Clearing the Air: Smoke-Free Apartments

by Matt DiChiara, My New Place

When renting an apartment, one usually feels as though they are free to do as they wish, as long as it is within the bounds of reason, legality and the terms of their rental agreement.

Whether renting an apartment or owning a house, everyone wants to feel like the king or queen of their respective castles. Smoking, however, is a contentious subject; should one be allowed to smoke in his or her own apartment?

According to a recent article in Units Magazine, apartment owners are favoring a more restrictive policy when it comes to smoking and are seeing happier tenants and a higher demand for their smoke-free apartments as a result. A survey done by the Portland-Vancouver Metro Area Smokefree Housing Project found that 75% of renters prefer smoke-free apartment buildings and half would pay more for smoke-free communities. Read the rest of this entry »

Posted by Kim Ezzell on 08.10.2008. CLICK to Leave a Comment »

Filed under: AAOA Forum, Marketing Vacant Units

26 Million to Use One Big Classified Section

by Matt DiChiara, MyNewPlace.com

In 2008, there will be, at the absolute minimum, almost 26 million people looking for an apartment online. We have tabulated this figure from the fact that there are 37 million rental apartments and houses in the United States, according the U.S Census Bureau.

An overwhelming 88% will seek another rental home this year, according to a study by Apartments.com. We combined this information with an independent study conducted by Compete, Inc. for MyNewPlace, which found that 79% of potential renters use the Internet for their search.

The Internet has become a reliable resource for people to begin their search for an enormously important decision in their lives, namely, finding a place to live. If 26 million people are using online resources to inform their decisions and choose apartments, it is absolutely necessary for apartment management companies to have user-friendly, updated and effective websites. Read the rest of this entry »

Posted by Kim Ezzell on 08.07.2008. CLICK to Leave a Comment »

Filed under: AAOA Forum, Marketing Vacant Units

Sunny With A Chance of Naked

by Matt DiChiara, MyNewPlace

We noticed that a certain rental property, ‘Arbors at Branch Creek‘ had aroused some marked interest in the past few days; organic traffic to those apartments for rent has skyrocketed in the past few days. We wondered what was at the heart of all this commotion.

Apparently, ‘Arbors at Branch Creek’ is now called ‘Eden’ and has a whole new swing in its step. The upscale apartment complex in Tampa, has just stripped down their image with a brand spanking new policy.

The Eden apartments encourage their residents to “shed more than their inhibitions as they enter the gates of Eden.” By offering a European-style clothing optional swimming pool, Eden hopes to become a luxury condominium community that puts no restrictions on the lifestyles of its residents. Read the rest of this entry »

Posted by Kim Ezzell on 08.02.2008. CLICK to Leave a Comment »

Filed under: AAOA Forum, Marketing Vacant Units

Developing a Comprehensive Online Marketing Strategy

(Excerpted from Multifamily Marketing in the Internet Age, by John Helm) 

The Internet has become the most trusted and effective method for renters to find information on rental properties. 

With nearly 70% of U.S. households using the internet and leading managers reporting over 50% of their lead and lease activity coming from online sources, it is essential for any multifamily owner or manager to develop a comprehensive online marketing strategy.  

Components of a Good Strategy 

With all of the options open to a multifamily marketing professional today, how do owner/managers craft an online strategy that ensures they are spending their advertising dollars in the most effective manner?   

The best strategies will have the following elements:  Read the rest of this entry »

Posted by Kim Ezzell on 06.09.2008. 1 Comment »

Filed under: AAOA Forum, Marketing Vacant Units

What Renters Want to See in an Internet Listing

When listing a property on an Internet Listing Service, there are several ways to maximize the attractiveness of the listing. Customer research (from the Compete study as well as internal MyNewSite data and user surveys), indicates that the following items are the most important to a renter:

Photos

Properties that display photos are viewed three to five times more frequently than those lacking photos. Renters often will not even look at a listing that does not have photos. Interior photos are one of the biggest requests from renters on MyNewPlace.

Floor Plans

Good-quality floor plans are also a must. Some sites have introduced furniture arrangers that work in concert with floor plans; however, this technology is so new that there is little data on its ROI.

Detailed Rents and Availability

Some management companies do not like to display their actual rents. However, renters demand it. They become frustrated if all they see is a broad range or are forced to call the property. By not displaying actual rents by unit type, managers risk losing potential prospects. Today, many owner/managers use services like VaultWare or OneSite’s Crossfire product to display actual rents and provide a reserve-a-unit function. Feedback from renters on these products is very positive: VaultWare reports that 12 percent of renters on MyNewPlace who use the unit availability function on MyNewSite through VaultWare end up reserving a unit at the property. These are highly qualified prospects that close well above the industry average.

Maps

As the old adage goes, real estate is about “location, location, location.”  Apartment buildings are no different. Renters want to see a building’s location on a map, and if they can get driving directions or see locations of nearby schools or bus lines, so much the better. This is especially important for the roughly 28 percent of online apartment hunters who are looking in a new city or state.

Specials

Everyone loves specials. Even a small special, such as waiving the application fee for people who contact the property via email or reserve a unit online, gets results. On MyNewSite, we have found that properties that offer a higher rebate increase their click-through rate (clicks to view that property’s detailed information) and leads by over 100 percent.

Featured Property Listings

Most ILS’s also offer a way to buy your way to the top of a search result, often called a “Featured Property.” These positions are limited and usually sell out in popular markets as they typically increase traffic by two to three times. These promotions, which typically cost anywhere from $150 to $400 a month, can give a significant boost to leasing efforts. Featured property listings typically increase viewers and leads by two to three times.

Number of Vacancies

Property managers should evaluate the number of vacancies, turnover rate, and how much exposure/how many leads are necessary to fill vacancies.  Once this is determined, property managers can decide what Best Practices should be used in order to have desired occupancy.

Submitted by MyNewPlace.com, an online marketplace for apartment rentals, featuring a free-to-use apartment finder and a database of over six million listings. To learn more about how to optimize your Internet listing service, visit www.mynewplace.com.

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Posted by Kim Ezzell on 06.02.2008. CLICK to Leave a Comment »

Filed under: AAOA Forum, Marketing Vacant Units