In the event of an acquisition or management takeover, thoughtful planning and organization pave the way for a smooth transition.
To keep your marketing team from being left in the lurch, consider the advice and suggestions that were shared during our latest #AptChat, guest moderated by Lori Valenti Webb, Director of Marketing for Lennar Multifamily. (Click on the links to jump straight to a specific question.)
- Q1: What are some of the most important marketing considerations to keep in mind before/during/after a property acquisition?
- Q2: Is there an ideal schedule for when you need to complete certain marketing tasks? How do you approach/manage that schedule?
- Q3: What are some things you can do to make the transition go as smooth as possible (from either side of the transaction)?
- Q4: Thinking digital, how do you leverage anything that was working well (reviews, SEO, social, etc.)? What are some tips here?
What are some of the most important marketing considerations to keep in mind before/during/after a property acquisition?
Lining up all of your material in an organized way. Create a dropbox folder; know what is proprietary and what will be shared. #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
There may be a lot of material left over (collateral, promotional) determine if the new company could use this. Nice gesture! #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@LoriValentiWebb This is nice! But also have to consider brand integrity if mgmt co. names/logos are on collateral#AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
@Marketing_Mommy true- this is only if everything will remain the same except mngmt co.
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@AptChat We use smartsheet to compile all info. All digital assets; photography, etc. Websites; social media; and other things like Engrain
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
A1: Don’t forget to request access to social media accounts/pages. #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
@AptChat Sure! You won’t get it if you don’t ask. Most companies I’ve worked with on takeovers have been very helpful and willing to share
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@AptChat Not always- it can be a great project to reinvent the brand. Depends on the overall objective for the acquisition.
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@AptChat Have a game plan that is open enough for adaption – things are going to come up, so flexiblity is a must #aptchat
— Heather Blume (@artchickhb) October 18, 2016
@AptChat dates pushed back, reputation slams during the transition, etc. all standard stuff, but people don’t leave breathing room #aptchat
— Heather Blume (@artchickhb) October 18, 2016
@artchickhb @AptChat Don’t forget the staff. Change is scary 4 them. They need to feel safe & information overload happens easily #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
@Marketing_Mommy @artchickhb @AptChat So true. Are you typically keeping in-place teams or using your current employees?
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@LoriValentiWebb @artchickhb A combination. Put tenured company associates on new site & move newbies to stable asset to train. #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
@LoriValentiWebb @artchickhb cont…But that’s not always do-able when there aren’t sister sites in a market. #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
A1: Talk 2 current team & ask ?’s in case they don’t stay on.They know the site best. (Biggest objections, best traffic source,etc.)#AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
Is there an ideal schedule for when you need to complete certain marketing tasks? How do you approach/manage that schedule?
Research your market before heading in; any new businesses; comp info. #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@LoriValentiWebb Yes! Market studies can be done ahead of time. Shop the comps, order new collateral, line up advertising plans #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
We use smartsheet or basecamp to manage dates. A good divisional call to lay out dates is beneficial. #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
We also keep regular weekly calls, including all divisions, to go through action items and deliverables during takeover/acq/dispo.. #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@LoriValentiWebb Those transition checklists are pretty robust, huh? 😉 So many moving pieces. Fun though! #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
What are some things you can do to make the transition go as smooth as possible (from either side of the transaction)?
@AptChat Communication between all parties. Knowing who the players are and their contact info…
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
A3: Be organized & willing 2 share data w/ new owner/management company. We do the industry a disservice when we don’t work together#AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
are you all encountering that most companies offer stay-on bonuses? Are you ever in situations where team members have left? #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@LoriValentiWebb I’ve seen most offering stay bonuses (nice ones, at that) during a sale. Not seeing it when it’s just a mgmt change#AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
@LoriValentiWebb yes but yes. I’ve seen folks leave esp.if sale drags out in fear of being out of a job v. value of sale bonus. #aptchat
— Stephanie Oehler (@StephanieOehler) October 18, 2016
Thinking digital, how do you leverage anything that was working well (reviews, SEO, social, etc.)? What are some tips here?
@AptChat ANYTHING working well has to be capitalized on. Have 2 get access 2 those digital platforms so we don’t start from scratch #AptChat
— Kristi Fickert (@Marketing_Mommy) October 18, 2016
@AptChat Learn as much as you can about the programs that are working, and determine if they fit in your budget. Keep up with what works!
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@AptChat @LoriValentiWebb since notice was likely given by prev. mgmt/owner- get in touch fast to avoid losing placement/momentum. #aptchat
— Stephanie Oehler (@StephanieOehler) October 18, 2016
Important to communicate changes to residents. They need to be looped in to new programs, policies, etc. #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
@AptChat @LoriValentiWebb an intro letter w/ pics of new team members/pics & mention of who stayed helps mitigate resident gossip. #aptchat
— Stephanie Oehler (@StephanieOehler) October 18, 2016
Some good communication tools: Active Building; resident blasts, FB updates; Mailchimp; holding a resident event to meet new team #AptChat
— Lori Valenti Webb (@LoriValentiWebb) October 18, 2016
Special thanks to Lori for being our guest moderator this week. You’re welcome back any time!
Our next #AptChat is slated for Tuesday, October 25, 2016 at 12 pm Eastern. We’ll be discussing philanthropy and social good, and how apartment companies can make a difference in the community. In the meantime, be sure to sign up for #AptChat updates to get these recaps and more delivered straight to your inbox!
