The wait is over! View the November 2023 Rentsync National Rental Demand Report.
Advertising is just like any other investment- diversification is the best investment strategy.
Implementing a portfolio wide strategy with ILS', relying on 1 or 2 ILS' for all of your leads. There is a self-fulfilling prophecy in play here- if you believe only 1 or 2 ILS' work because they are the most popular, they're going to continue to be popular and generate that mind set.
Implement a market-specific strategy. Also, keep an open mind and try out new ILS'. Take advantage of free trials.
Your real estate is your biggest asset and more often than not, it isn't used effectively. Building signage should account for up to 30% of your website traffic & up to 50% of your overall leads.
3rd Party Signs from ILS
Use large, double-sided, prominent signs that have large, easy to read fonts
Invest in a short URL for signage
Ensure your website is mobile friendly
You don't have to re-invent the wheel. Doing so costs excessive amounts of time and money.
Building a unique data feed to an ILS
Building a custom Content Management System (CMS) for your website
Use a data syndication service. They're the experts in what they do and won't have the trials and tribulations of creating/managing your own data feed.
Build your website on a content management system made for your industry. Again, leave the details to the experts- it will save you valuable time, money and frustrations.
Data has become powerful information that is accessible literally, at your fingertips. Ignoring information on behaviours, trends, and numbers today, can be detrimental to the important strategy decisions you make tomorrow.
Not collecting data on lead sources
Not benchmarking data to multiple services
Relying on property managers or supers to track lead sources in spreadsheets
Not looking at cost per lead at a market & building-specific level
Analyze regularly and trust the numbers to help shape your strategies going forward
Always know & understand your cost per lead within each market and each building
Benchmark against other services
In a global economy, your fortune can change on a dime. In the rental industry, global markets can cause large shifts in demand (ie: Oil prices drop, Alberta vacancy rates spike)
Lack of preparation for an economic shift
Using low vacancy rates as an excuse to not engage/cut back on marketing
Not keeping up with technology
Market for higher rents, higher quality tenants, increase the value of your real estate
Keep your eyes and ears open to trends (industry, consumer and technology related)
Have plans/processes in place for economic upswings and downturns
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