Guide To Advertising Rental Portfolios Using Google Ads

Successful digital marketing in the rental property business involves knowing how to use online marketing tools to your advantage. One of the most powerful of these tools is Google Ads. It allows advertisers to create targeted ads that appear when users search for specific terms or phrases, known as keywords.

This guide will provide clear, step-by-step instructions on how to start advertising your rental properties using Google Ads. Additionally, ways to maintain your ads, track their success, and the importance of latent semantic indexing (LSI) keywords for effective ad performance will be covered.

Brief Overview of Google Ads

Advertising rental properties on Google has several key advantages over other advertising platforms:

Understanding the needs of general users and reasons for selecting a posted ad can optimize rental property advertising strategies. For example, recognizing that ads are often clicked when the brand is familiar and the search query is directly answered, you can determine whether your advertising goals should focus on establishing your brand or online presence and familiarity, or meeting user needs.

Understanding the Google Ads Pricing Model

Google uses a Pay-Per-Click (PPC) model – you’re only charged when someone interacts with your ad. This, coupled with the ability to set a daily budget, ensures you get a high return on investment.

Your ad placement is determined by Google’s Ad auction – Adwords Intelligence. Once you create your ad for your rental properties, you proceed by placing bids on keywords. The higher the bid placed, the more likely your ad will be closer to the top of the search page. Adwords intelligence will determine where your ad will be placed based on the cost per click you have set and the quality of the ad.

Additionally, set budgets can be made to ensure that the increase in website visitations does not cost you a fortune. After creating your account, visit “Campaigns” and find the campaign created for your rental properties. Select “Budget” and enter your daily budget (Tip: If you have set a monthly budget instead, divide the set monthly value by 30.4.)

Starting your Google Ads Account

Step 1: Create your Google Ads Account

Visit the Google Ads homepage and click ‘Start now’. You’ll be prompted to sign in with your Google account. If you don’t have one, it’s free to create. Once signed in, follow the prompts to set up your Google Ads account.

After that, you’ll be prompted for additional information regarding the website you’d like users to visit upon clicking your advertisement for your rental property.

Step 2: Set Your Goals

Select “Create” and choose “Campaign” to get started. You will then be given the choice to identify your objective and fill out additional information that relates to your goals. If you’re uncertain what objectives will benefit your rental properties, it is covered below.

After identifying your goals, you will be asked to write your advertisement. When it comes to writing your advertisement to create the campaign for your rental property, there are certain things to keep in mind to maximize the effectiveness of those ads.

Step 3: Create a campaign

Setting Your Rental Property Goals

Positioning your ads to attract tenants requires a deep understanding of their needs. Establishing clear goals for your campaign can help determine the type of campaign you should launch whether your goal is increased website traffic, more inquiries on your rentals, or reduced vacancy rates.

To start, you can utilize Google Ads in two primary ways: Search Network and Display Network.

Search Network: appeal to looking customersDisplay Network: increases visibility
Shows ads to users actively searching for rental propertiesPlaces rental property ads on several websites that potential renters might be browsing

Additionally, here are the types of campaigns to consider launching based on your rental property campaign goals:

Campaign TypeObjectivesRental Property
Search CampaignsText ads on Google Search– Boost sales/ leads /website traffic
– Easy setup
– Specific targeting		Optimal for reaching people with higher purchasing intent
Display CampaignsImage ads on various websites– Drives sales/lead
-Brand Awareness
– Extended reach & re-targeting		To stay top of mind with potential renters and retarget visitors to the rental property website
Smart CampaignsAutomated campaigns using Google AI– Drives sales/leads
– Easy setup
– Advanced optimization		An efficient way to advertise rental properties with minimal setup and effort
Performance Max CampaignsMulti-channel AI-optimized campaigns– Easy setup
-Increased conversions
-Finds new customers		Great for expanding reach across various channels, finding new renters, and optimizing marketing efficiency
Video CampaignsVideo ads on YouTube and other websites– Brand awareness
– Drives sales/
leads
– Extended reach, re-targeting		To give potential renters on YouTube a visual tour of the property, reaching a wide audience and retargeting interested parties
Local CampaignsPromotes physical locations across channels– Drives in-person store sales
– Promotes offers/events
-Provides location info
– Multi-channel marketing		To bring potential renters to physical rental locations or offices
App CampaignsPromotes your app across channels-Promotes app
-Multi-channel marketing
-Easy setup and management		Useful for property owners with an app to streamline booking and inquiries

Once you’ve decided on the type of campaign to launch for your rental properties and have completed setting up your account, you can proceed to the next step – creating your ad.

Creating your Ad & Leveraging LSI

Having identified your goal, understood their pricing model, and set up your account with Google Ads, you are ready to start your ad creation process.

Leveraging LSI keywords involves using alternative words and phrases that are semantically related to your primary keyword. Things like synonyms, closely related words, or phrases that often occur in the same context as your main keyword are optimal for the best outreach.

To start, choose keywords that users looking for rental properties would input to find their future homes. For instance, words like, “apartment for rent”, “home for rent”, and “2-bedroom apartment” are common searches users may choose when looking for rentals. Alternatively, instead of creating keywords from scratch, you can input your website’s URL link and Google can recommend keywords.

Additionally, you can leverage campaign settings to ensure your rental properties are reaching a relevant demographic by viewing the Campaign Settings to view your options.

Campaign Settings

Start by choosing locations to target your advertisements. This can be narrowed down to one or multiple postal codes, neighborhoods, cities, or countries.

** The assets created can be tailored to suit your preferences – you can create lead forms for potential tenants to view and indicate their interest, and create several headlines, images, logos, and videos which Google will then mix and match to track the most successful combination. **

Launching Your Campaign

Bidding

Once the keywords have been selected, the next step in the bidding process is launching your campaign.

