internet advertising 101 presented exclusively for the national association of residential property...

Internet Advertising 101

Presented exclusively for the National Association of Residential Property Managers

What’s In Store

• How the Internet is shaping the advertising marketplace

• Ways in which individuals use the Internet to search for home rentals

• Effective follow up techniques to convert Internet leads to leases

• Tracking and evaluating your online marketing activities

• Maximizing the effectiveness of your ad

Today you will learn:

Internet Power

Not So Trivial Trivia

??How many people are

connected to the Internet inthe United States?

A. 90 millionB. 126 millionC. 190 millionD. 164 million

Answer: ???


??How many people are

connected to the Internet inthe United States?

A. 90 millionB. 126 millionC. 190 millionD. 164 million

Answer: C

Media Metrix, November 2008

We’ve Come A Long Way…

Since the Internet has become a popular research tool, we’ve seen technology come a long way…

THEN…

• VCR

• Mobile “Bag” Phones

• Fax Machines

• Cassette Players

• Maps

NOW…

• DVD

• Blackberry, TREO, PDAs

• Email, Instant Message

• iPods, MP3 players

• GPS

Internet Usage

More and more people are online every day. The total Internet audience has increased 35% over 2003.

35% Increase

2003 2009

145 Millio

n

190 Millio

n

Media Metrix, March 2003 – November 2008

Internet User Profile

@Plan, Winter 2008

• 96% are online once a week, 60% are online everyday

• 73% primarily access the Internet from home, 23% access from work

• 89% of online users have access to a Broadband connection

• 72% used email within the last 24 hours

• 75% use either Google or Yahoo! as their primary search engine*

As the Internet grows, advertising dollars are following consumers

online…

Online Ad Spending

More and more companies use the Internet as an advertising resource. Online ad spending is projected to hit $25.7 billion in

2009.

168% Increase

2004 2009

eMarketer, December 2008

145 Millio

n

25.7 Billio

n

9.6 Billio

n

Online Ad Spending

eMarketer, December 2008

• Online ad spending is projected to hit $25.7 billion dollars in 2009 – A growth of nearly168% over 2004!

• Local online advertising spending is expected to continue to grow through 2011

-Key advertising segments will continue to be the big three classified sectors:

Automotive Recruitment Real Estate

The

Internet is approaching

10% of worldwide

adspending

Research Resources

Where are people looking for rental housing?

10%

33%

49%

51%

54%

90%

0% 20% 40% 60% 80% 100%

Property

managers/doormen

For rent signs

Friends/ family

members/colleagues

Free rental

magazines/guides

Newspapers

Internet/Web sites

Apartments.com Research Study, Frank N. Magid Associates

Renters Prefer the Internet

Majority of people prefer the Internet for rental and moving information when compared to other sources

Is the mostuseful source

Is the easiestto use

Offers informationnot available

elsewhere

Has the mostup-to-date

listings

9%

12%

11%

5%

10%

10%

10%

29%

78%

77%

74%

63%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Internet

Newspapers

Free RentalMagazines


The Internet Prospect

• Wants and expects quick access to information

• Tours your rental home online

• Gathers more information than with any other medium = highly qualified

• Narrows down choices to their top home listings

• Very close to making a decision

You should contact prospects immediately!

How Renters Find You Online

• Internet Listing Services

• Local Web Sites

• Newspaper Web Sites

• Keyword Search on Search Engines

• Banner Ads & Other Interactive Media

Internet Listing Services

• In researching their move, most search online by:– Location

– Size/Square Footage

– Pricing

– Homes Features & Amenities

• Narrowing a search helps qualify a property to potential renters

Who Are They?

www.RentalHomesPlus.com www.HomeRentals.net www.Rentals.com

Local & National Web Sites

• Partner with Web sites to target prospects researching home rentals in your area

• Some examples include:

– Yahoo! Real Estate

– AOL Real Estate

– MSN City Guides

– HotPads.com

– Hello Metro Network

Expand your online exposure with local and national Web site partnerships

Source: The Media Audit

Newspaper Web Sites

• 54% of consumers who look for local or community information online use newspaper sites*

