Repost – The Apartment Industry Arms Race

This is a repost from December of 2010, nearly 2 years ago. I think it’s interesting that much of this has already start to come true. I recently discussed this with a client over the phone after she gave me some advice. She said,”We would rather work with a company that does one or two things very well, than with one company that does everything satisfactorily.”  I feel there is room for both in this industry, but eventually any successful small businesses will likely be bought by the successful conglomerates. This is not unique to our industry, of course. Feel free to weigh in your opinion and give me some feedback on this.

I’ve not blogged in a while, but this topic keeps coming up almost every day for me.  I see it in marketing, IT and operations on a regular basis.  Essentially, there is a race in our industry to be the first company that can be a one-stop-shop for owners and managers.  The more services a company can offer, the more weapons they have in their arsenal.  In meetings with credit reporting/background verification companies, they talk about their Craigslist posting service and web site design capabilites.  In meetings with property management software companies, they talk about their ability to do utility billing (RUBs) or lead tracking numbers.  In meetings with lead management and call tracking companies, they talk about their upcoming property management software package.  In a few years you will be able to go to the company that did your water billing five years ago to design your website, track your leads and manage your social media.

There is an inherent problem to all of this, initially, but I think we’ll find it to be extremely successful in the long run.  The best way to illustrate this issue is using an industry that is very near and dear to me, the auto industry.  Growing up in Detroit, I watched the big dogs slowly lose market share to newcomers to the market.  Hyundai and Kia, for example, started to manufacture cars in South Korea.  Hyundai was originally a construction company.  Kia originally manufactured bicycle parts and metal tubing.  These two companies are now one large company and happen to be the fourth largest manufacturer of automobiles in the world.  A South Korean company.  Who would have thought?  Just like who would think today that a company that we use today to track our marketing leads might become our property management software provider in a few years?  It will happen and stranger things will also happen.  Here’s the issue I need to address:  Kia and Hyundai made crappy cars for a long time.  Cheap and crappy.  So crappy, they had to put 10 year warranties on them in order to compete.  These cars didn’t even last ten years.  The tires didn’t even last ten-thousand miles.  I’m exaggerating, but hopefully you get the point.

The companies that are in this race in the apartment industry are essentially designing a vehicle for property owners and managers to drive their business.  The problem is some of them have crappy transmissions and some of them have to demand a recall because the gas tanks explode on impact.  To put it in terms of our business, some of them have crappy craigslist posting tools and some of them have not quite figured out how to make sure there isn’t a break in the code when a resident tries to reserve an apartment online.  This means we have to have spare parts lying around to compensate for the shortcomings of the “one-stop-shop” concept until it is perfected.  This could get pretty costly, but in the long run we may simply have to sacrifice in order to support this initiative.  Also, there will be a-la-carte options offered as well, I’m sure, but this too will more likely cost more than the one-stop-shop solution.

I don’t know who the winners will be and I sure don’t know how long it will take for the first company to get there, but the bottom line is, this is a great thing for our industry.  Kia and Hyundai make some pretty nice cars today and are winning awards for quality and design.  I hope the companies that are competing in this race to be all things to all people in the apartment industry figure this out soon.  It’s exciting to watch as the quality of products and services in our industy continue to improve.

Live Apartment Style – Marketing Campaign to the Highest Bidder

Going Once, Going Twice

What do you do when you have a creative idea, but nobody to really sell it to directly? Mind Racing Media, is putting that question to the test right now. After 12 years of working in the apartment industry for companies such as Village Green Management, Edward Rose and Sons and The Laramar Group (3 of the top 30 largest management companies) he decided to launch his own marketing company, Mind Racing Media. Culling from best practices and marketing successes at many high-profile development launches and property re-brandings, Owen has created the “Live: Apartment Style” marketing campaign. The concept is based around all the services and benefits related to renting an apartment – maintenance-free living, no lawns to mow or weeds to pull, fitness and social amenities at one’s doorstep, and more free time to enjoy living instead of residential upkeep. A proven marketing concept with one catch: Owen had no way to use the campaign. Yet.