After choosing objectives, you’re taken to the bidding portion of the process where you can decide how you want to track your ad success – these are some options to keep in mind that can help substantially grow interest in your properties and lower vacancy rates:

MethodPricing MethodBenefits
ConversionsTarget cost per actionOnly be charged when a specific action is completed (ie. a purchase, sign-up, or download)
Conversion ValueTarget return on ad spendOptimize your ad campaigns to focus on generating revenue rather than just conversions
ClicksMaximum cost per click bid limitCharged only when a user clicks on your ad. This approach is beneficial for driving traffic to your website.
Impression SharePercent (%) impression share to target & Maximum CPC bid limitEnsure that your ads appear a certain percentage of the time when relevant keywords or placements are triggered. This method helps you increase brand visibility and reach a broader audience while maintaining control over your maximum CPC bid.

After you’ve input your daily budget or bid, your campaign will be launched. It will be ready for you to track your rental property ad performance!

Tracking Success & Making Necessary Adjustments

After creating your campaign, go to “Campaigns” and view the analytics tabs appearing:

Each portion of the tab will reveal more about your rental property performance:

TabPurposeBenefit
OverviewGives you a brief insight into your assets – ie. your lead form or headlines created.Refine your marketing strategies to better attract prospective tenants and fill vacancies quickly.
InsightsShows interactions, cost, and interaction rate with your advertisement.Analyze the cost-effectiveness of your campaigns & understand what drives engagement. If a particular ad is generating a lot of interactions but isn’t leading to conversions, you can adjust the ad to better meet your goals.
When and where ads showedIndicates the time in which your ads were viewed, the location, and the device type used to interact with your ad.If your ads are most often viewed on mobile devices, you can optimize your website and ads for mobile viewing. Understanding the most effective time to show your ads could also lead to better conversion rates.
Report EditorAllows you to generate reports and edit report data to be downloaded and shared as needed.You can create custom reports to track specific metrics related to business goals, like the number of new tenant inquiries or the conversion rate of property viewings to leases.

Boosting Your Marketing Effectiveness

  1. Precision Targeting: With Google Ads, you can target your audience with laser-like precision. Utilize keywords, demographics, and interests to reach potential customers who are actively searching for your products or services – recall the user data provided at the start of the guide. With questions being answered or brand familiarity being the primary reasons that an advertisement is clicked on, it is important to leverage the keyword options you mention in your rental property ads to reach the most leads.
  2. Engagement through Ad Extensions: Google Ads allows you to enhance your ads with additional information such as site links, callouts, and structured snippets. These extensions provide more reasons for viewers to click, turning casual browsers into engaged prospects.
  3. Cost-Effective Campaigns: Google Ads offers a pay-per-click model, meaning you only pay when someone clicks on your ad. Experiment with different ad formats and bidding strategies to find what delivers the best ROI. It’s like having a customizable advertising budget that you can tailor to your business needs.
  4. Responsive Ads: Google’s responsive ads automatically adjust to fit different devices and screen sizes. This ensures that your message is always clear and compelling, whether viewed on a desktop, tablet, or mobile device. It’s like having a digital chameleon that adapts to its environment.
  5. Insightful Analytics: Utilize Google’s robust analytics to understand how your ads are performing. Monitor metrics like click-through rates, conversion rates, and cost-per-conversion to continuously optimize your campaigns.
  6. Building Brand Trust: Google Ads allows you to showcase your ratings and reviews right in your ads. By displaying positive feedback from satisfied customers, you’re not just promoting your products but also building trust with potential clients.
  7. Leverage Remarketing: With Google’s remarketing tools, you can target users who have previously interacted with your website or app. This keeps your brand top-of-mind and encourages them to complete their purchase. It’s like having a gentle reminder that nudges customers back to your business.
  8. Quality Score Optimization: Google Ads uses a Quality Score to determine how relevant and useful your ad is to the user. By optimizing for this score, you can achieve better ad placements and lower costs. It’s like having a guide to creating the most effective and efficient ads possible.

By leveraging these features and strategies, Google Ads can become a powerful tool in your marketing arsenal, helping you reach more customers, increase conversions, and grow your business.

In the fast-paced world of the rental property business, standing out in the crowded market is essential. Google Ads offers a dynamic and effective way to reach potential tenants and property buyers. By understanding the intricacies of Google Ads, from its pricing model to leveraging latent semantic indexing (LSI), you can create targeted and efficient advertising campaigns.

This guide has walked you through the essential steps to set up, launch, and track a successful Google Ads campaign for your rental properties. By following these instructions, you can not only increase your visibility but also optimize your advertising budget, ensuring that your ads reach the right audience at the right time.

Remember, the key to successful digital marketing is not just about using tools but understanding how to use them strategically. Continuous monitoring, learning, and adapting will keep your campaigns fresh and effective, helping you stay ahead in the competitive rental property market. Whether you are a seasoned marketer or just starting, Google Ads offers a scalable solution to help you advertise your rental properties.

Personalize Your Real Estate Data Experience

In today’s age of data-centricity, professionals across different sectors often face hurdles in persuading their peers to embrace novel tools designed for data handling. Consequently, despite the considerable resources poured into them, well-designed dashboards and reports remain overlooked. If these analytical insights remain untapped, can they be considered valuable?

These could encompass metrics such as property valuation, appreciation rates, rental yields, occupancy statistics, and the effectiveness of property marketing strategies. Despite having this comprehensive data at their fingertips, interpreting it and utilizing it for strategic investment decisions can be daunting. The sobering truth is that not all of these ventures have achieved their anticipated results. At the heart of the problem is often a glaring oversight – a misalignment between the meticulously planned management strategies and the genuine needs and expectations of the property investors and tenants.

Yet, in these challenges lie opportunities for growth and improvement. We must identify the reasons behind these disconnections and take steps to bridge the gap effectively. The key to success is fostering curiosity and gaining profound insights by studying your target audience. This, in turn, empowers you to create data experiences that not only meet but exceed expectations, catching the attention of management, elevating business value, and sparking valuable conversations.

What hinders asset managers from personalizing data experiences?

