The #AptChat crew was attending the NAA Student Housing Conference this week, but that didn’t stop us from another awesome Apartment Chat.
The topic? Marketing reports, key metrics and benchmarks, and how we get better at communicating the value of our marketing efforts.
Here are just a few of the highlights from the discussion.
Be sure to check out the conversation about cost per lead and cost per lease. Do you standardize your budgets around one set cost per lead, or do you adjust your numbers based on the rents you’re getting? There were a number of other super interesting tangent conversations this week about ILS pricing and more … dig into the full stream if you want to catch up on those topics.
(Hit the links to jump straight to a specific question.)
- Q1: What are the most important metrics that you focus on for your apartment marketing? Which matter more now than 2 years ago?
- Q2: Are you tracking marketing cost per lead and cost per lease? By source, all in, or both? What is a good cost per lead for you?
- Q3: How do you define a lead or a piece of traffic? Do your vendors use the same definition? Do your comps?
- Q4: Which reports do you struggle with getting accurate data? Any that you’re still compiling manually? What’s still missing?
- Q5: Who are you reporting to, and what do they care about? What is your process for taking action on the data you’re collecting?
What are the most important metrics that you focus on for your apartment marketing? Which matter more now than 2 years ago?
@AptChat Cost per lead/lease, traffic conversion (phone/email–>WI), google analytics, #doesanythingelsematter #AptChat
— Danielle C. Noel (@daniellecnoel) February 17, 2015
Micro conversions (clicks/subscribers/likes/engagement) are gaining more focus alongside tradtnl macro cnvs (calls/leads/leases) #aptchat
— Gary Magnone (@garyjmag) February 17, 2015
A1: Cost per lead. </drops mic> #onlymetricthatmatters #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
@AptChat A1: Cost per lease. Nothing else matters. #aptchat
— LonaPete (@LonaPete) February 17, 2015
A1.Used to be just traffic source-now we are hyper focussed on the referral source&their respective conversion rates on our website #AptChat
— Holli Beckman (@Apartmentalist) February 17, 2015
I'm big on tracking referral traffic source to my websites. Might be my fav metric <–#nerdalert #aptchat @StephanieOehler @ryanleecox
— Holli Beckman (@Apartmentalist) February 17, 2015
Are you tracking marketing cost per lead and cost per lease? By source, all in, or both? What is a good cost per lead for you?
@AptChat A2: Both cp lead/cp lease. But the bottom line is cp lease. I prefer my teams to not have hundreds of uq leads. #aptchat
— LonaPete (@LonaPete) February 17, 2015
We track cost per leads & cost per lease.I don't know that its the right metric bc there is a disparity in our rents.1BR $700-$2300 #aptchat
— Holli Beckman (@Apartmentalist) February 17, 2015
Q2A2 @AptChat When I was on the prop mgmt side, we did both lead and lease and by source. Reporting on it was a #nightmare. #AptChat
— Danielle C. Noel (@daniellecnoel) February 17, 2015
A2: We track both: Cost per lead, Cost per lease, and I'm playing around with Cost per impression. #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
@AptChat I know @ZRentalNetwork just went to a cost per lead. I think it's $10…does everyone think that's fair? #aptchat
— Holli Beckman (@Apartmentalist) February 17, 2015
@Apartmentalist we measure/track it, there just isn't one standard amt we're shooting for in terms of CPL across our portfolio. #aptchat
— Emily Prevost (@emilyprevost) February 17, 2015
@Apartmentalist is it's a qualified lead, I'll spend $10 all day #aptchat
— Emily Prevost (@emilyprevost) February 17, 2015
How do you define a lead or a piece of traffic? Do your vendors use the same definition? Do your comps?
A3 @AptChat Love this question!! Last company: Lead=phone/email; Traffic=Walk In; Our PM system defined it and reported correctly #AptChat
— Danielle C. Noel (@daniellecnoel) February 17, 2015
A3: I define traffic as someone who takes a tour. I don't care how vendors/comps define traffic. (interested to hear counter pt.) #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
@daniellecnoel I think you should have an "actual" cost based on your def. of traffic, not the vendors. cc: @StephanieOehler #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
@daniellecnoel I think you should have an "actual" cost based on your def. of traffic, not the vendors. cc: @StephanieOehler #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
Which reports do you struggle with getting accurate data? Any that you’re still compiling manually? What’s still missing?
@AptChat In my past life, ALL. We used too many systems that we had to match 1:1 – and not all was calculated the same across the board.
— Danielle C. Noel (@daniellecnoel) February 17, 2015
A4: Where they potential renter 'dropped off' and 'why'. The amount of factors that go into it are too diff. to control. #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
Q4. I'm going to a bunch of different source to reconcile data. My GA does not match my PMS & PMS software doesn't match ILS info #AptChat
— Holli Beckman (@Apartmentalist) February 17, 2015
For me — retention data and social-proof referral data would be really interesting. That's super nerd level but game-changer IMO #aptchat
— Ryan Cox (@ryanleecox) February 17, 2015
Who are you reporting to, and what do they care about? What is your process for taking action on the data you’re collecting?
[Crickets…]
Everyone was too busy talking about the data they get from their ILS partners at this point! Seriously … we’ll dive deeper into this in a future #AptChat.
There’s a TON to think about after this week’s conversation. What are the marketing metrics you’re focused on at your company? What else would you add to the conversation? Leave your thoughts for us in the comments.
Our next #AptChat will be Tuesday, February 24th 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!
