AIM 2012 and 2013 Preview

• Web-based property management software

• Complete Solution Includes• Property Mgmt & Accounting• Online rent collection (free)• Prospect / Guest Card Tracking• Marketing • Website• Payment processing• Online applications• Resident Screening

So You Run a More Successful Business

AppFolio

©2012 AppFolio, Inc. All Rights Reserved.

Grace Hill

• Leading Education Provider• Offering eLearning for more than 10 years• More than 1,500 courses taken each day• Accounting

• Apartment-Industry Specific Training• Fair Housing, Preventing Sexual Harassment• Intro to Social Media, with Lisa Trosien• Dozens more in English & Spanish

• Vision Learning Management System (LMS)

• Custom Course Development

• www.gracehilllearning.com for course previews

©2012 AppFolio, Inc. All Rights Reserved.

Webinar Agenda

• Social Media and Customer Experience

• Mobile, mobile, mobile

• Ratings!

• Reputation management

• Data-driven marketing

• AIM 2013 ($50 discount code delivered here)– The art of marketing

– Video

– Cutting-edge social media

Campaigns!

Sarah GreenoughPrinceton Properties Management, Inc.

Friday, April 27, 2012

Sarah GreenoughPrinceton Properties

Increase Social ExposureReduce Outbound Marketing Spend

Continue with Customer 1st Approach.

Three areas of focus for 2011:

• Ratings & Reviews initiative • Facebook Campaign• Company Blog launch

Infrastructure was already in place, now we wanted to grow our social exposure in hopes of giving the customer a better experience while increasing our ROI.

Polling Question #1

Our Facebook Challenge

• Increase FB Fans & Blog site referrals.

• Increase interaction with residents & fans on existing FB pages.

• Decrease outbound marketing expenses.

Narrow your focus. Concentrate on a few targeted social initiatives.

Do them WELL!

Facebook CampaignsFan Growth

Corporate:1. Summer E-Reader Sweepstakes

FB Fan Growth (%): +472%

2. What I’m Thankful for Photo ContestFB Fan Growth (%): +18%

Facebook CampaignsResults for Corporate FB

0 200 400 600 8001000

Referrals

e-Reader

2011 2010

121.43% increase

33.85% increase

Blog’s #1 Referralis Facebook

Facebook CampaignsIncrease Interaction

Property:1. Ugly Sweater Photo Contest

Cost: $0 – 3 Partner’s paid $150

2. Be my Valentine Caption ContentCost: $50 – Partner paid $50

3. Facebook BINGOCost: $500 – Operating costs

Facebook CampaignsResults for Property FB

Numbers Speak VolumesSubject Property – Worcester, MA

Polling Question #2

Ratings & Reviews:Past, Present & Future

Erica Galos-Alioto, YelpPatrick Grandinetti, Google

Wade Hewitt, ApartmentRatings.com

Wednesday, April 25, 2012

Yelp, Google and ApartmentRatings.com

Reviews & the Bruised Corporate Ego

“Any business owner who has invested a considerable amount of time and energy into building a business is going to be somewhat protective and defensive when they hear negative feedback about what kind of job they are doing.”

-- Erica Galos-Alioto, Yelp

Reviews as a Conversation

Reviews & The Competition

Reviews as Market Research

Editor’s Note – Tag Clouds

• Tag clouds = quick visual

• Export text from review sites

• Free at TagCrowd.com, Wordle.net

Responding to Residents

Good Service = Good Ratings

Zero Moment of Truth

"It's imperative that marketers today, no matter the industry, work hard to win their customer's Zero Moment of Truth. And as part of that, fully embrace the role reviews and ratings take in that process to impact a future customer's ZMOT."

-- Patrick Grandinetti, Google

Patrick GrandinettiHead of Real EstateGoogle, Inc.

Win at Point of Decision

According to Procter & Gamble, shoppers make up their minds about a product in three to seven seconds, just the time it takes to note a product on a store shelf.

This time lapse is called (by P&G) the “First Moment of Truth," and it's considered the most important marketing opportunity for a brand.

— Wall Street Journal, 2005

Google Confidential and Proprietary 28

The Traditional Mental Model of Marketing

• Stimulus

29

Second Moment of

Truth

First Moment of

Truth

30Source: National Association of Realtors Profile of Home Buyers and Sellers, Updated November 2011

89%of home buyers in the US use the internet to research real estate information

A New Path to Purchase Holds True in Real Estate

31

78% of US Internet users go online to search for information about products and services.

Sources: ―Online Product Research,‖ Pew Research Center, September 2010

32% have posted productreviews or comments online.