  1. Assessing data requirements: Even with their expertise, asset managers might not always grasp the nuances of every aspect of real estate asset management. Misjudging the specific data needs of various roles can hinder the delivery of actionable asset insights.
  2. Language barrier: Many professionals know what they aim to achieve but may find it challenging to express it in the precise vocabulary of asset management. Conversely, some may be so occupied in their routine tasks that they overlook the transformative potential of data in enhancing their asset strategies.
  3. Fear of change: Venturing into new methodologies, especially in asset management, can be daunting. The allure of tried-and-tested methods often overshadows the long-term advantages of innovation, such as optimized asset performance and increased returns.
  4. Learning from the past: Reflecting on past strategies and interactions within the asset management team and with stakeholders is crucial. Historical experiences can shape present strategies and perceptions, and harnessing these lessons to inform future decisions is vital.

This is why we must not overlook the crucial role played by data designers. They bridge the gap between data and user experience, ensuring that data remains accessible, understandable, and exciting.

Here are four straightforward yet highly effective strategies to create data tools that genuinely resonate with your team:

  1. Use Common Insights: Most of the daily touchpoints you interact with are designed to present data in an easy-to-understand format. For instance, news apps use graphs, colors, and formatting to make their content more user-centric and effective. Drawing inspiration from these touchpoints allows you to create more intuitive and user-friendly tools.
  2. Understand Team’s Perspective: Allocate time to understand how your team incorporates data into their strategic decisions. Observe their preferences and understand when and how they engage with the data. As such insights will be a game-changer while developing the tools that fit their everyday processes and needs
  3. Engage in Tool Development: Involve your team members to participate in the tool development process actively. Understand their preferences in data personalization and visualization. However, it is crucial to maintain a unified approach that aligns the broader style and goals of the firm with individual preferences.
  4. Start simple and improve: Rather than aiming for perfection from the outset, adopt a strategy of starting with the basics and improving as time goes on. Collaborating with your team to identify the most critical data insights required for decision-making. Prioritize these, tackling them systematically so that it is in alignment with the team’s needs. This approach ensures a smoother adoption process and avoids disruption.

By fully embracing these strategies, you can overcome the challenges of adopting data tools and create a culture that values data for organizational success. It will help boost operational efficiency, ensuring the management of diverse portfolios – a challenge that would traditionally be overwhelming.

As you navigate the complexities of data-driven decision-making in property management, it’s essential to recognize that solutions are readily available to streamline this process. The utilization of smart data solutions can significantly enhance efficiency, making it possible to manage multiple user experience scenarios simultaneously—a task that would otherwise be daunting.

RealSage Analytics is a cutting-edge solution that has the potential to revolutionize real estate operations and take decision-making to new heights of sophistication. By adopting these strategies and exploring innovative solutions, you can effectively tackle the challenges of adopting data tools and embark on a journey toward a more efficient, data-driven future in property management.

Effectively market your rentals on Facebook – Multifamily Guide 2023

In today’s digital age, property managers are spoilt for choice when it comes to reaching their prospective tenants. The internet offers a multitude of platforms where they can advertise properties. Among these platforms, websites such as Zillow and Zumper have gained popularity for their user-friendly interfaces and wide reach. But Facebook and its Marketplace have become really popular places to find tenants.

Why is Facebook so popular? Well, it has a vast user base which increases the chances of marketing content reaching a large number of people. And it also offers a variety of marketing tools that can be used to target specific demographics, thereby optimizing marketing efforts.

Why is it important for Property Managers?

Firstly, let’s understand the scale of Facebook’s reach and popularity.

Now the majority of renters in North America are also under 35 yrs of age, matching Facebook’s largest user base – making Facebook a must in your marketing strategy. Since almost all businesses use Facebook, it is crucial to improve the effectiveness of your marketing efforts, and this starts with understanding what you can accomplish with it.

What are the Facebook marketing options:

  1. Facebook Business Page
  2. Facebook Groups
  3. Facebook Marketplace

A property management company can utilize both Facebook and Marketplace for distinct purposes. Facebook Business Page is geared towards building a brand presence and establishing a lasting relationship with your target audience, whereas the Marketplace is focused on immediate sales and is more transactional in nature. The Marketplace attracts individuals with a clear intent to purchase, making the process much simpler. And the various Facebook groups available can be employed to amplify your marketing efforts.

Facebook Business Page:

At this point, most businesses will have a Facebook page – an essential and cost-effective marketing channel for engagement. Having a Facebook page can help increase awareness and build a following within the social media community while also providing a glimpse into the company’s operations. It’s important to remember to verify your page, as having the blue checkmark next to your account name can make a significant difference. Verified business accounts and pages receive more engagement and trust from users, increasing your chances of converting leads. Additionally, this platform has a lot of potential for growth if you continue to experiment with new ways of using the available formats. One can use these seven types of Facebook posts for rental marketing:

  1. Text Posts: The perfect tool for sharing quick updates about available properties or asking engaging questions to understand your audience’s rental preferences.
  2. Photo Posts: Use eye-catching images of your rental properties to draw in potential tenants. Showcase the unique features of your properties, from stunning interiors to beautiful neighborhood views, and make the most of this option.
  3. Video Posts: Much like a commercial, use this feature to provide a virtual tour of your rental properties. Show potential tenants the layout, features, and benefits of living in your property to grab their interest. You could also create promotional videos highlighting special offers or discounts.
  4. Live Video: Host a live Q&A session to answer queries about your properties. You could also conduct live virtual open houses, giving potential tenants a real-time view of your property.
  5. Pin Posts: Have an important announcement about a new property or a special promotion? Pin the post to the top of your page to ensure maximum visibility.
  6. Link Posts: Direct your followers to your website or blog, where they can find more detailed information about your properties. You could also link to resources that might be helpful for potential tenants, such as moving tips or neighborhood guides.
  7. Stories: Share day-to-day activities related to property management or give followers a sneak peek into the life of a tenant in your property. Limited-time promotions can also be shared via stories to create a sense of urgency.

Facebook Marketplace

The best way of having your rental marketed on Facebook for conversion will be to straight away target Facebook Marketplace because that is where all the renters are.

