME OF

COMMUNICATION FROM TRADITIONAL

METHODS AS COMPARED TO NEWMEDIA.

One Final Note

Summary


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Summary

Today we have discussed: 7 social media tools

Strategy for 3 scenarios: lease-up, renovation/transition,and stabilized

Best practices and potential pitfalls

Promoting social media

Who is responsible?

Concerns Online reputation management

Justifying costs to owners and executives

Questions?


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Questions?

Documents

PMA Presentation 041912