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What should we be "facebooking?" in the Multi-Family industry?

Dec 1st, 2009
by daisynguyen.
1 comment

OK, so now that we’ve established that facebook does have a positive ROI, that we SHOULD be “doing it,” the question naturally becomes, how/what should we be “doing” on facebook?

This is PART III of a 3-part series. You can read the intro here:

Intro: 3 facebook questions everyone asks when starting out… 

OR Part I: The ROI of Facebook – the Value of Creating Community

OR Part II: Facebook-itis: Addressing the Fear of Facebook head-on!

This is a loaded question, as many times, in our industy, we are focused on leasing apartments. We naturally want to tout our advatanges and post our specials – the way our traditional marketing avenues with print advertising and ILS’s have allowed us to do. Please keep in mind that for our industry (as we have now discussed on the ROI of facebook – the Value of Creating Community), facebook CAN be a marketing tool, however, it is first and foremost a connecting and communications tool to creating and fostering community. Facebook is NOT traditional, so to be able to use it as a marketing tool, we will need to think about it non-traditionally. Throw away those ideas of just blasting what your community is about, “advertising” specials, or listing prices. To better help you determine what you should be “doing” on facebook, let’s address a couple of basic questions:

  1. Who do you think your community’s “friend” or “fan” is?
  2. Why do you think they are would accept a “friend” or “fan” request from you?
  3. What do you think your “friends” or “fans” are there to see/hear?

These are the questions you SHOULD be asking and answering to determine what SHOULD go on your facebook page. IF your facebook page consists of 100 eager prospects just waiting for a rent special so that they can finally sign a lease with you, than by all means, advertise your rent specials.

I don’t think this will be the case for 99% of sites out there!

I’d like to open this up for discussion. Please leave a comment that answers the 3 questions noted above. If you don’t feel comfortable leaving a public comment, email me! (Daisy {at} rentsoda(.)com) My next article will compile all your private and public comments to share with all. (If you email me privately, I will leave include your comment, but won’t quote you. If you leave a public comment, I may quote you & link to your company. – OR tell me how you want it handled!)

Don’t Get it? RENT SODA. GET IT!

-Daisy Nguyen in Minneapolis, Minnesota

CEO

RENTSODA-small

Business & Marketing Consulting to the Apartment Industry

Web: RentSoda.com   Email: Daisy {at} RentSoda(.)com

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Thankful for Thanksgiving!

Nov 23rd, 2009
by daisynguyen.
2 comments

Thanksgiving is around the corner. I’m going to take a break from my 3-part series on facebook, and be thankful. I’m  thankful for some of the hardest working yet most underappreciated people in our industry – the vendors of the multi-family industry.

I should also point out, that as an industry, WE, ourselves, are vendors. We are vendors to every person who rents an apartment from us. Knowing how bad it feels when a renter takes out their frustrations on us, why do we do that to our vendors? We know that it takes time to learn about someone in order to sell our value proposition (remember all those questions from the guest card?), and how frustrating it is when our prospects say,  “just tell me how much it is,” and yet we’re always asking this of our vendors all the time. (Remember when you asked your sales person to *JUST* give you a number, without taking the time to explain what you want?) How hard is it to sell on value when you prospect says, “Well, ABC Apartments down the road is giving away 2 months free rent,” and we turn right around and tell XYZ contractors their bid is 2 cents too high. Our renters don’t buy IT, as we aren’t buying IT ourselves. Kinda sucks when the shoe is on the other foot, huh?

Don’t get me wrong – smart business is still smart business. We definitely need to know where the market is and demand competitive pricing from our vendors. Whether the service is software, advertising, carpeting, screening, information, bulk purchasing, etc., beyond asking that vendors be competitively priced for the market, the secret to my success has been carefully choosing the right business partner for my needs. THIS is the exact intersection point where smart business becomes GOOD business. The “smart” business person in me would have squeezed that extra 2-3% savings out of a vendor. The “good” business person in me realizes a 2-3% savings will be repaid back ten-fold through a healthy business partnering relationship. The right business relationship can mean the extra competitive edge it takes to succeed in today’s economy.

Back to being thankful…

November 23rd, 2009

Dear Business Partner, (you know who you are!)

Thank you for all the things you have done to make me successful including:

  • giving me competitive pricing so that I can in turn be competitive
  • service with a smile (even when I have been less than helpful!)
  • answering my calls – even after hours
  • providing me with several options to choose from
  • pointing me to the best options for my situation
  • getting me the bid asap (i.e. yesterday)
  • bidding it 4 different ways with 2 different options = 8x’s more work for you, just so I can make a decision
  • wanting me to succeed
  • servicing my needs so that I can spend more time servicing my residents
  • providing free information in your field of expertise
  • delivering what you promised, and then some!