Let’s look at the different Facebook Marketplace marketing features and make the most of them:

NameUseBenefit
Facebook Ad ManagerCommand center for crafting, steering, and scrutinizing adsActs as your digital real estate office, providing insights to fine-tune your rental property marketing strategy
Demographic and Geographic TargetingShape ads to resonate with specific age groups and geographical locationsEnsures your rental ads reach the right age group and location, like young professionals in the city
Interest TargetingAlign ads with users’ interests and lifestylesHelps you reach users who share similar interests, such as students and academics, if your property is near a university
Lookalike Audience TargetingFind individuals who mirror your current tenants or the ideal renter profile.Though not 100% successful all the time, it finds potential tenants who are similar to your current happy tenants, expanding your pool of potential renters
Custom AudiencesBlend various data points to form a laser-focused audienceAllows you to target individuals who have shown interest in your rental properties, visited your website, or interacted with your Facebook page
Ad PlacementDecide where your ads appearYou can choose to display your rental ads in the news feed, sidebar, or even on Instagram, reaching a wider audience.
Ad FormatsChoose from a variety of ad formatsSelect the format that best showcases your rental property and resonates with your target audience, from a photo of a newly renovated kitchen to a video tour of the entire property options.

Types of Marketplace ads:

It’s not effective to rely on safe and monotonous content when Facebook offers a variety of marketing options. To enhance your property management marketing strategy, it’s important to understand how each option can be utilized to achieve specific objectives and mix it up for the best results. These options are similar to Facebook ads but can also be utilized in Marketplace for a more focused approach.:

  1. Facebook Ads: Think of these as your digital “For Rent” signs. They can appear in news feeds, the right column of the Facebook website, or within videos, reaching users based on their location, demographics, and profile information and work like placing your ad in a neighbourhood that’s tailored to each reader’s interests.
  2. Boosted Posts: These are your regular Facebook posts with a megaphone and are PAID. They start as a standard post on your page, but with a little “boost,” they can reach a wider audience.
  3. Sponsored Stories: These are the digital equivalent of a tenant referral, like your tenant telling their friends about their great landlord! They showcase a user’s interactions, such as a Facebook like, to their friends, encouraging them to follow suit.
  4. Carousel Ads: Imagine a digital tour of your property where each slide can hold a different image or video, each with its own link. It’s like having a virtual open house where each room gets its spotlight.
  5. Dynamic Ads: These work like your personal leasing agents, promoting your properties to people who have shown interest in similar listings. It’s like a leasing agent who remembers every prospect’s preferences and recommends properties accordingly.
  6. Lead Ads: Exactly like digital rental applications and virtual open houses – they include a contact form, allowing interested individuals to leave their details for you to follow up
  7. Video Ads: These are your virtual property walkthroughs that work like a commercial showcasing your property in action.
  8. Slideshow Ads: These are lightweight, fast, and play well regardless of the connection speed. It’s like having a digital photo album that tells the story of your rental property.
  9. Collection Ads: These are like interactive property brochures, allowing people to discover, browse, and learn more about your properties directly from their mobile devices.
  10. Messenger Ads: Like a personalized invitation, these will appear in the Home tab of Messenger, leading people to a destination of your choice when clicked.

Getting your listing on Marketplace

Whether you prefer using your phone or the web, following these steps is easy and straightforward. By simply following the instructions provided below, you can easily accomplish your task and achieve your desired outcome.

  1. To add a new listing on Facebook, start by locating the Marketplace option on your homepage. Then, click on ‘ + Create new listing’

2. Click on the listing type that is exclusively for renting or selling a home.

3. Here, we have essential tabs required to enter information about the unit you wish to list. Provide detailed information such as up to 50 photos related to the unit, its type, size, number of rooms, price, starting date of availability, and most importantly, whether it is pet-friendly. Additionally, there is space to add a description where you can include other vital details you may want to add.

4. To increase visibility for your listings, finish by adding relevant groups to promote them. Facebook can assist you in finding these groups. Preview your listing and make any necessary changes before it competes with other units on the market.

Now, let’s move on to the crucial aspect – how to enhance your Facebook marketing strategies.

Remember ‘Boosted Post’ from earlier: You can create an advertising campaign for your listing to boost visibility and unlock more leads. Here’s how:

  1. Get to your Facebook Ad Manager portal from your Facebook home page. From here you can go on to create your ad campaigns.

2. When initiating an Ad campaign, select an objective like ‘Lead Generation’ or ‘Conversions’ that aligns with your rental business goals. Name your campaign for easy identification, especially if managing multiple campaigns. Choose a category to aid the Facebook Ad algorithm in boosting your ads. Regularly conduct A/B tests to gauge campaign performance and identify areas of improvement. Utilize the ‘Campaign Budget Optimization’ feature to maximize your advertising budget across different ad sets.

3. With the Ad Manager, you can choose your target audience for more effective marketing and set both your budget and schedule.

Pro-Tip: To make it more effective – don’t miss out on setting your performance goal from the options below. This will push the Facebook algorithm to match the objective of your marketing campaign.

4. When it comes to putting marketing assets on Facebook, you can add an image, video, carousel, or combination that your marketing team has decided on. Then, upload all the contents, including media, copy, and text.

Pro-Tip: Remember, marketing and advertising should include a definitive call to action to engage your target audience. Use the call-to-action feature on your Facebook ads to ensure your audience is acting on your advertising campaign.

