6 Multifamily Advertising Questions to Consider

How are you evaluating your advertising investment? As a seasoned marketer, it's wise to analyze your ad placement against several metrics to determine which source is truly converting that exposure to potential residents. These six questions should help you frame your evaluation and meet, if not, surpass your investment goals.

At Apartments.com, we know how important it is for multifamily professionals to connect with renters at the optimum moment during their apartment search. So each year we partner with Marketing Connections, a leading global market research firm, to gain insight into the needs of the multifamily industry based on feedback from hundreds of multifamily marketing decision-makers. In every survey conducted for the past three years, the results are the same: the highest lead-to-lease conversion rate is ranked as the number one most important criteria when choosing an advertising source.

In 2018, 68% of respondents chose “highest lead-to-lease conversion” and “quality of leads generated” as the most important apartment advertiser criteria. Value is key. The best value isn’t the lowest cost - it’s the number of actual leases delivered for the advertising investment.  

Based on these findings, here are six questions to consider when evaluating your advertising options to gauge their overall effectiveness and value at delivering leases.

 

1. How much exposure does my community receive?

Exposure can be measured in several different ways, including reach, impressions, and viewability. These metrics are proxies to determine how many real renters see and are aware of your community. Look for metrics like total audience size (i.e. unique visitors), but also make sure those renters are interested in the city and/or neighborhood where your community is located. When marketing a local community, market-level or DMA-level exposure metrics can be a better way to measure relevant awareness than nationwide statistics.

 

2. How engaged are renters with my community?

It’s one thing to see an advertisement, but there are quite a few more steps before a renter is ready to apply for and sign a lease. Renters will engage to learn about your community and figure out if it’s worth reaching out. You will want to look for statistics that show renters are engaging with your listing – viewing photos, looking at models and floor plans, watching videos, and browsing interactive tours. The more positive interactions a renter has with a community, the higher likelihood he or she is going to reach out and express interest directly. Both exposure and engagement data can be skewed when moving between seasons (i.e., from winter to spring), so be sure to evaluate seasonal and year-over-year trends as opposed to simple month-to-month comparisons.

 

3. How many leads is my community receiving?

Without leads, it’s hard to show direct value. A lead can take a few different forms, whether it’s a phone call, submitting a lead form, clicking to visit your own community website, or even showing up in person and filling out a guest card. Make sure you are getting a reasonable number and consistent flow of leads to your community, then quickly shift the conversation to quality.

 

4. What is the quality of the leads I am receiving?

There are a number of factors that make a good lead. You want to know if the lead is a real person, if he or she is actually interested in your community, and is ready to move in the near future.  A quality lead is one that already has all the information needed in advance about your community.  They show up ready to take a tour, is qualified and can afford the apartment, and is ready to sign a lease. There are a number of ways you can score leads and calculate this in depth using tools and technology. For example, a lead that has a move-in date six months in the future may be a of lower quality than a prospective renter with an immediate move-in date.

 

5. Which advertising partner provides the highest converting leads?

The best advertising solution generates high-quality leads, and will allow your leasing consultants to focus their efforts to converting real qualified prospects into renters. If you have plenty of in-market renters that view your community, engage with your listing, submit a lead, and are engaged with your leasing team, you’re going to end up with a great lead-to-lease conversion rate. Simply divide the number of leases into the total number of leads you received from each source, and the best advertising options will separate from the pack.

 

6. How do I accurately measure results?

Attribution analysis includes a variety of options to identify the marketing channels that can assist a renter to convert. These channels can include organic and paid search, direct traffic, display and banner advertising, referral sites, social media, and email. If you look at only last-click attribution, you are likely missing many key touch points in the renter journey and could be undervaluing a key marketing channel that makes a significant impact. You can more accurately measure results through lead scoring and a multi-touch attribution model.

At Apartments.com, we deliver millions of TrueLeads™️ that convert to leases at the highest rate, so you get the greatest return on your advertising investment. We welcome the opportunity to review your advertising performance together and discuss ways to partner in order to help you exceed your goals.

To assist you with your advertising efforts, we’ll explore these topics further with a series of in-depth articles. We’ll discuss evolving optimization from quantity to quality, using lead-to-lease conversion rates to optimize performance, explore in-depth factors that make a good lead, and getting started with attribution modeling to figure out how your advertising options assist with overall performance.

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