September 15, 2015

posted by: Max Steinman
News/Blog Photo

5 Common Marketing Mistakes in the Rental Industry

 

At LWS, we monitor industry wins and losses on a regular basis. Over the years, we've come to notice 5 big mistakes that are costing property owners time, money and opportunities.

We're here to help.

Read on to find solutions to the top 5 marketing mistakes in the rental industry. 

 

#1 Putting all of your advertising eggs in one basket

 

Why is this not ideal?

Advertising is just like any other investment- diversification is the best investment strategy.

Example:

  • Implementing a portfolio wide strategy with ILS', relying on 1 or 2 ILS' for all of your leads. There is a self-fulfilling prophecy in play here- if you believe only 1 or 2 ILS' work because they are the most popular, they're going to continue to be popular and generate that mind set.

Solution:

  • Implement a market-specific strategy. Also, keep an open mind and try out new ILS'. Take advantage of free trials.

 

#2 Non-Existent or Ineffective Building Signage

 

Why is this not ideal?

Your real estate is your biggest asset and more often than not, it isn't used effectively. Building signage should account for up to 30% of your website traffic & up to 50% of your overall leads.

Examples:

  • 3rd Party Signs from ILS

  • Small URL

  • Long URL

  • QR Code

Solutions:

  • Use large, double-sided, prominent signs that have large, easy to read fonts

  • Invest in a short URL for signage

  • Ensure your website is mobile friendly

 

#3 Building it, not buying it

 

Why is this not ideal?

You don't have to re-invent the wheel. Doing so costs excessive amounts of time and money.

Examples:

  • Building a unique data feed to an ILS

  • Building a custom Content Management System (CMS) for your website

Solutions:

  • Use a data syndication service. They're the experts in what they do and won't have the trials and tribulations of creating/managing your own data feed.

  • Build your website on a content management system made for your industry. Again, leave the details to the experts- it will save you valuable time, money and frustrations.

 

#4 Not taking data analytics seriously

 

Why is this not ideal?

Data has become powerful information that is accessible literally, at your fingertips. Ignoring information on behaviours, trends, and numbers today, can be detrimental to the important strategy decisions you make tomorrow. 

Examples:

  • Not collecting data on lead sources

  • Not benchmarking data to multiple services

  • Relying on property managers or supers to track lead sources in spreadsheets

  • Not looking at cost per lead at a market & building-specific level

Solutions:

  • Analyze regularly and trust the numbers to help shape your strategies going forward

  • Always know & understand your cost per lead within each market and each building

  • Benchmark against other services

 

#5 Complacency

 

Why is this not ideal?

In a global economy, your fortune can change on a dime. In the rental industry, global markets can cause large shifts in demand (ie: Oil prices drop, Alberta vacancy rates spike)

Examples:

  • Lack of preparation for an economic shift

  • Using low vacancy rates as an excuse to not engage/cut back on marketing

  • Not keeping up with technology

Solutions:

  • Market for higher rents, higher quality tenants, increase the value of your real estate

  • Keep your eyes and ears open to trends (industry, consumer and technology related)

  • Have plans/processes in place for economic upswings and downturns


For information on LWS' Advertising Management, Data Analysis software and Custom Website creation,

contact Max Steinman: 289-273-4294 or max@landlordwebsolutions.com

About the Author:

Max Steinman - Director of Sales

Max possesses a diverse background of sales and consulting in both web technology and real estate. After graduating from Dalhousie University with a Bachelor of Commerce,...