Advanced Marketing Platform for Property Management

David Borden

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February 2, 2018

Video Transcription:

Hi, my name's Dave Borden, I'm with PMW, or Property Management Websites. Today I'm going to tell you about how and why you should be using our advanced marketing platform, also known as the AMP. Now we've tested this product for a little over a year now, and the results are actually significantly better than what we ever expected they would be. So I'm showing you the actual results from our dashboard, from our customers. Now this represents about 100 property managers that use this product.

So these customers, 100 of them, the product generated 2,143 postcards, 2,630 phone calls, and 979 rental analyses, or automated rental analysis that go out to the customer. So only about 60% of our customers actually do the phone tracking, so this call number will actually be a lot higher, but we're only going to take credit for what we can actually show you here, and I'm not even going to count the postcards. So we had roughly 2,630 phone calls, and 1,000 automated rental analyses sent out with this product. That's an average of 36 leads per customer. And the average cost is $199 a month.

So if we do the math there, you can see that at $200, divided by 36 leads, the average customer is paying about $5.55 per lead. Now granted, some get more leads, some get fewer, but that is by far the lowest per-lead cost you're gonna get in the entire industry. Better than any ad-words. The only thing that's gonna beat it is organic SEO. Even if you close an abysmal 10% of those, your average cost per acquisition of a new management account is gonna be about $55 to $60. Now if that's not interesting to you, then you should turn off this recording, and move on. But if that is by far the lowest acquisition cost you've ever seen, in the property management industry, I want you to continue watching so we can show you why this works.

Now again, these are the exact stats for roughly 100 customers that use it. Now I'm gonna show you why this works. As a property manager, you're typically going to drive traffic to a landing page where you tell customers about your services, and why they should contact you and hire you. That's your bread and butter for your digital marketing, and how you grow your business from the internet. Now most property management landing pages start about right here, where you talk about what your company does, and why they should hire you. Those people that fill out your form, or call you on the phone number, they really are your best leads, because they have identified themselves as somebody that's ready to hire a property manager, and they're on your website, and obviously they have contacted you, and like what they see.

However, that is a very small percentage of people that are actually on your website, looking for you. The vast majority of the people on your site have not decided whether or not they even want to rent out their property or not. It's probably five to 10 times as many people are on your site, doing investigation, as they are going there to hire someone. So the more information you can provide to them, the more likely they are to identify themselves.

Now the advanced marketing platform is a widget that we created that tracks all inbound phone calls, tracks, records caller ID for all inbound phone calls. If customers are interested in finding out the rental value of their home, we will send them a postcard, and if they're willing to give us a little bit more information, we will send them a full automated rental analysis from Rent Range.

Now the reason that that works is because, as I said earlier, only a small percentage of the people visiting your landing pages are willing to identify themself and come to you and say, "I'm ready to hire someone right now." Five to 10 times as many people are out there gathering info, and one of the most important things that they want to know is what is their property gonna rent for?

So we have built the advanced marketing platform, called the AMP, and what it does is it increases the number of people that identify themself on your landing pages. So step one, now remember this is also a Google mapping widget. So Google is gonna track the usage data, and the interaction with this product, which is also gonna improve your SEO. So I'm gonna use my house as an example. I live in Monument, Colorado, and when I click submit, here, that's what we call step one.

So that person has identified their property as being in play for property management. Now, even if they do not fill out this second page here, they're going to receive this nice, pretty, branded postcard from your company as a reminder of your services.

Now I'll be the first to admit that direct mail, by itself, is a very low response technique. However, if somebody's already been to your website, and you send them a postcard, the response rate goes up to 5% to 10% that we'll call you. So if you send out 100 postcards, you can expect to get five to 10 phone calls from those postcards that you sent out, because they've already visited your website.

Now if a customer is willing to fill out step two, then they're gonna receive an automated rental analysis. So let's go ahead and do this. I'll let them know that I am testing, so they don't call me. Put in my email. Phone number. You're welcome to call me, too, if you'd like to add this to your website. And mailing address. Now this is important because if it's different than what we fill in, it will also send a postcard to their address, if they're not an owner, occupier. So let's go ahead and do that. You see there's a nice warning down here at the bottom that says, "Please note that actual rental value may increase or decrease based on property location, condition, and amenities. To receive the most accurate rental analysis, contact us after you receive your rental report, and speak with one of our market experts. That kind of covers your butt, so if the report is significantly wrong, in either direction.