• Traffic to newspaper Web sites grew by nearly 7.3 million in 2008 to 67.3 million visitors, an increase of 12.1% over 2007**

• Research unique mediums to drive local traffic to your online ads

Broaden your online exposure through newspaper Web sites

*The Media Audit**Newspaper Association of America

Keyword Searches

• Search engine users conduct approximately 12 billion searches monthly*

• Google and Yahoo! are the primary search engines for more than 75% of all online users**

• 90% of those conducting searches do not go beyond the first page of search results***

• Internet listing services invest significant marketing dollars to drive qualified traffic to your online ad

*comScore Nov2008**@Plan Spring 2009***DM News

Keyword search criteria

Sponsoredsearch results

Natural search results

• ILSs spend millions of dollars on search engines (e.g. Yahoo!, Google) to place in the #1, 2 or 3 position for keyword search results

• Advertising with an ILS means it foots the bill of bringing prospects to your listings via search engine marketing

Sponsored vs. Natural Search

Banner Advertisements

• Graphical promotion used on Web sites as a form of advertisement

• First banner ad appeared in 1994

• Banner ads can be sold in one of three ways:

- CPM: cost per 1,000 impressions

- PPC: pay per click

- PPA: pay per action/lead

• ILSs allocate advertising budget to purchase banner placement on various Web sites driving traffic to their site and leads to your inbox

Multiple Research Resources

When looking for rental homes on the Web, approximately 84% of renters use more than one online source to research

0% 20% 40% 60% 80% 100%

1 Web site

2 Web sites

3 Web sites

4 Web sites

5 Web sites

Few single site loyalists


Internet Lead Management


??Approximately what

percentage of Internetleads do not ever receive

follow-up?

A. 1%B. 40%C. 10%D. 90%E. All Internet leads receive follow-up!

Answer: ???


??Approximately what

percentage of Internetleads do not ever receive

follow-up?

A. 1%B. 40%C. 10%D. 90%E. All Internet leads receive follow-up!

Answer: B

*Apartments.com Advertiser Shop 2008

• Most Internet leads are delivered to you by phone, email or as a walk-in (i.e. open house)

• Phone – Advertising sources should provide toll-free phone number so contacts can be tracked

• Email – Advertising sources should provide the option of sending your leads via email or fax

Types of Internet Leads


• Rental prospects contact you directly from your number or toll-free numbers Internet listing service Web sites provide

• Why is this lead important to you?– This prospect is specifically

interested in your rental home and is calling to talk to you directly

– Toll-free numbers that Internet listing services provide are trackable

– Allow you to accurately gauge the success of your Internet advertising

Telephone Lead


• Rental prospects can send an email lead directly from your Web site or an Internet listing service to the leasing agent to express their interest

• Why is this lead important to you?– This prospect is online and has

toured your listing

– By sending an email lead they have expressed interest and are now ready for more information

Email Lead

Act fast and respond!This prospect is most likely still online and engaged!

Other Types of Internet Leads

• Interactive maps and driving directions should be provided to rental prospects to locate your rental home

• Why is this lead important to you?– Rental prospects who request

driving directions to your property are most likely going to visit in person

– Although you may consider this type of lead a walk-in, remember to ask where the rental prospect found your ad so you can appropriately track the source

Driving Directions


• A formatted, printer-friendly brochure that allows rental prospects to access information about your listing offline

• Why is this lead important to you?– Rental prospects who use

printable brochures have immediate access to your listing’s information including phone number and driving directions

– 97% of printable brochure users plan to contact the leasing agent at a later date and time*

Printable Brochure

Apartments.com Printable Brochure study, January 2004


• Prospects show interest in a particular listing by clicking to find out more about the rental home from the management company Web site

• Why is this lead important to you?– While researching home rentals,

prospects will look to additional resources to find out more information about listings that peak their interest

– It is likely that this rental prospect will become a phone, email or open house lead in the near future

Link to Management Company

Why Internet Leads Contact You

Get more information

Arrange a tour

Ask about available units

Verify the information found on Web site

Get in touch with a human being

Get directions

Discuss price

0% 20% 40% 60% 80% 100%

There are many reasons Internet leads contact your property. Have sufficient information available to answer your prospects’ questions.


