Online Marketing Tips for Real Estate
Online Marketing: An Attractive Alternative to Traditional Advertising
Rental listing websites report an increase in visitor traffic
Jason Leonard
Marketing and advertising are critical at all times of the year for landlords. However, the big question is;
‘Am I making the most of it?’
If you have a vacancy problem there could be many symptoms contributing to your situation but the first and easiest thing to look at is your marketing. More specifically:
Is the advertising you’re doing making the phone ring?
Advertising is one of those necessary evils in this industry. It’s expensive and we’re always wondering if we’re getting a good return on our investment. As vacancy rates continue to climb, so to it seems do advertising budgets. But it doesn’t need to be this way.
Over the past year, there have been plenty of questions surrounding the Internet’s usefulness in the Canadian apartment industry.
Does it work?
Is it an advertising medium that I should be using?
Are renters really gravitating towards it and slowly leaving print options behind?
‘Yes!’ says many of the top Canadian rental listing websites. And this isn’t just talk, the traffic and content numbers seem to be supporting them. “At Viewit.ca, a significant portion of our thousands of monthly users are local,” says Ryan Schwerdtner, Managing Director. “We've also seen a tremendous increase in successful rentals 'site-unseen' from those immigrating to Canada such as students and professionals arriving on work visas.”
Search Engines Made Easy
Renters in Canada and internationally are more connected then ever and know how to use the Internet to find what they’re looking for. Typically, renters looking for a new apartment start by conducting a search on a site such as Google or Yahoo. These sites, known as search engines, help users find websites that meet their search criteria, for example: “apartments for rent.” Having your website show in the list of results can mean having prospects look at your vacancy information for free.
While having a website that ranks highly in the search engines is a key objective of any online marketing campaign, it is important not to overlook the value of listing your vacancies on rental listing websites. These sites are usually already highly ranked on the top search engines and can deliver prospects to you to almost immediately. GSCrentals.com President George Cottage points out, “While renters will browse through company websites if they are able to find them, they prefer to use websites like ours because we are a single source of information for all properties available. Renters want to know that they have seen everything that is available in the marketplace, and with over 1,450 apartment buildings on our website, we give renters that confidence they’re seeking.”
Internet Marketing Reduces Costs
Internet marketing doesn’t need to be difficult or expensive to implement. In fact, if properly employed, it can significantly reduce advertising costs while adding efficiency to your operations. Consider how many calls you would need or want to consider a $20 Internet advertisement valuable. Twenty, forty, fifty…? Now compare that with what you are spending in print and the results you get. The truth is the best Internet listing websites in Canada outperform their print competitors on a cost-per-call basis, by a wide margin. For example, a $20 Internet ad that produces 50 calls means you are paying $0.40 per call. In order for your $500 print ad to have the same cost per call, it would have to generate 1,250 calls!
So who uses the Internet? I often hear landlords say, “Our clientele doesn’t use the Internet,” or, “The Internet doesn’t work.” The fact is, almost everyone from every walk of life is now making their way online. The Internet does not care about one’s economic status, age or ethnicity, it’s merely a communication tool. It is everywhere, in almost every corner of the world. It is the great medium that ties us all together.
The New Preference: Online Searching
There are some clear indicators that renters prefer online searching. Places4Rent.com, one of the first Canadian rental websites to launch back in 1998, reported that over the last 6 years, the number of renters visiting the website has increased by over 1,200%. “The traffic on our website peaked at over 250,000 renters per month last summer,” says website owner and President, Brent Daviduck. “We are experiencing such tremendous growth that during this summer we expect to serve over 350,000 renters a month, a clear indication that renters prefer the convenience and usability of the Internet.”
While the majority of property management companies now have websites, many are still not taking advantage of online advertising opportunities. What we are seeing though is that small Canadian landlords are utilizing the online rental websites. It seems this cost-conscious group picked up on the savings and effectiveness of the Internet some time ago and has been shifting their spending from print to online in rapidly growing numbers. One quick look through any major newspaper will reveal the number of houses, townhouses and suites for rent seems to be declining in a time when the vacancy rate is actually climbing. This trend is supported by several online rental listings services that cater to the small landlord such as Places4rent.com GSCrentals.com. “The small landlord market is our fastest growing segment” says Cottage. Small landlords are extremely sensitive to vacancies and have realized that the Internet is not only extremely effective but is also much cheaper than the newspapers and rental magazines.”
Practical Advice You Can Use
Not sure of where to start? Confused by the many different offers and proposals that have come your way? Here are some things to consider when choosing a website to advertise on:
1. Ease of use: Does the company go out of its way to make it easy for you to do business with them and understand the services they are offering? If you are having difficulty listing your property online, will someone help you with it?
2. Cost: You should expect to pay in the range of $20 - $55 per month, per building for an online ad. Try to negotiate a discounted trial period if you can or if you are unsure of the value a site offers.
3. Traffic: Ask how many unique visitors (renters) the website gets. All other stats such as ‘hits’ are useless. Remember, print publications tell you their circulation, so when comparing print to online, make sure you compare users.
4. Features: Make sure you can post at least 5 photos and floor plans. Other popular features include mapping, links to your website, syndication, save favorite listings and renter’s profiles.
5. Distribution: The Internet is unique in that websites can efficiently share content. This means that when you place your vacancy on one website, it could end up on multiple websites within hours, offering you tremendous additional distribution at no additional cost. Once you edit your ad or mark your property as rented, this updated information is sent to the entire distribution network so that all information online remains accurate. RSS –"Really Simple Syndication"– is what you want and it represents tremendous value to landlords who find websites that offer it.
The Internet levels the playing field for those who use it to enhance their business, as it represents an alternative to traditional media that has long been expensive and hard on company budgets. With costs so affordable, why not include more than one website in your marketing mix and cut back on print to accommodate the expense? In the end, you’ll be left with a much more balanced approach to attracting rental prospects.
Jason Leonard is Editor-In-Chief of Landlordspace.com. For more marketing ideas and tips from industry leaders, visit www.landlordspace.com
About the Companies Mentioned in this Article
GSCRentals.com
Started in 1999 by George Cottage, a professional property manager of 35 years. This website serves landlords from coast to coast in Canada and offers the lowest advertising rates on the Internet today among the leading rental websites.
Places4Rent.com
Started in 1998 by Brent Daviduck. This website features listings from many different rental websites and is heavily visited by renters. If you advertise on GSCRentals.com, your listing will also appear on Places4rent.com at no additional charge.
Viewit.ca
Started in 2003 as a Toronto only website. Viewit.ca has begun to expand slowly into other regions of Ontario. Most expensive site in Canada to advertise on.
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