So now you get this success page. Now on the back end, so what's happened there is we collected the address from step one, and we've sent that address to our third-party postcard company that will generate the postcard that's branded to your company, and since they filled out step two, we've also contacted Rent Range, through our API, and we are gathering the information for their automated rental analysis. Now remember, this is all automated. So you don't have to do anything extra, that you're not used to already doing, when you follow up with your leads. So you're gonna have the same or similar followup process, with all these people. There's one step that is not automated, and I'll show you that here in a second. But in the background right now, they're gonna receive an email that has their automated rental analysis on it, and I'm gonna show you a little bit about what that looks like.

So this customer has received all of my lead information, has my name, phone number, email address, and then they've also received this branded Rent Range report that has your company info on it, tells me about how much my house will rent for, which is pretty darn accurate, for this one, and it also shows comparable properties, it shows rental trends in the area, it shows the breakdown by zip code, of what they can expect. This is ... it shows all kinds of fantastic information, and makes your company look very smart.

It also warms up the phone call tremendously, when you call to follow up with this person, because now you're already talking about their property, and why it should rent for exactly what this says, more or less what the report says, but the bottom line is you're on the phone with them. You have to tell them that in order to give them the best value, or the most accurate value of their monthly rental, you have to see the property, which will get you there, which will get you a much better chance of signing the deal.

So here's what the actual admin section looks like, for a customer. You can see here, this is when this customer added the advanced marketing platform. They were averaging five to 10 leads per month, down here. After they added it, the worst month was 24, where they probably added it mid-month, and their best month is upwards of 50 leads per month on some of these months.

So now I will acknowledge that the best converting leads are gonna be those ones that contact you directly from your page, 'cause they're identifying themselves as someone who's ready to hire you. However, we are seeing customers receive an extraordinary amount of these people calling them from the postcard, or from the rental analysis, one, two, three, four months down the road.

So here's the actual stats, again, from our advanced marketing platform. This is for about 100 customers. So leads started means that they actually started filling in that address. So there's 2,147 of those. Leads completed means that they actually filled out step two, which is where they provided us with their phone number, their email address, all of the property information, and we generated an automated rental analysis for them.

So there was 2,143 postcards sent out, 2,630 phone calls generated, and roughly 1,000 rental analyses. The average cost per acquisition from this product is $55 per acquisition, and $5.55 per lead. Now I will acknowledge that some customers are doing significantly better than that, some customers are doing a little bit worse than that, but that is the average. So if you're ... and I will also caveat that if your company is currently receiving zero traffic, so if you're not generating any leads, any phone calls, anything like that, then this product will probably not help you unless you do some form of traffic generation, like Google Ad Words, or a Facebook campaign, or some other form of advertising to drive people to that landing page.

Again, $5 per lead, $55 per acquisition. You can contact us at PropertyManagementWebsites.com, or you can contact me directly at Dave@Kohva.com. K, O, H, V, A, dot com. Thanks a lot, I appreciate your time, and have a great day.

Special thanks to Charlotte Property Manager Matthew Tringali at Group 15 Real Estate

About the Author

David Borden

David Borden

With a resume that includes West Point graduate, Captain of the West Point Team Handball team (which, interestingly, is also referred to as “Borden Ball” around the world. Google it. We’re not sure which name came first, but we’re pretty sure Dave could tell you), US Army Chinook helicopter pilot and Co-founder, President & CEO of what is now the leading website in the country for advertising long term residential rentals, it stands to reason why Dave has a place at the PMW kitchen table: his appetite for success. And, well, because he keeps us laughing.

As our resident funny-man (possibly self-proclaimed), his booming voice can be heard spreading the PMW gospel to anyone who’ll listen. And, frankly, even those who have no interest in property management. (Don’t they teach “Inside Voice” at America’s oldest military academy?)

But his high-decibel, funny ways become awfully serious when it comes to staying one step ahead for the good of our customers; because Dave has been there. As a second-generation property manager from Colorado Springs, CO, he knows the struggles that property managers go through and painstakingly dissects every step of their process to come up with ways to ease their burden.

As former CEO & President of RentClicks (which went on to become Rentals.com), he strategically positioned their business to become NARPM’s first official partner and was awarded NARPM’s National Affiliate of the Year three times.

When he’s not devouring industry information at our kitchen table, you might find him bellying up to a plate of wings while watching his beloved (understatement) Broncos, flipping channels in search of a historical documentary, searching out a tennis match or preaching the ways of the world to his pre-teen sons, Andrew and Brady.