Internet Leads Are…

• Automatically sent to you within minutes of a rental prospect choosing your listing online and requesting to be contacted

• Delivered via various mechanisms (e.g. email, fax, phone) to designated recipients

• Full of contact information on the prospect who has specific interest in your rental home

Act fast and respond before your competition!Follow-up and sign the lease!

Now you know HOW and WHY Internet leads contact your property…

What’s next?


• 26% responded within 2 hours

• 52% responded within 24 hours

• 63% responded within 1 week

Don’t let your highly qualified Internet leads become another statistic!

RentalHomesPlus Internal Reporting, May 2007

During a RentalHomesPlus.com secret shop, of all the email leads sent to advertisers…

Important Lead Information

• Lead forms contain valuable information

– Contact information

– Move date

– Desired amenities “Hot Buttons”

• Leasing agent then knows…– How to contact the prospect

– Interest level of prospect

– Features or amenities that attracted them to your home

• Allows you to reinforce the home’s features, personalize the sales pitch to the prospect’s preferences and GO FOR THE CLOSE

Internet Lead Response

• Internet leads desire IMMEDIATE feedback– Contact prospect within one

hour and no more than 24 hours

• Don’t miss an opportunity!– Check email and voicemail

regularly

• Rental prospects are probably still online– Walk them through your online

ad– Schedule an appointment to

show it in person

Phone Follow-Up

• Schedule staffing according to your phone traffic patterns• Record a detailed outgoing message about your rental

property

– Include open house date/times, management company office hours, Web site, etc.

• Obtain as much information from the prospect as possible

– Don’t forget to ask for their email address• Be sure to answer all of their questions completely• Conduct staff trainings on proper phone etiquette• Follow-up! Follow-up! Follow-up!• Track all phone calls as traffic

The Basics

Phone Follow-Up

Your four most important objectives on the telephone are…

1. Build rapport and qualify your future resident- Be friendly and knowledgeable on every phone call

2. Conduct a needs analysis- The more information you have, the more you can tailor your listing’s features to rental prospects. Ask probing questions to get essential information friendly and knowledgeable on every phone call

3. Get contact information- Don’t hang up until you have the prospect’s full name, phone number, email address, move date and rental requirements.

4. Extend an invitation to visit your community- Don’t be afraid to be aggressive and invite the rental prospect to tour your property

- Offer specific dates and times that are convenient for the prospect’s schedule

Phone Follow-Up

Know the common objections that rental prospects most often vocalize in telephone presentations and be prepared to overcome

each specific objection!

Consider the following:

– What are some reasons rental prospects do not commit to an appointment over the phone?

– What are some reasons that rental prospects do not find your listing a good fit?

– How do you overcome these objections?

Overcoming Objections

Email Follow-Up

• Email is the second most common direct communication method Internet prospects use to show a property they are interested

• Rental prospects who send email leads are online and engaged

• Every email deserves a thorough, tailored and well written response!

The Basics

Email Follow-Up

The Basics

In every email response, be sure to:

• Thank the sender for their interest in your property

• Answer all questions with specifics about your property

• Highlight any pricing specials and unique amenities/upgrades to the home

• Invite the sender to make an appointment for a showing and tour your property

• Notify prospect of any upcoming open houses

• Include all contact information (address, phone, fax, email) in closing

Email Follow-Up

The Basics• SPELL CHECK

• Respond by email if a prospect contacts you by email

• Include a relevant subject title to ensure the email is read

• Keep message brief with:

- 2-3 key marketing statements

- Direct answers to questions

• Include brief signature with contact information

• Follow up within 1 hour or sooner

• Set the expectation that you will call if you do not hear back from initial email or phone call follow-up

• Avoid key “SPAM filter” characters and phrases: Free,Urgent, Offer, multiple exclamation points (!!!), CAPS, excessive links

Email Follow-Up

Emails That Sell

Make sure your emails prompt people to think and take action!

Instead of…

Our bungalow is so spacious, you can fit anything inside.

Try…

With 1,200 square feet of living space, our bungalow on Spring Street provides ample space for you and your favorite things.