A New Path to Purchase Holds True in Real Estate

The New Marketing Landscape

32

First Moment of Truth

Second Moment of Truth

Stimulus

Which becomes the next person’s ZMOT

33

Available on:

Google search results Google search ads 3rd Party sites

+1 What You Recommend

34

Connect on Google+

35

Engage in YouTube Comments

Embracing Engagement

“I think there are a lot of myths and misunderstandings about ratings and reviews out there. If you encourage and embrace ratings and reviews, you get a much more accurate spectrum of user sentiment.”

-- Wade Hewitt, ApartmentRatings.com

ApartmentRatings

• Over 4.7 million visits per month

• Over 80 thousand properties

• Over 1.2 million reviews

• Over 20% of prospective renters that visit the leading ILS sites also visit ApartmentRatings

The leader in consumer reviews for apartments

Source: comScore November 2011 and Google Analytics

Reviews are Growing in Importance

• The percentage of people who say they used ApartmentRatings during their apartment search has increased nearly 20% the last two years in a row.

• 52% of current apartment residents used ratings and reviews websites when they found their current apartment.

• 89% of consumers say they find online channels trustworthy sources for product and service reviews, up 25% from the prior year.

Source: ©SatisFacts Research (SatisFacts.com) and 30 Lines (30Lines.com) “Getting Inside the Head of Today’s Online Renter” study, July 2011. \2010 Cone Online Influence Trend Tracker

Reputation Management

• Respond to reviews as the “Verified Property Manager”

• Update property information like photos, rents and floorplans

• Set specific URLs and phone numbers for each property

ApartmentRatings’ Manager Center allows apartments to take control of their reputation

Reputation Management

• Manager Center customers tend to see increases in their ratings.

• Improvement in ratings are correlated to responding to reviews

Responding to reviews is key

Reputation Management Lifecycle

• Manager Analysis

• Manager Response

• Consumer Review

• Perception Shift

- Expand . Reach

- Social Marketing

- Positive

- Negative

- Causation

- Take . Action

- Deep.Breath

- Honest.Response

Polling Question #3

Polling Question #4

Online Reputation Management

Wednesday, April 25, 2012

Aaron Helfman, Director of Marketing, Korman Residential

The above image is from a leading ORM firm.

Online Reputation ManagementThe International ORM Industry

Online Reputation ManagementVenturing Beyond Social Media

Differentiating ORM from SEO

Unmanaged Online ReputationDestructive Anonymous Content

Polling Question #5

The 4 Steps to Successful ORMAssess, Create, Empower, Reassess

Editor’s NoteMalicious vs. Self-Inflicted

• Malicious is an unstable renter making libelous accusations

• Self-inflicted is suing a renter over what they Tweet about you.

1. AssessYour Current Online Reputation

2. Create Your ORM ProgramImprove Your Online Reputation

3. Empower Your AssociatesProvide Formal ORM Training

4. Reassess RegularlyEvaluate Your ORM Program

Free Reputation Management?Prospect Reviews

Hiring A Professional ORM FirmWhen Reviews Are Not Enough

The above image is from a leading ORM firm.

Editor’s Note - Negative ORM Sites

• RipoffReport.com ranks highly

• SearchEngineLand.com great source for help with ORM

– http://searchengineland.com/how-to-remove-ripoff-reports-from-google-not-just-bury-them-65173

Understanding ORM FirmsHype vs. Realistic Expectations

Business Meets Personal ORM

The above marketing is from a leading ORM firm.

Social Analytics

Stegmaier, Davidoff and Spiegel

Friends Drive Social Networks

Measuring Online Word of Mouth Marketing in Multi-Family

Social Reach

16 million friends

reached

Lead / Lease

Match

2x Increase in

Closing Ratio

(8% vs 14%)

Referral Match

3x increase in

participant

referral rate

(3% vs 9%)

Friend Match

20,434 social

networking

friends moved-in

$0.09 / Friend

Reached

$100 / Friend

Match$7 / Lead Influence$54 / Lease Influence

$387 / Referral

Match

* Based on combination of case study data, 16 million friend interactions, 1 million leads analyzed and over 8,000 referral bonus conversions.

What’s next for Social in Multi Family

Search

Surveys

Lead ScoringRevenue Management

Lead/Lease Influence Reporting

Predictive Analytics

Chris Brust: VP, Business Intelligence - ArchstoneMatt Eilen: Director, Decision Support - Aimco

Moderator - Rich Hughes: VP, Strategic Revenue Systems - Realpage

Thursday, April 26, 2012

What is Predictive Analytics?

• Reporting• “What is my marketing spend per channel month-to-date/ quarter-to-date / year-to-date?”• “What was my cost-per-lead by lead source last month?”

• Analysis:• “How effective were my ILS upgrades last quarter?”• “Did last month’s email campaign have more impact on the one-bedrooms, two-bedrooms, or three-bedrooms?”• “Did our change in transfer policy at our pilot communities last year have any material change in renewal retention?... can we look at that by market?

• Monitoring• “What’s currently the hottest ILS?”• “How’s my new campaign doing?”• “Is this new marketing channel cannibalizing the old ones?”

