pma presentation 041912
TRANSCRIPT
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Social Media Strategy for the
Property Management Industry
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http://www.youtube.com/watch?v=H61WvxOm1AM -
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J U L I E C O N T O S
T H E J B G C O M PA N I E S
K AT H Y M A S T E R S O N
L C O R
A M Y W E E D O N
M E R R I C K T O W L E C O M M U N I C AT I O N S
Introduction
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Todays Agenda
7 social media tools
Strategy for 3 scenarios: lease-up, renovation/transition,
and stabilized
Best practices and potential pitfalls Promoting social media
Who is responsible?
Concerns Online reputation management
Justifying costs to owners and executives
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A Q U I C K L O O K AT T H E T O O L S
A N D T H E I R F U N C T I O N S
Social Media Tools
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Facebook
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Google+
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Twitter
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FourSquare
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YouTube
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Flickr
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Pinterest
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I N F O R M AT I O N V E H I C L E
C O N S T R U C T I O N U P D AT E S
P R O G R E S S P H O T O S
N E I G H B O R H O O D A C T I V I T I E S
T E A M I N T R O D U C T I O N SC O N T E S T S A N D P R O M O T I O N S
Lease-Up Strategy
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Progress Info
Show your progress and
engage your potential
residents. Ask what they
want to see then post
their photos.
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Updates
Property updates
Tour information
Neighborhood links
Business discounts and
announcements
Team info
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Cevallos Lofts
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CL Contest
Business engagement
Happy hours
Prizes and promotions
Build Facebook following
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Results
Fans doubled during promotion
Planned direct mail, grand opening and billboardall canceled due to strong traffic
Community was over 50% leased upon openingin January
Second promotion underway to continue the
engagement
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W H E N I N R E N O VAT I O N O R T R A N S I T I O N
B U I L D T R U S T W I T H R E S I D E N T S
C R E AT E A P O S I T I V E R E S I D E N T C O M M U N I T Y
L E V E R A G E C O M M U N I T Y T O G E T N E W R E S I D E N T S
Strategy
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The Monterey
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American Idol
Parties
Engage the residents inorder to repairrelationships damagedduring a long renovationprocess
Parties during Idol
Giveaways
Food and drink
Voting and promotion
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American Idol Resident Event
0
10
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5/1/09
5/2/09
5/3/09
5/4/2009-Em
ail-AIinvitation
5/5/2009-Even
t-AmericanIdol
5/6/09
5/7/2009-Email-AIwinner
5/8/09
5/9/09
5/10/09
5/11/2009-Email-AIinvitation
5/12/2009-Even
t-AmericanIdol
5/13/09
5/14/2009-Email-AIwinner
5/15/09
5/16/09
5/17/09
5/18/2009-Email-AIinvitation
5/19/2009-Even
t-AmericanIdol
5/20/09
5/21/2009-Email-AIwinner
5/22/09
5/23/09
5/24/09
5/25/2009-Ema
il-MilitaryMovie
5/26/2009-Even
t-MilitaryMovie
5/27/09
5/28/2009-Em
ail-HHinvitation
5/29/09
5/30/09
5/31/09
Fan Views
Page Views
Unique Page Views
Photo Views
Page views peak
immediately following
the event.
Conclusion events are
driving the residents to
Facebook and giving
them something to talk
about.
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Leverage residentengagement to attractnew residents
Twitter
Facebook
YouTube
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Karaoke Contest
Residents vs. Prospects
Polls and contests
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Facebook Interaction
Page views are starting to
spread out more throughout
the month, rather than focused
on the event cycle.
Conclusion people are
engaging and using
Facebook.com even beyond thevoting contests.
0
50
100
150
200
250
9/1/2009-Email-HHreminder
9/2/2009-Event-Karaokehappy
9/3/2009-HHvideo
sposted
9/4/2009
9/5/2009
9/6/2009
9/7/2009
9/8/2009
9/9/2009-Email-HHwinner
9/10/2009
9/11/2009
9/12/2009
9/13/2009
9/14/2009
9/15/2009-Email-HHreminder
9/16/2009-Event-Karaoke
9/17/2009-HHvideo
sposted
9/18/2009
9/19/2009
9/20/2009
9/21/2009
9/22/2009
9/23/2009-Email-HHwinner
9/24/2009
9/25/2009
9/26/2009
9/27/2009
Fan Views
Page Views
Unique Page Views
Photo Views
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Results
Event attendance grew from 70 to 170 over the
course of the summer
Promotion was suspended after first month due
to social media and word-of-mouth taking hold
Social media interaction took place from bothresidents AND prospects - building a sense ofcommunity
Lease-up pace increased to bring the buildingback to full occupancy (from the mid-80s)
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W H E N S TA B I L I Z E D
C R E AT E A S E N S E O F C O M M U N I T Y
R E S I D E N T R E T E N T I O N
U S E R E S I D E N T S T O S E L L T O P R O S P E C T S
S H O W C A S E T H E A R E A
Strategy
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The Blairs
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Negative Posts
They are talking about
you. At least this way you
know and you can
respond!
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Results
More communication between residents
Management learned about resident concerns toaddress them more quickly
Opportunity to sell the neighborhood to existingand new residents
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B E S T P R A C T I C E S
P I T F A L L S
P R O M O T I O N
R E S P O N S I B I L I T Y
Maximizing Your Social Campaign
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Best Practices
Engage with residents and prospects to create excitementabout living at your property.
Post relevant content about the property and local area.
Social media is real-time, so be prompt in responding tocomments or questions.
Use names when responding to a comment.
Thanks for asking, Ashley. Yes, the pool will be open on Memorial
Day. Dont forget the SPF!