Boosting your marketing effectiveness

  1. Spotlight on Your Brand: To increase brand visibility, make sure your listings on Facebook Marketplace are engaging and accurately represent your properties. Use high-quality images and compelling descriptions to make your brand stand out in the bustling digital bazaar.
  2. Conversations with Prospects: As Facebook is a peer-to-peer platform, leverage the power of direct communication. Stats show that people are 53% more likely to do business with people they can message. Respond promptly to messages from potential tenants and use these interactions to build relationships and initiate the tenant screening process. It’s like having a friendly chat over a virtual cup of coffee.
  3. Budget-Friendly Marketing: Take advantage of the cost-effectiveness of Facebook Marketplace. Experiment with different listing strategies and paid advertising options to find what works best for your brand. It’s like shopping at a thrift store for marketing – you can try new things without breaking the bank.
  4. One-Size-Fits-All: Think of Facebook as your digital tailor, expertly crafting your rental housing listings to fit the mobile screens of its vast user base. With its automatic optimization feature, your listings are trimmed and polished, ensuring they’re not just mobile-friendly, but mobile-perfect. So, let Facebook handle the details, and watch your rental properties shine on any device.
  5. Tailored Search Experience: Use detailed property information such as square footage, price, bedrooms, bathrooms, and rental type in your listings. This will help potential tenants refine their search and find your property more easily.
  6. Harvesting Testimonials & Reviews: Imagine Facebook as a bustling town square, where satisfied tenants can shout their praises from the rooftops. By encouraging and collecting testimonials and reviews on Facebook, you’re not just gathering valuable feedback, but also showcasing positive tenant experiences to potential renters.
  7. Leverage User-Generated Content: Encourage your audience to share their own content related to your business. This could be photos of them using your product, stories about their experience with your service, or reviews of your business. User-generated content is not only free advertising, but it’s also more likely to be trusted and shared by other users.
  8. The Wild West of Ads: No verification of the advertisement can make Marketplace very cluttered and busy. To stand out, provide comprehensive property information and website links in your listings. This will add a stamp of legitimacy to your ads and make them more appealing to potential tenants.
  9. Missing Landlord Portal: While Facebook Marketplace doesn’t currently offer property management protocol integration, you can still use it effectively for listing setup. For property management tasks, consider integrating Facebook with CRM tools to get a more comprehensive view of your marketing efforts.
  10. Automated Listing Ease: Picture Facebook Marketplace as your personal assistant, taking care of the listing process for you. With the ability to automate your property listings, you can ensure consistent visibility without the manual hassle. This means your properties get continuous exposure, even when you’re busy with other aspects of your business. It’s like having a tireless marketing team working around the clock, making sure your rental properties are always in the spotlight.

Data intelligence and analytics to improve marketing success: Cue CRM tools

  1. Meta Pixel (formerly Facebook Pixel): This is a piece of code that you place on your website. It collects data that helps you track conversions from Facebook ads, optimize ads, build targeted audiences for future ads, and remarket to people who have already taken some kind of action on your website. For example, if a potential tenant visits your website but doesn’t fill out an application, you can use pixel data to show ads to that person again on Facebook.
  2. Facebook Analytics: This tool provides insights into your audience’s behaviour. You can see how people are interacting with your Facebook page and ads, and use this information to make informed decisions about your marketing strategy. For example, if you notice that video ads are performing better than image ads, you might decide to invest more in video content.
  3. Integration with Other CRM Tools: You can also integrate Facebook with other CRM tools to get a more comprehensive view of your marketing efforts.

Remember, the key to effective marketing is testing and optimization. Use these tools to gather data, but also make sure to analyze that data and use it to improve your marketing strategy.

Retargeting rental ads = Higher Conversion

If your initial Facebook ads for your rental property didn’t spark the interest you anticipated, don’t lose heart. The wizardry of Facebook retargeting can bring an impressive return on investment. Studies reveal that retargeting can resurrect the interest of 26% of consumers who might have otherwise vanished into the realm of lost sales.

Moreover, when rental properties reappear in listings, it imprints a memory in users’ minds, reinforcing the authenticity of your property. This plays a pivotal role during the Interest and Desire stages when potential renters have already noticed your property and are contemplating whether to explore the possibility of becoming residents.

Being well-acquainted with your potential tenants’ characteristics is like having a secret map. It enables you to craft highly targeted ads with precision. If you’re missing this information, fear not. Make the most of features like Lookalike Audiences and Retargeting.

As you delve deeper into these features, you’ll witness a surge in your success rate. This can empower you to rent out properties at your desired rates and to your ideal tenants!

Facebook Groups:

Facebook Groups are like digital communities, brimming with individuals who share common interests. Imagine tapping into this goldmine of potential tenants for your rental properties. By strategically targeting your Marketplace listings and advertisements to these groups, you’re placing your properties directly in the line of sight of interested parties. In today’s digital age, it’s increasingly common for people to turn to these groups when looking for rentals. So, why not meet them where they already are? Harness the power of Facebook Groups and watch your tenant pool grow.

Find Inspiration with Facebook Ad Library:

  1. Peeking at the Competition: Consider the Ad Library as your private detective, offering a sneak peek into your competitors’ marketing strategies. Uncover their tactics, from the enticing messages they use to attract potential tenants to the creative elements they employ and the demographics they’re targeting.
  2. Catching the Trend Train: Use the Ad Library as your trend telescope, spotting the latest fads in the rental industry. By examining the ads run by various property management businesses, you can identify common themes, popular styles, and emerging trends.
  3. Burst of Creativity: Imagine the Ad Library as a vibrant art exhibition overflowing with creative ideas. Browse through ads from diverse industries, drawing inspiration from their visuals, copy, and overall presentation. You might discover a unique way to showcase a property, a compelling call to action, or an engaging storytelling approach that you can adapt for your ads.
  4. Performance Insights: For certain ads, the Ad Library turns into a data analyst, offering performance data like the number of impressions and audience demographics. These insights can help you understand what kind of ads resonate with different tenant groups.
  5. Learning from the Leaders: Look for businesses known for their successful rental marketing campaigns and study their ads. What makes them stand out? Is it the stunning property images, the compelling property descriptions, or the irresistible rental offers? Use these insights to shape your own strategy.

Remember, while the Ad Library is a fantastic source of inspiration, it’s crucial to maintain your unique brand voice and identity in your ads. In the world of rental marketing, authenticity reigns supreme!

RealSage for increasing effectiveness.