• Prediction• “How will this policy change improve customer satisfaction / retention?”• “How will this renewal model modification impact rental revenues next year”

Data Analytics Continuum Multi-Family REITsThere are different levels of maturity which result in varying complexity in how companies analyze data and leverage it

94

Examiner Extrapolator Multivariable Modeler Statistical Visionary

Competency

Level

Reports previous results

and tries to explain past

performance

Projects future

performance based on

historical performance

Develops complex models

based on a numerous dependant

and independent variables

Conducts some basic statistical

analysis to test / prove

hypothesis

Sophisticated in house

capabilities or engagement of

external experts

Conducts constant

heavily automated

statistical data analysis

to drive every day

decisions

Culture of data-

supported decision

making at all levels in the

organization.

Task

Organization

Departmental analysts

reporting to functional

area experts

Central analyst or team

of analysts reporting to

C-level

More advanced

departmental analysts

Centralized team of analyst

dedicated to enterprise-level

projects

Emergence of Director/VP – level

leadership of an enterprise

analytics function

Centralized analytic

professionals and semi-

professionals.

Senior-level leadership

of the analytics function.

Typical

Toolsets

Basic Excel Advanced Excel data

analysis tools

Advanced Excel

SPSS / MS Analysis Services

Open source (R)

Advanced data analysis

suites

Open source (R)

Data Analytics FrameworkSuccessful organizations have formalized channels / methods for identifying the highest value analytics.

95

Identify

Opportunities

Receive Requests/ Brainstorm

Compare / Select

OpportunitiesConduct Analysis

Report / Recommendations

Results

Implement Recommendations

Review Prelim Results

Develop Plan / Timeline

Summarize Findings

Develop RolloutPlan

Prioritize Analysis

Conduct Prelim Analysis

Scope Analysis

DetermineBandwidth

Level of Effort vsPotential Benefit

Gather Data

Setup Model / Analysis

Run / Validate Model

Urgency ofAnalysis

Iterate on Analysis/ Hypotheses

Reach Internal Consensus

Specific ActionableRecommendations

Incorporate Feedback/Changes

Setup ChangeManagement

Develop Tracking /Reporting

Finalize Analysis / Project

• The two most critical aspects are selecting the right projects and having a strong change management capability to implement vetted recommendations

Case Study #1In 2010, Aimco Conducted a Detailed Analysis Comparing Modeled FTEs vs Actual Property Headcount

96

Front Office FTE Requirement by Month vs Actual HC

100 100 100 100 100 100 100 100 100 100 100 100

10 1020 20 20 20

10

120

110 110105

120115115

110

102 102

110 110

0

20

40

60

80

100

120

140

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Month

FT

E

Base Incremental Actual HC

Resulting Initiatives

Variable Staffing

Technology Enablement

Better Leveraging Offsite

Resources for Non-Core

Activities

Guestcard # minutes per Rent Collection # minutes per unit per month Bank Deposits # minutes per day

Site Visit: # minutes per Rent Delinquency Follow Up # minutes per unit per month Walk Marketing Path # minutes per day

Application: # minutes per Posting Rent Payments # minute per unit per month Email / Calls # minutes per day

Lease: # minutes per Vendor Management # minutes per unit per month Team Huddle # minutes per day

Move In: # minutes per Time Card Management # minutes per unit per month Talking to Regional Leaders # minutes per day

Expiring Lease: # minutes per Resident Interaction # minutes per unit per month Team Member Issues # minutes per day

Renewal: # minutes per Dealing with Service Requests # minutes per unit per month Reviewing Reporting Materials # minutes per day

Move Out: # minutes per Mail / Packages # minutes per unit per month

Training # minutes per unit per month

Activities FixedActivities Variable to Unit CountVariable Events - Time to Handle

• Sample Front Office Model Variables

• Sample FTE Model Output

Case Study #2In 2010, Archstone Conducted a Detailed Analysis to determine the biggest drivers of customer satisfaction

97

Resulting Actions

Operations-led initiatives

in various resident-

focused categories

Re-prioritization of

company initiatives and

Capex funding

• Resident Relationship Survey topics:

Apartment, Apartment Maintenance, Care for Concerns, Community Features, Community Maintenance, Management Communication, Policies and Guidelines, Community management “soft” skills,” Renewal Process, Social Activities,Responsiveness

AIM 2013

• April 29 – May 1

• Hyatt Regency Huntington Beach

• Aimconf.com for more info

• Discount code for $50 off only thru 12/14

webinar2013

Polling Question #6

2013 Marketing Edge

• Creative design – using beauty to sell

• Video, video, video

• Cutting-edge social media

Polling Question #7

Thank You!

AIM 2013 Discount Code

Webinar2013

Valid thru December 14, 2012

Steve Lefkovits

510-444-2988

steve@jtimedia.com