In his previous corporate career, Owen’s marketing ideas didn’t have to be “sold” to a client – they simply had to be approved by ownership and management. In 2005, Brian resurrected an old campaign, “The Grass is Greener at Village Green” by having his graphic design team add elements of green grass to stock photography of standard elements found at Village Green communities. A woman ran on a treadmill with a grass belt; a group of young professionals played pool on a table with grass instead of felt; and a woman lounged on a grass raft in a sparkling pool. He tweaked the old Village Green tradition of spray painting the communities’ grass bright green in March in honor of spring and St. Patrick’s day by instead giving away tins of wheat grass that prospects could grow in their kitchen and which were branded with the Village Green logo and tagline – far less messy and more environmentally friendly.

In 2008, at Edward Rose & Sons, Owen created an entire marketing campaign where prospective renters were encouraged to “Live. Better.” This campaign did well during an economic downturn in Detroit. Owen felt it was not a time to promote luxury and “resort style living” but a time to promote value and service. While images portrayed luxury amenities, the tagline spoke of a simple offer. The campaign under-promised and over=delivered. Renewals during that time period were coveted and became a top priority for the Detroit market.

Owen has branched out to create his own company in the last year, but retains several property management and real estate clients. “I am still passionate about leasing and marketing apartments,” Owen said. “Several of my clients are in the real estate industry and I have been helping them with their social media, training, websites and SEO strategies. The difference today is that when I come up with an idea, I have to be very protective of who I pitch it to. When I came up with the ‘Live: Apartment Style’ campaign, I just didn’t know how to best approach it so I revisited a tactic I used in the past when I auctioned an apartment on eBay for Village Green Companies. I’d love to say that this is a unique idea, but once again, I simply brought back an old idea that worked and put a new twist on it.”

Owen has secured the website http://www.liveapartmentstyle.com, has developed much of the imagery and wording for the campaign, all of which will become the property of the winner of the eBay auction. He is also including 40 hours of consulting to add further value to the campaign and ensure its success. The auction will begin on June 18 and will run for ten days. He will be practicing what he preaches to promote the campaign using Facebook, Twitter, Pinterest and LinkedIn to get the word out to the industry. For more information, visit http://www.facebook.com/mindracingmedia.

Go directly to the auction -

Going Once, Going Twice

DENVER, CO, May 16, 2012 — What do you do when you have a creative idea, but nobody to really sell it to directly? Denver’s Brian Owen, president of Mind Racing Media, is putting that question to the test right now. After 12 years of working in the apartment industry for companies such as Village Green Management, Edward Rose and Sons and The Laramar Group (3 of the top 30 largest management companies) he decided to launch his own marketing company, Mind Racing Media. Culling from best practices and marketing successes at many high-profile development launches and property re-brandings, Owen has created the “Live: Apartment Style” marketing campaign.  The concept is based around all the services and benefits related to renting an apartment – maintenance-free living, no lawns to mow or weeds to pull, fitness and social amenities at one’s doorstep, and more free time to enjoy living instead of residential upkeep.  A proven marketing concept with one catch: Owen had no way to use the campaign.  Yet.

In his previous corporate career, Owen’s marketing ideas didn’t have to be “sold” to a client – they simply had to be approved by ownership and management.  In 2005, Brian resurrected an old campaign, “The Grass is Greener at Village Green” by having his graphic design team add elements of green grass to stock photography of standard elements found at Village Green communities. A woman ran on a treadmill with a grass belt; a group of young professionals played pool on a table with grass instead of felt; and a woman lounged on a grass raft in a sparkling pool. He tweaked the old Village Green tradition of spray painting the communities’ grass bright green in March in honor of spring and St. Patrick’s day by instead giving away tins of wheat grass that prospects could grow in their kitchen and which were branded with the Village Green logo and tagline – far less messy and more environmentally friendly.

