Launching an apartment locating website and lead funnel before the busy season, then leveraging the extra summer traffic to drive website visitors will have a positive impact on your Google ranking by the third quarter. Starting the project early in the year will give sufficient time to plan, develop, design, and fully test your system so you can close more deals, with less work over the busy season.
Due to the depth we are involved with each of our clients, we typically only work with ten new clients a year. Our team becomes the in-house marketing team behind our clients data, website, advertising, marketing, and lead funnel workflow automation.
WE INCREASED LUXURY RENTAL LEADS BY 40% FOR OUR CLIENTS
Generating leads is not an easy task, in any industry. Luckily, the rental market continues to grow so there is no shortage of renters that need help. The difficulty comes in two ways: (1) the rental market is extremely competitive so driving traffic is expensive, and (2) learning to generate traffic is extremely time consuming and complicated without experience.
Many locators depend on buying leads through pay-per-click or other sources, but rental websites will continue to drive up the cost of online leads. The closing ratio for online leads is significantly lower than repeat clients or referral traffic. We build platforms so our clients can spend marketing dollars on leads with lower acquisition cost, and higher closing ratios?
Rental Advisors helped our clients increase luxury renters by 40% last year. Luxury lead averages changed from 1 in 5 leads to 1 in 3 leads; with a minimum rent of $1,400 for a one bedroom apartment.
INCREASE REVENUE BY ANALYZING THE NUMBERS
Improve your average closing ratio:
A common closing ratio in apartment locating is 1 in 10; especially from online leads. If we deconstruct your online lead conversion process to find a way to increase your closing ratio to 1.5 in 10 or 2 in 10, you instantly increase revenue by simply improving your system, not having to close more deals.
Improve your average invoice:
Using an automated calculation based on your closing ratio, lead generation becomes a mathematical formula. If your average invoice is $600, and you want to make $100,000 per year, and your closing ratio is 1 in 10, you have to add 35 new leads to your lead funnel each week. If your average invoice amount is $1,000, you only need 23 new leads in your lead funnel each week. Finding 35 people each week who need to move is easy; approaching lead generation from a analytical point of view removes emotion and creates predictable profitability.
SYSTEMS RUN THE BUSINESS, YOU RUN THE SYSTEMS
Your profit and loss statement is the result of one thing, your systems:
Your systems should be able to handle an infinite number of leads from an infinite number of lead sources. Your systems should handle all the work that does not require a human touch.
- Eliminating renters with felony convictions, broken leases, evictions, and government housing.
- Collecting rental criteria and establishing a timeline.
- Renters who need to move in the next 30 days are added to your call list, others are nurtured through a series of phone calls, text messages, and informative email campaigns.
- During the nurturing process, leads should be able to check pricing and availability from your website. Your website should be the only resource they use while apartment hunting.
- How many leads are lost per year because you don't have a lead nurturing system?
Business development is a complex wheel that must constantly turn. There will be an initial investment to build the systems and an ongoing cost to run them. Whether you hire someone in house, hire separate vendors for all your systems, or a single company like Rental Advisors who builds cohesive systems, the cost should be quantifiable to the revenue generated.
IF YOU THINK IT'S EXPENSIVE TO HIRE A PROFESSIONAL, WAIT UNTIL YOU HIRE AN AMATEUR
Initial build, hire a professional
We do not hard sell products or services to apartment locators. We are completely transparent about what an apartment locator should expect when we build their website. In most cases you are not going to make a profit the first six months. You will most likely make your money back, but you are probably not going to make a profit. There are so many ways to lose money on a website from a developer you don't have a relationship with. Building a website that will scale and continue to generate leads for years to come will take a financial investment, but make sure you can tie every dollar to future deals and have measurable goals to re-coop costs.
Step 1 build the systems, step 2 run the systems
After your lead funnel is built, you need to commit consistent hours every week to run your systems. We've spoken with several Realtors and apartment locators with in house marketing assistants to run their systems. I'm told $40,000 per year is the salary range to hire a qualified marketing assistant with real estate experience. Tarl Anderson, broker/owner of Tarl Anderson properties in Houston pays $40,000 per year plus bonuses.
Would you spend $40,000 on a marketing assistant to gross $300,000 a year? Rental Advisors does not cost $40,000 per year. Our clients spend on average $15,000 a year for our services, and gross between $150,000 to $325,000. How much should an apartment locator spend on marketing each year? The real estate industry reports on average 10% - 15% of gross revenues, but that number will vary based on goals, market, and average invoice.
There isn't a one size fits all solution to marketing, but Rental Advisors has the experience and knowledge in the apartment locating industry to help you strategize your specific situation and goals. Our team has been working with apartment locators since 2005. We are industry experts and professionals in every layer of your business. We have a flawless reputation after being in the business for twelve years, and have been working with most of our existing clients for more than five years.