What is your advertising and tenant lead generation procedure?
Often Owner’s think that advertising is paid by the management company, when it is most likely charged to the Owner through a marketing fee, tenant placement fee, or startup fee lease up fee or some combination of the above. You will want to know what it is costing you to procure a tenant, to shorten vacancy times an all-out effort on the marketing front is valuable and warranted. For example, Real Property Management Hampton Roads posts our listings onto our website and over 50 other websites. Our Google and Yahoo search engine placement is very high. Additionally, we advertise on local websites targeting the most sought-after residents in our area as well as Facebook, and other social media.
Who pays for advertising?
Generally speaking the advertising cost is rolled into the set up or leasing cost of the management company. There are special circumstances that may require additional funding.
How do you prove your advertising is working?
Real Property Management Hampton Roads does a number of things to track the sources of our leads as well as the source that creates a signed lease. Also, our website and several of the other sites that we advertise on, track the number of clicks and views. Our system also tracks the number of showings and the number of applications received. So we can tell what advertising is working as well as any trends. For example, if we see that any one property is receiving a lot of calls, a lot of website views, and a lot of showings, but no applications, we know there is a problem. It is our job to identify that problem. Is it price or is it the junkyard across the street? It could be a number of things, but we utilize the data to determine what it is and what we can do to improve the lead-to-lease conversion.