In 2008, at Edward Rose & Sons, Owen created an entire marketing campaign where prospective renters were encouraged to “Live. Better.” This campaign did well during an economic downturn in Detroit. Owen felt it was not a time to promote luxury and “resort style living” but a time to promote value and service. While images portrayed luxury amenities, the tagline spoke of a simple offer. The campaign under-promised and over=delivered. Renewals during that time period were coveted and became a top priority for the Detroit market.

Owen has branched out to create his own company in the last year, but retains several property management and real estate clients.  “I am still passionate about leasing and marketing apartments,” Owen said.  “Several of my clients are in the real estate industry and I have been helping them with their social media, training, websites and SEO strategies. The difference today is that when I come up with an idea, I have to be very protective of who I pitch it to. When I came up with the ‘Live: Apartment Style’ campaign, I just didn’t know how to best approach it so I revisited a tactic I used in the past when I auctioned an apartment on eBay for Village Green Companies. I’d love to say that this is a unique idea, but once again, I simply brought back an old idea that worked and put a new twist on it.”

Owen has secured the website www.liveapartmentstyle.com, has developed much of the imagery and wording for the campaign, all of which will become the property of the winner of the eBay auction. He is also including 40 hours of consulting to add further value to the campaign and ensure its success. The auction will begin on June 18 and will run for ten days. He will be practicing what he preaches to promote the campaign using Facebook, Twitter, Pinterest and LinkedIn to get the word out to the industry. For more information, visit http://www.facebook.com/mindracingmedia.

 Go directly to the auction.

Multi-Dimensional Social Media

Imagine a world where people only talked at you. No questions. No engagement. No opportunity to respond. One dimensional communication only. Everyone walking around spewing out monologues, not having a care in the world what anyone else has to say.

Unfortunately, I frequently come across this phenomena in the world of Social Media. I am often called upon to assist small businesses with their Social Media strategy and upon my initial review, I typically discover a one-dimensional approach. It’s honestly the most obvious way to use Social Media. Talk about your business, your products, your pricing, your sales, your service etc. This approach will only get you so far, however. The number of people who follow you will likely plateau quickly.

When I discover this with a client I am thrilled! I am thrilled because it is such an easy fix. I simply tell them they are one-dimensional and to not always talk about the same topic (their business). I don’t know how many dimensions exist beyond the one, but here are a few dimensions you can add to your Social Media strategy:

The Second Dimension:

The Second Dimension exists just outside the “walls” of your business. It’s the community your business serves. It’s your customers or clients, your vendors and suppliers, neighbors and neighborhood events. Talk about them. Promote them. “Like” them.

The Third Dimension:

The Third Dimension is created by your advanced engagement in Social Media. Go to other business pages and participate in their conversations. Write recommendations. Include them in your posts, tag them in your photos, share their blogs or links to their websites.

The Fourth Dimension:

The Fourth Dimension involves merging your Social Media contacts into the physical world. Pick up the phone and call a company you’ve had strong engagement with online. Talk to their marketing person and brainstorm ways you can help each other. Discuss Social Media with your Chamber of Commerce members and devise a collaborative strategy to promote each other.

There are of course, many more dimensions that you can uncover as you go. Ultimately, if you really want to execute a successful Social Media strategy, the best thing you can do is talk less about your own business and start engaging in some of the ideas shared above.

Social Media Impacts the Value of Your Business

I recently reached out to a former colleague who has a solid business doing training and marketing for apartment communities. We talked for a while about how the business was doing and the value of it if it were to be for sale. I’ve always been interested in buying the business until our most recent conversation. There is basically zero social media being done and it became a major turn off for me, but at the same time I viewed it as an opportunity. There is definitely room for growth which makes it attractive for purchase at the right price. I would offer less today than I would have a year ago simply because of the lack of social media. It’s an outdated business model. Again, this makes it attractive as social media is such an easy solution and could be ramped up quickly. The bottom line is I can confidently say that any company lacking in social media is negatively impacting the value of their business.

What Do Tim Tebow, Sticky Notes and the Slinky Have In Common?