Realsage is a powerful tool that can significantly boost the effectiveness of your rental marketing on Facebook. Here’s how:

  1. Data-Driven Insights: Realsage harnesses the power of your data to provide meaningful insights, enabling faster and better decision-making. Monitor your leads to know which demographic is sending you the maximum leads and tailor your Facebook Marketing campaign according to the demographic. RealSage will also help you filter the demographic of your maximum prospects, understand what they are looking for under tags and give you essential information that can be used to design your marketing communication. Pro-tip: As we know, 68% of Marketplace users are women – won’t it help to know what women prospects are looking for while designing your next communication piece?
  2. Pricing Strategy: Get a comprehensive understanding of the competition asking rent and trends of price change in different areas before setting your rent. Realsage’s Price feature helps you maximize revenues and gain a competitive edge with this kind of up-to-date market rental data. This can guide your rental pricing strategy on Facebook Marketplace, ensuring it’s competitive and appealing to potential tenants.
  3. Performance Analysis: With Realsage, you can analyze portfolio and performance across all the marketing channels. This can help you understand which of your Facebook marketing strategies are working and which ones need improvement.
  4. Lead Management: Realsage’s Convert feature allows you to manage your leads-to-lease funnels like never before. This can help you track the effectiveness of your Facebook ads in generating leads and converting them into tenants.

By integrating Realsage into your Facebook marketing strategy, you can make data-driven decisions, manage leads more effectively, engage with tenants, and optimize your pricing strategy, all of which can significantly boost your marketing effectiveness.

Multifamily Risk Management

Risk management is an essential aspect of the multifamily industry. With rental owners managing multiple units across various geographies, properties and tenant demographics, it is crucial to identify and mitigate potential risks.

The risk management process can be segmented into four categories – each of which RealSage offers solutions to give clients peace of mind regarding internal or external challenges they may be facing. The risk management process can be divided – into risk identification, risk assessment, risk response planning, and risk monitoring.

Identifying Risks

Historical data is often used to identify potential risks, elicit trends and anticipate areas of concern. However, the use of retrospective data paired with human oversight to make decisions can negatively impact the future of a company. To address this concern, RealSage’s dashboards paired with AI provides companies with real-time data regarding all business-related metrics and tie it with actionable, predictive insights.

With this feature, users can monitor every dollar moving within their company and track performance while understanding its effects on their bottom line. For instance, if a marketing channel is not performing as anticipated, the system proactively suggests reallocating funds to more promising platforms based on their performance. It tracks expenses and identifies patterns for cost improvements across all management-related functions.

Assessing Risk and the Effects

After identifying potential risks, the next step is to assess the likelihood of each risk occurring and the potential impact it could have on the organization. RealSage’s analytics software acts as a comprehensive risk assessment tool always on the lookout for the best interest of the business.

For example, if an unexpected increase in utility costs is identified on a particular property, RealSage’s software not only alerts property managers but also highlights aspects that warrant a deep dive.

Risk Response Planning

Using RealSage’s risk assessment tool, property managers can make decisions about allocating resources to ensure the long-term success of their properties. RealSage’s analytics software makes it easy to track the success of building portfolios by tracking conversion, occupancy, and renewal rates on units. Once the system has identified a method to cut costs or increase revenue, actionable insights that address issues like cost overruns, increasing NOI, improving the tenant acquisition process..etc, are given.

Risk Monitoring

RealSage Analytics’ use of predictive AI, makes monitoring risk seamless. The software tracks and analyzes key performance metrics in real-time, identifying trends and potential issues before they become significant problems.

For example, if there is a sudden increase in tenant turnover, RealSage Analytics can help managers identify the root cause and develop a plan to address the issue. The software can also provide insights into potential risks, such as upcoming expirations of lease agreements or changes in local housing regulations.

Conclusion

RealSage Analytics assists property managers in taking proactive measures to address potential problems and guarantee the long-term prosperity of their properties. With RealSage Analytics’ predictive AI capabilities, it has become simpler than ever before to remain ahead of risks and make informed decisions based on data, ensuring the success of your multifamily properties.

Commitment Bias in Software Investments

Large multifamily organizations often invest significant amounts of money into property management technology hoping to improve efficiency, increase profits, and gain a competitive edge in the market. However, despite the potential benefits, there is a significant risk of commitment bias – a tendency to stick with an original decision, even when it’s no longer the best option or even a viable one.

Many organizations have recognized the costs and inefficiencies associated with their existing software investments and ongoing maintenance. Despite these considerations, they have made the decision to explore new property and asset management technologies, demonstrating their ability to overcome commitment bias.

The Trap of Existing Investments

One of the most significant contributors to commitment bias is the sunk cost fallacy. This is the idea that once a company has invested a significant amount of resources into a particular technology, it’s difficult to abandon it, even if more efficient options are available.

This can be particularly problematic when implementing new technologies, as older systems may be deeply ingrained in a company’s infrastructure. Employees may have been trained on older systems, and it can be difficult to justify the expense of retraining them on new ones. In some cases, new technology may require a complete overhaul of existing systems, which can be daunting, expensive, and time-consuming.

Recognizing that multifamily operators have made previous investments in various software systems, developing new software that can seamlessly integrate with their existing software stack has been our focus. By collaborating with prop-tech companies that can integrate with the current tech stack, rather than starting from scratch, new investments are considered sustainable and the overall risk of a new purchase is reduced.

The Fear of Failure

Another factor contributing to commitment bias is the fear of failure. Investing a significant amount of money into new technology can be daunting when it fails to deliver the expected results. This fear can lead companies to stick with older systems, even if they’re no longer the best option. Unfortunately, this can be a self-fulfilling prophecy – by avoiding new technology, companies may be missing out on opportunities to innovate and improve their bottom line.

To overcome commitment bias, it can be helpful to collaborate with a company that values continuous improvement. At RealSage, we prioritize close partnerships with our clients, allowing us to gain deep insights into their specific needs and challenges. Our commitment to evolving our product ensures that we can effectively address the multifamily industry’s pressing issues. By providing a curated dashboard and actionable insights, we help multifamily property owners track their progress toward goals and measure ROI, offering valuable metrics and projections.

