Today you can track almost anything. With the onslaught of information, how do you know what’s really important? The MHN Executive Council looks at which data points are critical to them and how that helped them make business decisions.
Tech Trends
As a company that values innovation and utilizes technology to enhance the team member and resident experience, we are constantly testing new solutions. We are not only adept at establishing measurable KPIs but leaning on our team members to assess the effectiveness of a solution. This strategy stretches between both operations and marketing and has led us to confidently change office hours or team member roles to best serve our residents and discontinue products or services that didn’t drive conversions or save our team member’s time. —Diana Pittro, Executive Vice President, RMK Management
Estimate the Estimates
As costs for materials, labor, land and even financing continue to rise, we’re aggressively collecting and analyzing data on FF&E costs. We utilize and share this data with developers so project estimates can be accurately identified early on. We’re able to provide detailed data on both interior and exterior spaces based on square footage to improve affordability and optimize value.
We’re also collaborating with clients as they capture data about space utilization. Pass keys, security footage, and reservations for special events among others, shed light on how residents are using spaces during varying time periods. Information on what days and hours, and how frequently space is used, drives programming adjustments that maximize use and enjoyment. We in turn use the data to inform future space design that is adaptable for a variety of times and uses. —Mary Cook, President, Mary Cook Associates
Text Me
Data continues to show that there is a growing shift towards text messaging and chat as preferred communication methods. To adjust for this shift, it is essential to incorporate text and chat platforms into your multifamily communication strategy. Offering text and chat options to provide residents with the ability to reach you through text messaging or chat platforms. This can include adding a chat widget or messaging app to your website such as WhatsApp, Facebook Messenger, or WeChat to connect.
Another increasing data point to pay attention to is the increased demand for pet friendly rentals. Many people own dogs as pets, and a significant portion of them are looking for rental properties that allow dogs. By allowing dogs, rental properties can tap into a larger market of potential tenants, increase their occupancy rates and longer retention. Multifamily will need to review their pet policies and consider eliminating breed and weight restrictions. —Maria Pietroforte, President, Maria Pietroforte Consulting
Website Traffic
For our company, good analytics and tracking measures in marketing have been determining factors in the implementation of marketing efforts on-site. Prospects today are smarter and research more. We have found that, while we may advertise on various ILSs, that users pop out, google the community’s name and land in the community website. Users are also moving to Google Maps to geo-determine their home. The way we have been advertising and marketing has shifted and is continuing to shift.
Additionally, because prospects are maneuvering through community websites more, we have adjusted the look, feel and flow of the sites based on heat mapping the pages. —Christine Gustafson, Vice President of Marketing & Public Relations, The Breeden Co.
