The Internet has emerged as the primary tool consumers use to find their next apartment.  More than 70 percent of renters begin their apartment search online, and many firms now report more than 50 percent of their leasing activity is coming from online sources.

To capture and convert this traffic to leases, however, firms have to make effective use of the various marketing technology vehicles available today, such as Internet Listing Services, corporate apartment marketing web sites, search engines, lead-tracking software and call centers. 

To help firms craft effective Internet marketing campaigns, NMHC has published this White Paper titled Multifamily Marketing in the Internet Age. 

Authored by John Helm, Founder and CEO of MyNewPlace, the White Paper leverages web usage data from two million Internet users and detailed surveys of 455 online renters to document how consumers use the Internet to find a new apartment home.  It uses those results to identify the key elements of an online marketing strategy that reaches prospects and converts them into residents and then how to track the performance of their online marketing efforts.

The White Paper covers how consumers use the Internet and its implications for apartment firms with specific sections on strategy development, lead tracking and maximizing the effectiveness of Internet Listing Services, corporate and property-specific web sites and call centers. 

Key findings of the report include:

• Apartment firms need an online strategy that uses both ILSs and property-specific web sites to generate leads.
  
  
• Detailed lease sourcing and tracking is critical for measuring the efficacy of various advertising sources.
  
  
• For most firms, ILSs remain one of the more cost-effective ways to acquire leads and leases.  To maximize their effectiveness, however, listings need to include photos, floor plans and detailed rents.
  
  
• The top three criteria renters give for choosing an ILS are: number of properties on the site; the amount of detailed information in the listings; and ease of use, particularly the site’s search functionality.
  
  
• Stale rents and lack of response to e-mail or phone inquiries are the biggest source of renter complaints about ILS listings and will result in lower lead-to-lease close ratios.
  
  
• While renters may begin their search on an ILS, they are increasingly turning to property-specific corporate web sites later in the search process. 
  
  
• Search engine optimization can produce a high return on investment for a corporate property marketing site, but this process can take up to a year to gain traction and requires constant maintenance to achieve appreciable results.   Online display advertising is usually the most difficult online marketing channel for generating a positive return.
  
  
• Call centers are increasingly important in the Internet’s 24/7 leasing environment to ensure timely responses to e-mail and telephone inquiries.  They are also delivering unexpected results in terms of lease conversions and help bring a new level of accountability in tracking marketing efforts.

NMHC Contact Information:
David Cardwell
NMHC Vice President of Capital Markets and Technology
202/974-2336
dcardwell@nmhc.org