Thank you for partnering with me on our road to success.

-Daisy Nguyen in Minneapolis, Minnesota

CEO

RENTSODA-small

Business & Marketing Consulting to the Apartment Industry

Web: RentSoda.com   Email: Daisy {at} RentSoda(.)com

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Facebook-itis: Addressing the fear of facebook head on!

Nov 18th, 2009
by daisynguyen.
1 comment

Part II: Facebook-itis: Addressing the fear of facebook head on! AKA Should my site(s)/apartment community(s) ”do” facebook? - This is usually asked by someone who realizes that they NEED to be on Facebook – because everyone ELSE is thinking about it or already “DOING IT.” Heard the buzz, now wondering…

This is PART II of a 3-part series. You can read the intro here:

3 facebook questions everyone asks when starting out… 

OR Part I: The ROI of Facebook – the Value of Creating Community

This is a great question. And the answer is as simple as YES.

KNOW THIS: In the Multi-family residential industry, we know who our typical renter demographic is - the biggest group of renters is ages 18-30. (Demographic information from NMHC - to see more demographic information, click here.) Our second biggest group, ages 30 – 44, and then 3rd largest demographic age group is 45-64, and then 4th is 65+.

KNOW THIS: Facebook demographics, as reported by istrategylabs.com as of 07/04/09, reported that the largest demographic of facebook users, ages 18 – 34 years old, totalled over 36MILLION users. The 2nd biggest demographic age group reported was 35-54 years old - totalled over 20MILLION users. The 55+years old user group totaled over 6MILLION users. The 55+ group was growing at a rate of 513% from the first half of 2009. (For complete istrategylabs.com statistics on facebook-click here. To see facebook’s statistics click here.) If your renter or prospect isn’t already on facebook, they WILL be. Will you be there to welcome them?

Technology continues to change, and with change comes new technology. Stay current with the new technologies – that’s how today’s business is done. (And for the most part, they can make life easier!)

If you think facebook maybe a fad – so what? A fad that has the attention of over 62MILLION U.S. users. WOW. GET IT while the gettin’s good. And if something else comes along, you can get GET THAT too.

And what about fear? Let’s address those fears quickly: Fear that you maybe exposing yourselves to liability? Fear that you may project the wrong image? Or fear that you may say the wrong things? Or fear that this might be too much work?

Well, to quote one of John Mayer’s recent tweets, ” …life may continue to be hard for you.” (For John Mayer’s full tweet/quote in its original context, click here and look at November 7th, 2009′s tweet.)

-Hey, I’m just being real. Agree? Disagree? LOVE IT? HATE IT? Still undecided? Want to chat? Leave me a comment!

Don’t Get it? RENT SODA. GET IT!

-Daisy Nguyen in Minneapolis, Minnesota

CEO

RENTSODA-small

Business & Marketing Consulting to the Apartment Industry

Web: RentSoda.com   Email: Daisy {at} RentSoda(.)com

Become a fan of RENTSODA on facebook.  Connect with RENTSODA on LinkedIn!

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Happy Endings & New Beginnings

Nov 1st, 2009
by daisynguyen.
1 comment

Happy Endings & New Beginnings!

 First for the Happy Endings – my last day as Chief Operating Officer at Greco was Friday, October 30th, 2009. What a great couple of years it has been, cumulating in establishing a new Property Management Company as well as the successful launch of a new Greco developed/managed/owned luxury property – Blue in Uptown Minneapolis. Blue, a 242 unit apartment project, recently won 5 MADACS awards from MHA in September of 2009 for excellence in the Property Management Industry.

 Next – New Beginnings – starting Monday, November 2nd, 2009, I am launching my own consulting firm – RENT SODA. RENT SODA consults to the Property Management and Real Estate Development industries, striving to help its clients achieve excellence and success in the evolving marketplace. Greco will be my first client.

 Please take a moment to update my new contact information:

 Cell: 612-889-3733

Email: Daisy {at} RentSoda(.)com

Web: http://rentsoda.com – the website will launch early this week.

For those of you who know me, please take a moment to update to my new contact information.

Watch for exciting new updates and announcements over the next couple of weeks. If you have any questions or would like to learn more about RENT SODA, please feel free to contact me.

-Cheers!

-Daisy Nguyen in Minneapolis, Minnesota

CEO

RENTSODA-small

Business & Marketing Consulting to the Apartment Industry

Web: RentSoda.com   Email: Daisy {at} RentSoda(.)com

Become a fan of RENTSODA on facebook.  Connect with RENTSODA on LinkedIn!

Follow RENTSODA on Twitter!

Cell. 612.889.3733

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