The Importance of Flexibility

To avoid commitment bias, companies must remain flexible and open to new ideas. This means being willing to upgrade older systems, even if it means admitting that the original investment was a mistake. It also means being willing to take calculated risks and invest in new technology, even if it’s not a sure thing. Companies that are willing to take these risks are more likely to stay ahead of the curve and maintain a competitive edge.

Although the idea of replacing a trusted system with something new may seem daunting, our unique offerings tailored to the multifamily industry are precisely why our clients have felt confident in doing so. With our user-friendly tools, clients can easily price rental units based on current market data, access comprehensive dashboards to analyze trends over time and automate the tenant acquisition process. These client-oriented features empower our clients to make informed decisions, streamline operations, and achieve their goals more effectively.

Conclusion

Commitment bias is a significant problem for many large companies, particularly when it comes to investing in new technology. By being aware of the sunk cost fallacy, the fear of failure, and the importance of flexibility, companies can avoid this trap and remain competitive in a rapidly changing business landscape. Ultimately, our commitment to constant evolution and improvement is what sets us apart from other property and asset management technology providers. We understand the importance of flexibility and the willingness to take risks, and we’re dedicated to helping our clients overcome commitment bias and stay ahead of the curve.

How to find the best leasing CRM for your property management firm?

There’s no dull day as a leasing manager. You’re not only dealing with countless inquiries but also making sure you keep up with prospects who show interest and maximize applications without compromising on the rental prices or the quality of tenants. 

Leasing managers at larger firms, in particular, have variables like market shifts, competitor tactics, marketing strategies and systems and processes in place to consider.  You need to be sure you’re operating as effectively as possible, while still bracing yourself for the unexpected.

That’s where a leasing CRM comes in as an ally to make every part of your daily operations easier and more profitable. In this guide, we’ll walk through how to vet the right solution for your business, the key features to look out for, and potential pitfalls to avoid.

What makes leasing at scale so difficult?

Leasing is like any other sales process on steroids. The sheer volume of activity coupled with the loss of revenue to property owners in cases where a unit is not rented on time puts tremendous pressure on this business function to run efficiently throughout the year. 

First, the size of the operation is much larger with many moving parts which means there are multiple components that ought to be managed. The impact of a small oversight in such instances has big implications. 

Regular tracking of all KPIs is a must in order to quickly identify kinks in one’s armour. For example, a team that tracks their property viewing numbers daily will learn about a broken scheduling link much sooner than a team that doesn’t. 

There are also unique coordination challenges that need to be solved. Leasing managers must be aware of not only the properties under their management but also those operated by fellow team members nearby.  Lastly, tracking leasing activities across multiple channels and teams is so complex that it can’t be done with a spreadsheet. The scale of managing leasing for a large portfolio requires a specific solution that’s built for the job and can automate communication, lead management and marketing channel and leasing team performance.

Why Won’t Generic Software Work?

With these leasing operations issues, generic sales software features that may look good on the surface, may not be applicable or work the way you want them to manage your portfolio on the platform. Generic sales software:

  • Requires too many workarounds and customization for specific tasks.
  • Needs a way to integrate with all the other software you’re using to be effective.
  • Can be difficult to scale as your business grows.

What does the best leasing software entail?

Leasing managers today need to be efficient, quick, flexible, and reliable—and the software you choose should be the same.

The main traits of top-of-the-line leasing software include:

Industry-specific features: that seamlessly integrate with your day-to-day workflow to ultimately save you time and money

Professionalism: the software is reliable and easy to understand,—you’re fully supported as a customer, and people that access the software feel fully comfortable using the solution too

Security and Accuracy: data is stored safely and reliably and prospect information/rental applications are accurately recorded.

What Leasing Software Features Should You Look For?

In a sea of never-ending options, how do you choose the best commercial leasing software? Start by understanding your biggest needs and prioritize them by how much time and resources they’re costing your business. Identifying your biggest priorities can help you shop and discern the best features that move your business forward.

Vacancy in a property is an expensive and inevitable occurrence. The loss of rental income is just one component of the equation. Other expenses such as utilities, taxes, insurance, and advertising costs must also be taken into account.

Building a streamlined process from receiving an inquiry to signing a lease is the fastest way to minimize your vacancies and start generating rental income. There are five key steps to the lead-to-lease journey, let’s break down each step and go through how an ideal platform can help accelerate the process.

Step 1: Consolidate your leads

Getting leads from multiple sources by email or phone is the easy part. Ensuring that these inquiries are effectively consolidated and channelled to the right leasing manager’s dashboard ensures that you minimize missouts. 

Step 2: Automate Responses and instantly schedule showings

The right software can let potential tenants book their showings online. Tools that automate follow-up reminders via email and text can help ensure they show up on time.

Step 3: Accept, Deny, and Manage Applications

Once you’ve showcased your property, it’s essential to simplify the application process by offering an online option. A top-notch leasing software allows you to customize application forms by adding, removing, or rearranging fields to meet your needs. With the right software, you’ll have a comprehensive view of all your applicants in a single dashboard, where you can accept, deny, or manage each one. Additionally, the software securely stores applicant information and streamlines the signing process, eliminating the need for repeated data entry.

Step 4: Track key metrics

An ideal solution would allow you to create custom reports, define KPIs, and track what matters most to your business. An intelligent system that delivers critical insights and trends directly to your inbox is what you are after so that your teams don’t have to wait on business reports to make decisions.

Get Started with the Best Leasing Software for your business. RealSage Convert is a powerful yet simple CRM with the tools you need to convert prospects to lease better.

How to improve lead-to-lease ratios for your Multifamily Rental?

The success of any property management company lies in its leasing cycle. When done right, it’s a repetitive and steady beat that fills vacant units with quality residents quickly for maximum revenue potential. On the other hand, an ineffective leasing strategy can be an expensive drain on the business.

