The Convergence of Data and Digital Marketing in Multifamily

The evolving multifamily industry is changing the way marketers and operators are cultivating leads and meeting occupancy goals. Classic marketing strategies are no longer the most effective way to drive critical revenue management decisions. Instead, the focus has turned to data and digital marketing for making key decisions that maximize return on investment regardless of the size of property and type of apartment homes. Overcoming apartment industry challenges A number of business challenges are contributing to multifamily’s dive into data and the digital world. Chief among them are the difficulty in diagnosing underperforming properties and merchandising specific product types, like floorplans and unit sizes, when they are most needed. In addition are overwhelming amounts of leads that aren’t prioritized, resulting in missed opportunities and sometimes identifying gaps in sales efforts. High-value follow-up activities typically don’t happen on time, if at all. And Google’s ever-changing listing displays are presenting new hurdles in Internet Lead Management (ILM). The challenges are forcing the convergence of marketing and operations through a reshaping of traditional sales approaches to digital promotion backed by data analytics. That synergy is empowering marketers and operators down to the site level to drive critical decisions based on real-time data. The goal is to convert the right leads to residents to maximize yield — and even create ancillary revenue along the way — as prospective renters search online for their next place to live. The classic combination of elevated digital marketing and data Brock MacLean, senior vice president of business development at RealPage, says while multifamily operators have embraced digital marketing in recent years they need more lift through actionable data. He will moderate two panels at RealWorld, July 21-23 in Orlando, Fla., that discuss certain trends in branding, unique...