Tim Tebow, Sticky Notes and the Slinky are all “experiments” that had surprisingly brilliant and unexpected results. The Slinky was originally designed to be a spring used to stabilize sensitive instruments aboard ships in rough seas. It is now in the Toy Hall of Fame and over 300 million have been sold. The adhesive on Sticky Notes was discovered in the search for a strong bonding adhesive. Obviously, the scientist failed in that venture but his failure became a tremendous success. Find an office in the United States that doesn’t have a sticky note and well… you won’t. Tim Tebow is a number one draft pick quarterback who’s biggest weakness is throwing a football. As a starting quarterback he is 6-1 and has his team tied for first place. Tebow still has to prove himself to remain in this discussion, but hey, I’m sure adding him to this blog won’t hurt.

We recently ran a promotion for a customer that had surprisingly brilliant and unexpected results as well. The promotion was a “slot machine” game on Facebook where if the fan of the page got 5 logos to appear across the top of their page, they won a prize.

It took about ten days for people to figure out how to make it happen, which was what we wanted. We didn’t want the promotion to only last a day. The unexpected result, however was that the people who ended up winning the contest ended up promoting our client on their own personal Facebook pages. The winners of our contest had over 1,200 friends combined. Each of those friends had the opportunity to be introduced to our client on Facebook in a way we never anticipated.

Tebow’s results aren’t in and neither are ours at this point, but by experimenting and not being afraid to try new things, we discovered a great new way to promote our clients without spending hard dollars on advertising. The only true failure of an experiment is not realizing and appreciating the unexpected results.

Facebook “Likes”: Quantity vs Quality

Many of my customers are interested in learning more about establishing a great Facebook page for their business. There are a lot of companies out there promising to get more “Likes”, but is that what you really want or need? Of course you need more “Likes” when you first get started, you don’t have any at all. At what point are you paying for “Likes” that you just don’t need? The answer comes down to your business and how you naturally get customers.

Coca~Cola has nearly 34 Million people that like their page on Facebook. Is that enough? For a consumer product like Coca~Cola, they would probably like to and benefit from having even more followers. The fact that they are a consumer product, the quality of their Fans is very high. All 34 Million of their fans have probably purchased a Coke in the last few months and will probably purchase a Coke within the next few months. This sets up the quality factor.

What good would it be for your business to have 34 Million Fans? Do you even want 34 Million Fans? For some of you the answer will be yes. I’m pretty sure if I had 34 Million Fans I would have to hire a team of people simply to manage my presence on Facebook. This would be counter productive, however, because I couldn’t possibly provide services that generate revenue for 34 Million customers.

So what’s the point? The point is, many businesses need to focus more on the quality of their Facebook Fans. Every now and then scan your list of Fans and look at their profiles. Where do they live? If you own a hardware store in Sioux City, Iowa the majority of your Fans should be from Sioux City, Iowa. If you are a realtor in Charleston, SC the majority of your fans should be from there as well. These are broad examples and you need to determine your own guidelines for quality control based on your business, product or service, especially if you’re paying a third-party to manage and promote your Facebook page.

Can Your Marketing Team Sell Patagonian Toothfish?

Take a look at this fish:

It is hideous. Would you eat it? I sure as hell wouldn’t. If I were to catch this fish I wouldn’t even bring it into my boat. I would cut the line for sure.  I wouldn’t even want to touch the thing.  However, the truth is, I have eaten it…. and if you’re a fish eater, you probably have too. 

Chilean Sea Bass, originally known as the Patagonian toothfish, is one of the most popular menu items in fine dining restaurants today. The made up name, Chilean Sea Bass, was a marketing gimmick to make it sound more appealing to restaurant patrons. (Would you order the Patagonian Toothfish off a menu?) 

There are dozens of examples of marketing gimmicks like this that have taken something that sounds ugly and unappealing to something that appeals to the masses. All it takes is a simple change, a new name, a new package, a new logo. Are you currently marketing your Chilean Sea Bass as Patagonian Toothfish? If your product or service isn’t working the way you want it, then maybe you are.  

What can you do differently to change your Patagonian Toothfish into this?