Taking the time to review processes and make sure they are done in a timely, efficient manner is critical. This post will go through ways one can improve lead-to-lease conversions along with some helpful tips that could help increase occupancy rates.

  1. Define existing processes and the conversion rates at each stage of the lease-up process.

A typical lease-up process can be broken down into 3 stages –

  • Initial inquiry
  • Property viewing
  • Rental Application / Lease Signing

Before identifying areas of improvement, it is important to map out the conversion rates at each stage of the funnel. These numbers would serve as a base against which improvements are measured.

2. Start at the top of the funnel by evaluating all your property listing channels

You don’t have to necessarily pay for leads since, in the rental space, plenty of leads can be generated for free. While there are paid listing sites available, the majority of lead generation comes from open databases. According to research by Tenant Turner on Zillow’s Ad vacancy page they found out that most potential tenants start their search through free methods like Facebook Marketplace and Craigslist — so if your goal is making more money without spending too much then start by listing on these platforms.

Pro Tip: You can save tons of time by syndicating your listings through software that allows you to centrally manage your vacant listings.

3. Timely response to incoming inquiries is critical

You are 40% more likely to connect with a prospect when you respond to them within 4 minutes as opposed to within 24 hours. When renters are motivated, it is a certainty that they are looking at multiple properties simultaneously. It is impossible for leasing managers to make themselves available 24/7. However, there is automation that can be put in place in order to ensure a renter is guided towards the desired next step in addition to having their basic questions answered immediately.

4. Always present alternatives to help improve conversion

Motivated renters are looking to move into a new home typically within a 30 to a 60-day timeline. Property Managers are more likely to improve their conversion rates by ensuring that all prospects are presented with alternatives in case they do not warm up to the property they had initially inquired about. A thorough understanding of the renter’s considerations during the initial interaction is imperative to ensure the right option is presented in a timely manner in order to improve the conversion rate.

5. Virtual Tours are no longer a ‘nice to have but a ‘must have’

Technology has changed the way we live our lives, and now it’s helping leasing managers make their rental showings process more efficient. Automated scheduling tools allow for quick updates to go out automatically based on what properties are available in an instant. 3D camera technology like Matterport ensures potential renters get virtual tours of homes without ever leaving their couch!

Pro Tip: Ensure you label aspects of your unit while getting a virtual tour ensuring renters are able to fully educate themselves and make quick decisions on their own.

6. If you haven’t already, bring leasing online

It’s time to go online with your leasing paperwork. A recent study showed that the percentage of renters who want to apply for a lease online increased by 15% in just the last two years! Employing technology allows property managers to exercise greater control and saves an incredible amount of time, too. Digital documentation also ensures that you don’t have to dig into old filing cabinets and documents are always just a few clicks away.

7. Nothing will replace the human touch

Automations throughout the leasing process are not meant to compromise the relationship between renters and managers, If anything, these are meant to free up more time for leasing and property managers to interact with renters in meaningful ways as opposed to carrying out repetitive tasks that add little value to the customer’s experience.

8. Track your progress constantly and re-evaluate your processes periodically

Once you have made a certain change to your process, it is important to understand the impact it has on your firm’s overall leasing performance. Like everything else in business, leasing also is an ever-evolving exercise that needs to be constantly monitored and revised in order to ensure premium customer experience and success for the firm.

This just about sums it up. We at SoulRooms care deeply about problems pertaining to effective leasing and hope this post adds value to leasing managers looking to improve their conversion rates. Happy leasing!

How to increase tenant satisfaction ratings as property managers?

Since portfolio occupancy is the most important KPI for property managers, tenant turnover inevitably becomes the biggest impediment to success.

Keeping tenants happy has become a necessity for overall success in today’s competitive market. Not only do happy tenants leave positive reviews and send referrals, but they also stay on for extended durations ensuring high occupancy rates are easier to maintain. This reason alone warrants taking the time to review renter journeys and design processes to maximize tenant satisfaction.

This post will go through best practices property managers can imbibe to maintain high tenant satisfaction ratings.

  1. You only get one chance to make a first impression, make the move-ins count.

Tenants do not expect to walk into their new home and find flowers arranged on the coffee table or towels shaped like swans in the bedroom. However, since moving-in is hard as is, friction here should be minimized by ensuring all necessary instructions are delivered in a clear and timely fashion.

Pro Tip: If as the property manager, you are able to provide new tenants with a spot to park their moving truck or book the elevator in advance on their big day, you will already be outdoing a majority of your competition.

2. Make maintenance requests priority numero uno

We understand that a request to install an additional hook on the bathroom door is not the same as an HVAC breakdown in the month of January. However, property management teams are encouraged to develop a culture of treating minor inconveniences faced by tenants as important business problems that ought to be resolved in a timely fashion. In the short run, this ensures improved tenant satisfaction and occupancy, however in the long run this can lower operating costs that result from impeccable property maintenance.

3. Standardize communication channels and set expectations from the get-go

At the outset, restrict all tenants to one channel for all communication. The best way to keep tenants happy is by implementing an intelligent channel that readily provides answers to commonly asked questions, is easy to use, and, is accessible on the go.

Pro Tip: Ensure expectations around turnaround timelines are set at the outset via auto-responses during holidays and off-hours. Also, proactive transparency about external intervention leading to potential delays will always be better received than a reactive explanation to a complaint about delays in resolution times.

4. Quaterly feedback forms > Exit surveys

All teams that manage operations ought to do everything in their power to avoid surprises. While exit forms are a good way to show that one cares in addition to gaining an understanding of the shortcomings of property operations, they fail to help property managers with the KPI that matters most, occupancy.

Periodical feedback forms not only ensure one maintains a pulse on their tenant base, but also allow proactive resolution resulting in improved occupancy in the long run.

There is no denying that property management is a tough, often thankless gig. However, incorporating technology and best practices has the potential to have a dramatic impact on the business as well as the overall reputation of one’s brand.

We at SoulRooms care deeply about problems pertaining to rental managers and hope this post adds value to folks looking to improve their tenant experience. Happy leasing!