Listen Up! 4 Ways Property Management Companies Can Listen and Drive More Leases
In the world of digital marketing, there’s continuous online chatter. Online conversations about your portfolio are happening all the time — but 96 percent of these are not directed at and do not mention a property name, which means that they often go unseen. As a property management company, how can you keep up? That’s where social listening comes in. Social listening allows you to track conversations around the world of property management and community-specific conversations. With social listening, your property management company can fuel growth by hearing what your residents and local communities are saying in real-time.
If your property management company isn’t already leveraging social listening, think about all of the conversations you could be missing out on. Within this blog, we’ll break down four ways your property management company can leverage social listening to build connections, improve resident experiences, and ultimately win more leases.
1. Crisis Management
Consider your property managers – how much time do they spend managing crises at their properties?. Are residents upset about the resident portal being down? Is the gym not being cleaned regularly? Listening to conversations happening about a property or the entire portfolio can help you avoid a crisis before it even happens.
For instance, imagine that your property manager is able to track conversations happening about that community, without tagging the page directly, and there are a number of discussions about the pool not being properly maintained. This information will allow that manager to be proactive and take care of the pool before it becomes a more significant issue. Additionally, the onsite team can reach out to those who have expressed complaints and let them know the local maintenance teams will resolve the issue.
Some social listening tools also allow you to set up intelligent alerts that notify you if any property in your portfolio is mentioned alongside a negative sentiment. You can then look at these conversations and determine whether or not they need to be addressed. Based on what you hear, your onsite teams can use local social media to clear up confusion or communicate changes surrounding amenities or services to show users the teams are listening to what they want. Avoiding any issue before it becomes a crisis will save local property managers time and effort, allowing more time to focus on other localized marketing tactics.
2. Reputation Building
Similar to crisis management, social listening can also be used for reputation building. With crisis management, your property management company is looking for negative conversations about your portfolio. With reputation building, you can leverage social listening to find positive conversations or user-generated content. Positive user-generated content fuels an authentic local social strategy and resonates with prospective and current residents. If someone is thinking about leasing at one of your properties and sees a positive testimonial from someone who lives there, it will go a long way. Our Localized Social Content Guide provides more insight into what other types of social content your property management company can leverage to connect with potential tenants.
On the opposite side of the spectrum, you can also show residents that you’re listening to their negative experiences and making changes based on feedback. Once a resident feels heard, they’ll be much more likely to engage and potentially leave a review, building your property’s online reputation. And a property’s online reputation is everything – seventy percent of residents have decided to visit a property with a higher online reputation. Leveraging social listening to boost your online reputation is a must. For more insight into what it takes to improve your online reputation, check out our blog on the topic.
3. Competition Analysis and Industry Trends
Social listening is also a great way to get insight into the competition. A comprehensive social listening tool should give your property management company the ability to discover ways to best the best in your local market. For instance, if you see a competing property is winning over your target audience, you can look at their localized marketing strategy and see what they’re doing that’s working. Is that property offering a discounted first month of rent, or do they have a more active presence on local social? These are questions to consider when analyzing the competition – onsite teams can gain great insight, here.
While social listening is a great way to keep up with what your competitors are doing, you can also use it to track industry trends. The population of Gen Z renters will grow from eight million to 55 million over the next decade. What changes will your property management company need to make to keep up with this new audience? Data shows that digital expectations are growing, and that will only continue to grow as Gen Z becomes able to rent. Currently, 65 percent of tenants want to pay rent online, 58 percent expect instant digital communication with landlords, and 23 percent want smart home tech in properties. Using social listening to track industry trends can give you insight into data like this and beyond, allowing you to optimize your portfolio’s digital and in-person experiences based on current and future trends.
4. Lead Generation
Last but not least, social listening can be used for lead generation and winning more leases. With social listening, your properties can discover conversations from prospective tenants looking for a property in their respective areas. With an effective social listening tool, your property management company should track location-specific words along with “leasing” or “apartments” to uncover these conversations. Property managers can then monitor these conversations and determine whether or not they’re worth reaching out to directly. Once you find a few conversations about people looking for property in each respective area, you will know other keywords to track and can add that to your list as well.
There are so many ways that social listening can benefit your property management company and help boost your sales. While it’s now clear that social listening is non-negotiable, finding the right tool for your property management company can be challenging. That’s where SOCi comes in. SOCi Listening is the elite listening product that gives you VIP access to every critical conversation around your property management company. From business insights to tracking user-generated content and the competition, SOCi Listening has everything you need to create a top-notch social listening strategy.
While social listening is an essential component of a solid localized marketing strategy, other local search and social efforts shouldn’t be forgotten. SOCi is the central command™ for multi-family marketers and the all-in-one platform for your localized marketing needs. Request a demo today for more insight into how SOCi can help your property management company crush the competition!