Be Believable

- Important to be believable and sincere

- Avoid driving rental prospects away by over exaggerating

Email Follow-Up

Instead of…

Your pets shouldn’t be a problem with the homeowner.

Try…

The homeowner welcomes all dogs under 50 pounds and invites you to check out the nearby dog park, it’s only 2 blocks away.

- Use simple and direct language to answer questions

- State restrictive policies such as no-smoking or no-pets up front

Emails That Sell

Make sure your emails prompt people to think and take action!Be Direct

Email Follow-Up

Instead of…

I just showed this rental property yesterday. It offers so many amenities, I know you’ll love living here.

Try…

I see you are interested in an exercise room. Our listing’s recently renovated basement features state-of-the-art exercise equipment and a neighborhood trainer to help you get the most out of your workouts.

- Pay attention to all information provided in the prospect’s email

- Tailor email response to the specific needs of the home renter

- Be thorough with responses

Emails That Sell

Make sure your emails prompt people to think and take action!Be Informative

Email Follow-Up

Instead of…

So when you have some time, come visit our open house this Sunday. It’s open from 10AM – 4PM.

Try…

This listing is likely to go fast. We have an open house scheduled this Sunday but I’d like to get you in for a quick tour beforehand if you’re interested. How is this Wednesday at 5:30PM?

- Sell the unique features and upgrades to your listing in email

- Persuade the prospect to take the next step and schedule a showing to see your property

Emails That Sell

Make sure your emails prompt people to think and take action!Be Persuasive

Email Follow-Up

Instead of…

Got your email lead and am really busy right now. The rental on North Ave is available. The owner allows dogs. When can you see it?

Try…

Thank you for your email. The four bedroom rental on North Ave that you inquired about is still available and I would love to show it to you. The property features an extensive backyard and the owner welcomes dogs, I am sure your Golden Retriever will love it!

- Tone in email is just as critical as the information you include

- Smile when responding to an email inquiry

- In a rush? Revisit when you are less frenzied and more focused

Emails That Sell

Make sure your emails prompt people to think and take action!Be Nice

Effective Internet Follow-Up

• Be familiar with your online ads– Respond easily to prospects’ questions

– Walk online renters through your ad

– Get feedback from people who have seen it

• Follow-up in the manner the prospect contacted you• Respond to leads within 1 hour and attempt to contact at

least 5 times• Use additional follow-up vehicles: e-cards, social invites,

social networking Web sites, newsletters/e-newsletters, flyers, postcards, thank you cards

• Create a system to ensure follow-up and tracking of lead source

Maximize the Effectiveness of Your

Ad

Make Your Ad Appealing

Amenities & Upgrades

• Your ad appears each time your listing meets the renter’s criteria and amenity choices

• Stand Out: Choose amenities that highlight the home’s BEST and more UNIQUE features

• Recent renovations? Keep prospects informed of any updates that have been made to the home

Managing Your Online Ad

• Online updating tools are offered by most Internet listing services

• Make changes to your online ad through the ILSs’ manager center tools

• Make changes to pricing, deposit, amenities, property description, driving directions and more!

Online property updater tools provide immediate access to making changes to your ad

Online Advertising

Assume the Sale

• Internet leads are “ready to purchase”

• Have likely already viewed your property’s photos online

• Have made educated decisions throughout the process

• The “physical” product of listings they have selected are likely the same

• The “intangible” product will differentiate your property through emotional appeal

• The Internet will never replace you – people will still be a part of the selling equation

Recommended Next Steps

In the next three weeks you should:

• Review your ad online and make necessary updates

• Conduct training for your entire staff

• Implement an incentive plan for following-up on Internet leads

• Share this handout with your entire staff

• Consider adding supplemental marketing to support your online ad

• Install a tracking system and start to calculate your results

Get Your Colleagues Up To Speed!

What You’ve Learned

• How the Internet is shaping the advertising marketplace

• Ways in which individuals use the Internet to search for home rentals

• Effective follow up techniques to convert Internet leads to leases

• Tracking and evaluating your online marketing activities

• Maximizing the effectiveness of your ad

You’ve learned…

Thank You!

internet advertising 101 presented exclusively for the national association of residential property...

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