Use 1st person pronouns to be more friendly.
(YES) We planted new flowers this week. Spring is in the air!
(NO) Ashburn Apartments planted new flowers this week.
f ll h d
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Caution: Pitfalls Ahead
f ll h d
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Caution: Pitfalls Ahead
Spelling and grammar. Always proofread.
ALL CAPS = SHOUTING!
Use a professional yet friendly tone. Do not write the
same way you might on your personal Facebook page.LOL, CUL8R, and BRB arent appropriate.
Fair housing applies on social media.
Ex. Happy Holidays instead of Merry Christmas.
Dont be controversial or take sides on any issues. Political elections
Super Bowl
Hunger Games: Team Peeta vs. Team Gale
C i i f ll h d
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Caution: Pitfalls Ahead
Social media creates a public image to prospects of whatlife is like at your community and what the neighborhood
offers. In this sense, it is a passive sales tool.
However, social media is not the appropriate forum to
sell apartments. Do not post specials, rents, or vacant
apartments on Facebook. This is not an overt sales tool.
Residents are on social media and may get upset.
For example, for an Open House: DONT promote the Open House special for prospects.
DO promote a resident referral fee and Open House dates/times.
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Which of these
two examples is
the most effective
method of
promoting an
Open House on
social media?
P i S i l M di
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Promoting Social Media
How do I make friends? I want LIKES! Pleeeaasse like me!
Chicken or the egg? Great content helps increase likes.
You need likes in order to validate spending time and
money on maintaining the page and creating the content.
P i S i l M di
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Promoting Social Media
Social media logos on all marketing materials
Residents flyer, newsletter, move-in packets
Prospects ads, brochure, flyer
Outlook signature Contests raffle for gift card
eBlast residents and prospects asking to like
Like other places in your neighborhoodex. local restaurants, shops, etc., and tag
them in posts. They may like you in return.
P i S i l M di
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Promoting Social Media
First goal is to obtain 25 likes, at which point you cansubmit for a username link to create a custom vanity URL.
Which URL would you rather type?
facebook.com/pages/Fairway-Apartments-Reston/209020582461779
facebook.com/FairwayApartments
Ad ti i S i l M di
http://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartmentshttp://www.facebook.com/FairwayApartments -
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Advertising on Social Media
Purchase pay-per-click banner ads on Facebook
Target geographically, by age, lifestyle interests, and can
exclude anyone who already likes your page.
Ad examples below range from $0.63 to $0.77 per click. Set a monthly budget cap (ex. $50).
Click-thrus can be programmed to go either to your
Facebook page or website.
Wh I R ibl ?
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Who Is Responsible?
On-Site Team PROS - Knowledgeable in resident events (ex. pool party) and property
activities (ex. spring flowers planted).
CONS Needs to set aside time for daily/weekly posts. Potential quality controlissues (ex. typos) or posts not on message for meeting social media goals (ex.inappropriate content).
Marketing Department PROS Understands the value of social media and importance of being on
message.
CONS Could be a full-time job for portfolio-wide implementation.
Outsource PROS Experts, who understand the value of social media and know where to
find good content.
CONS Budget expense. Needs to be informed of property activities andevents.
C
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Concerns
What will people say on my socialmedia page?
With the transparency of socialmedia, residents and prospects
tendnot
to post negative content,because it is notanonymous.
Review sites, such asApartmentRatings.com, often havenegative reviews because they can
be anonymous. However, you can take precautions
to prevent negative feedback onsocial media.
C
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Concerns
On Facebook, in the manage permissions tab, restrictage to adults only, block comments with certain words(ex. mice or roach), and set the profanity blocker on high.
O li R i M
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Online Reputation Management
Residents post online reviews and prospects make leasingdecisions based on ApartmentRatings.com, Yelp.com, and
Google.com/places.
Monitor these sites.
Property Managers should respond to negative reviews to
demonstrate their responsiveness and customer service.
Encourage happy residents to post positive reviews.
Hire a reputation management vendor to syndicatepositive content from resident surveys to these sites.
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HOW DO YOU CALCULATE SOCIAL
MEDIA ROI
BENEFITS OF SOCIAL MEDIA
JUSTIFYING COST TO OWNERSAND EXECUTIVES
What is the ROI of Social Media?
Wh i ROI?
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Return on Investment Lots of People are Talking About It
What is ROI?
In 2010, the term Social
Media ROI presented 2.5
million hits
In 2012, the term Social
Media ROI presented 2.5
billion hits
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What is ROI of
Social Media? Social Media has no cookie-cutter
ROI
What are the right questions to ask? What is the downstream impact of Social
Media engagement?
Can you afford NOT to communicate with
your customers?
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What is the Down Stream Impact of Social Media Engagement?
KPI (Key Performance Indicators) =
The Steps that Lead to ROI
ROI ( Return of Investment) =
Direct Sales or Direct Cost Savings
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Mobile Pet Spas MS Charity Walk
Promoting a Sense of Community
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Food Truck Nation Block Party Selling the View
Pushing the Message
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AN INEX PENSIVE/IN-HOUS E WAY FOR
PROPERTIES TO MEASURE THEEFFECTIVENESS OF THEIR SOCIAL MEDIA
PROGRAM IS TO TRACK THE VOLUME OF
COMMUNICATION FROM TRADITIONAL
METHODS AS COMPARED TO NEWMEDIA.
One Final Note
Summary
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Summary
Today we have discussed: 7 social media tools
Strategy for 3 scenarios: lease-up, renovation/transition,and stabilized
Best practices and potential pitfalls
Promoting social media
Who is responsible?
Concerns Online reputation management
Justifying costs to owners and executives
Questions?
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Questions?