In case you haven’t noticed, there’s a renewed arms race rapidly taking shape between the major apartment advertising sites (typically called ILSs).
Zillow consumed Trulia. CoStar relaunched Apartments.com with a bang (and a Goldblum). Others are launching apps, acquiring sites and growing their distribution network, while up-and-coming sites like ApartmentList are testing completely new business models.
Not everyone is on board, though. More than a few people think the “traditional” ILS model is dying, or at least in need of a drastic overhaul. (Examples here and here.)
We decided to bring the debate to you with this week’s Apartment Chat. How are you using ILSs to advertise your properties? What can those sites be doing to better serve the consumer (and their advertisers)? You didn’t disappoint … here are just a few of the highlights from the discussion.
(Hit the links to jump straight to a specific question.)
- Q1: Are you using any ILSs to promote your properties? If so, what percent of your advertising budget goes to these sites?
- Q2: How do you decide when to bring on an ILS for a property? How do you decide which sites to use?
- Q3: Provide some constructive thoughts about the performance of ILSs like Zillow, ApartmentList, and Apartments.com.
- Q4: How do you manage data quality across your ILSs (and their distribution partners)? Do your ILSs do enough to tie into your property management software?
- Q5: ILSs are attacking each other about things like site traffic claims. What are your thoughts on this practice? Does this affect who you work with?
- …plus a bonus question!
Are you using any ILSs to promote your properties? If so, what percent of your advertising budget goes to these sites?
@AptChat varies by property and market, but spending about 25% of ad budget on ILS listings. #aptchat
— Emily Prevost (@emilyprevost) March 3, 2015
@apartminty based off historical spend used before my time. I HATE it. Trying to reduce it by showing results from better sources. #aptchat — Emily Prevost (@emilyprevost) March 3, 2015
@AptChat yes, up to 20% of our budget #aptchat. Expenditure on ILSs has been decreasing year by year #AptChat
— Eric Dainton (@EricDainton) March 3, 2015
A1 Definitely still using a number of ILS both direct and syndicated, but our focus/budget for them is slowly declining #aptchat — Gary Magnone (@garyjmag) March 3, 2015
% of spend really varies company to company. For sample, Revenue Managment software is a marketing expense here at JC Hart. #AptChat
— The Apartment Nerd (@theaptnerd) March 3, 2015
How do you decide when to bring on an ILS for a property? How do you decide which sites to use?
@AptChat A2: Simple. Google “Apartments MY CITY” if new ILS is invisible we generally won’t use #AptChat — Eric Dainton (@EricDainton) March 3, 2015
@IIIWoodD paid search is our #1 priority. We max out those budgets based on search volume #aptchat @Apartmentalist @EricDainton
— Emily Prevost (@emilyprevost) March 3, 2015
The game is so different now that I can’t even answer Q2. #AptChat — The Apartment Nerd (@theaptnerd) March 3, 2015
Q2. Some partners require an ILS on our lease-up deals. The “everybody else is doing it’ mentality. #AptChat
— Holli Beckman (@Apartmentalist) March 3, 2015
@AptChat Q2 – ILS site traffic in that property’s zips #aptchat — Emily Prevost (@emilyprevost) March 3, 2015
Domu here in Chicago works well in bringing in leads and driving traffic to our website. #aptchat
— D Wood (@IIIWoodD) March 3, 2015
Provide some constructive thoughts about the performance of ILSs like Zillow, ApartmentList, and Apartments.com.
@TamelaCoval @Zillow @ApartmentList @Apartments Zillow has been gangbusters for us with their Postlets service. #AptChat — Eric Dainton (@EricDainton) March 3, 2015
@AptChat Syndicating everywhere they allow. Seems Zillow & Trulia drive us the most leads from Postlets #AptChat
— Eric Dainton (@EricDainton) March 3, 2015
ILS management gamechanger for us. Hired VA from Philippines & trained him to update ILSs. Many still base results on last updated #aptchat — Eric Dainton (@EricDainton) March 3, 2015
@daniellecnoel we only use on a limited basis, but @ZRentalNetwork delivers the most leads in DC. All ILS on par for leases #AptChat
— Holli Beckman (@Apartmentalist) March 3, 2015
@30lines @daniellecnoel Agreed. I’m annoyed with http://t.co/dqBd5xtq35. They hijacked my properties and now I’m forced to meet with them. — LonaPete (@LonaPete) March 3, 2015
@daniellecnoel After hearing all the frustrations from renters, we created @apartminty. {Online locator} #AptChat
— Holli Beckman (@Apartmentalist) March 3, 2015
How do you manage data quality across your ILSs (and their distribution partners)? Do your ILSs do enough to tie into your property management software?
@AptChat Certainly. 1600 researchers, secret shoppers call properties& pull data from websites. — Jennifer Bohannon (@jbohannon) March 3, 2015
@AptChat @jbohannon It may be easy but it is time consuming. My schedule is already packed. It’s frustrating. #aptchat
— LonaPete (@LonaPete) March 3, 2015
@AptChat wish more ILS listed by unit and not just property. That’s why prospects like CL/Zillow -Zillow is changing though 🙁 #AptChat — Eric Dainton (@EricDainton) March 3, 2015
ILSs are attacking each other about things like site traffic claims. What are your thoughts on this practice? Does this affect who you work with?
@AptChat May not be the best course of action, but we look at Google Search rankings more than numbers an ILS gives me. #AptChat
— Eric Dainton (@EricDainton) March 3, 2015
@AptChat I think their is a classier way to handle this. We don’t let our teams attach their competitors…#AptChat — Danielle C. Noel (@daniellecnoel) March 3, 2015
What suggestions would you make for your ILS partners?
@AptChat Also, more qualifying questions in their contact forms for prospective resident. M/I date, beds requested, etc… #AptChat
— Eric Dainton (@EricDainton) March 3, 2015
@EricDainton @AptChat Prospects don’t want to fill that much out! I was just a prospect!! Sorry #AptChat — Danielle C. Noel (@daniellecnoel) March 3, 2015
@AptChat Stop diluting my leads! #aptchat
— LonaPete (@LonaPete) March 3, 2015
@daniellecnoel @AptChat ILS need to find a way to save that info for a prospect so they don’t have to fill out 20x #AptChat — Eric Dainton (@EricDainton) March 3, 2015
We didn’t even get to price/ ROI @StephanieOehler!! Definitely and ongoing conversation @AptChat #AptChat
— Holli Beckman (@Apartmentalist) March 4, 2015
This is clearly a topic that generates a lot of strong opinions — we’ll have to revisit it again throughout the year. How much of your advertising goes toward ILSs vs. other lead sources? What else would you add to the discussion? Leave your thoughts for us in the comments.
Our next #AptChat will be Tuesday, March 10th at 12pm Eastern … we’ll see you then. In the meantime, be sure to sign up for #AptChat updates to get these recaps and more delivered straight to your inbox!
