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4 Ways Property Managers Can Use Facebook :

4 Ways Property Managers Can Use Facebook And 3 Best Practices for Tenant Retention May 16th, 2011 Robbie Tarter Founder FloridaRentalAds.com

Why Facebook?:

Why Facebook ?

Facebook User Growth:

Facebook User Growth April 2012, Facebook has more than 901 million active users. Chart Source: http:// bit.ly/fbgrowthchart

PowerPoint Presentation:

Map Source: http:// bit.ly/worldmapofsocial

Facebook: Then & Now:

Facebook : Then & Now Then - 2008 150m Facebook users A “new” Facebook Mobile Early adopters had pages Simple “best practices” Not a serious marketing channel Now - 2012 900+ m Facebook users 300+ million mobile users Facebook as “social infrastructure” EVERYONE has a Page Massive intrusion by enterprises, brands Best practices less impact Higher expectations than ever from marketing professionals Slide Credit: Chris Treadway (@ ctreada )

Not using Facebook is no longer an option.:

Not using Facebook is no longer an option.

4 Way Property Managers Can Use Facebook:

4 Way Property Managers Can Use Facebook

1. Be Found:

1. Be Found Big corporate websites don’t always have micro-sites for individual properties. Expensive to set up. Difficult to maintain. Facebook is free and most everyone knows how to use it! Facebook pages rank well in search

2. Communicate Effectively:

2. Communicate Effectively “But I already have a newsletter. Isn’t that enough?” Facebook offers two way conversation Metrics (“ Facebook Insights”) allows you to track the effectiveness of your content Your tenants are on Facebook Allows you to get out of their inbox and into their social sphere

3. Build Relationships:

3. Build Relationships Encourages informal conversation Tentant retention ROI through relationships Inspire Connect Educate Entertain

4. Brand Building:

4. Brand Building Just as your company has a brand, so does your property. Embrace customer support issues. People want to meet the people behind the company. The whole idea behind social media is giving people a peek behind that veil. You have to be informal and authentic, and engage in a way that encourages two-way communication. People like to share things they’re passionate about, just as long as they’re sharing news they’re proud of.”

Best Practices:

Best Practices Merely having a presence is no longer a best practice. You actually have to build on it. Be clear with your objectives Make it easy to connect: Leave additional contact info. Be human: Add pictures of people Shine light on others to build your brand: Tag early and often Update often & on message: Schedule posts and topics on an editorial calendar. Set aside time each week to focus on Facebook Offer incentive: Give your tenants a reason to connect through Facebook with original content Facebook marketing is not about driving traffic to your web site. Keep Facebook users on Facebook

Tenant Retention :

Tenant Retention It’s no surprise that tenant retention has a clear impact on net operating income. Every time a tenant leaves, there are additional costs due to repairs and repainting, advertising and marketing costs, and in some cases, free rent concessions. And, don’t forget the additional lost revenue caused by the vacancy period. That’s why tenant retention and lease renewal ranks as one of the most cost-effective development strategies for multifamily property owners and property managers – in good times and in bad. Source: PropertyViista.com Blog

What Really Causes Tenants to Move Out?:

What Really Causes Tenants to Move Out? A 2010 SatisFacts study found that 54 percent of residents choose not to renew leases based on controllable reasons. The main reasons that send tenants packing included poor customer service , lack of responsiveness and dissatisfaction with maintenance requests . Source: Satisfacts.com

Three solid strategies to improve your tenant renewals:

Three solid strategies to improve your tenant renewals 1.) Improve Communication Tenants want to hear from property managers and know that their concerns are being addressed. It’s important to communicate with tenants throughout their occupancy, and keep them advised on scheduled maintenance or construction issues. 2.) Prompt Maintenance & Follow-Up Tenant satisfaction surveys are important tenant retention and planning tools, as they provide insights into the needs of all residents, and property managers can identify projects that would increase the quality of life. They are also an important way of following up on previously completed work orders to gauge how satisfied tenants are with service delivery. Source: propertyvista.com blog

Solid strategies to improve your tenant renewals:

Solid strategies to improve your tenant renewals 3.) Enable Self Service Using Social Media More and more tenants would rather turn to the Internet to get answers about issues. In fact, according to the Harvard Business Review, a staggering 57% of inbound calls come from customers who first attempted to resolve their issue on the company’s website or Facebook page. When residents can take control and change rent payment methods or get a status update on a maintenance request, it increases satisfaction and a feeling of empowerment. At its very heart, property management is a service business, and keeping tenants happy is key to renewals. A tenant portal enables residents to help themselves, anytime, anyplace. Your Facebook page allows you to connect with your tenants in real time and build that ever so important relationship with them. Renewal gifts, rent discounts and special privileges are all great, but when it comes down to the nitty-gritty, tenants want service.. Concentrate on improving service using through improved communication, prompt maintenance and follow up, and empowering tenants to solve problems on their own and you will also increase retention. Source: propertyvista.com blog


Questions? Connect with Me: www.floridarentalads.com www.blog.floridarentalads.com facebook.com/ floridarentalads twitter.com/ flrentalads Email: robbie@FloridaRentalAds.com Phone: 904-294-6756 Who I recommend: Alex Osenenko Fourandhalf.com 415-577-3641

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