Maximize Property Income using Social Media

Learn The Lingo ofHow to Master Social Media Marketing

 

By the Marketing Team, Summerfield Management

 
Social Media platforms are great for watching fun videos and catching up on friends and family, but in order to use them to generate revenue from your apartments, you need to understand a few things.  

Social Media Lingo

  • Feed – A feed is a user’s “Homepage” on given social media like Facebook, Twitter, etc. where they see content posted by others. 
  • Follower / Audience– Is anyone who ‘follows’ or ‘likes’ someone else’s social media profile. A profile’s total number of Followers is their Audience. If you’re not already a Follower of Summerfield Property Management, find our profiles here: Linkedin and Facebook.
  • Hashtag (#) – Hashtags are used to search a topic or phrases on social media. The name hashtag comes from the ‘#’ symbol (You may also recognize it as the number or pound symbol). The ‘#’ symbol will always be used at the beginning of a hashtag phrase, creating a hyperlink to phrases using the same hashtag. Capitalization does not matter when creating a hashtag and they always appear as one word.  

Understanding feed, followers, and hashtags are a good starting point but not enough for success. We get this is not the most exciting stuff, but if you want your property to make more money, take a breath and keep reading.  

Metrics

They help you measure any social media campaign’s success rate and tip off if you need to modify your marketing to improve site specific results. 

Metrics refer to tracking statistics that help a user understand how their content is being received. Some are free and available for general postings and others are available only for paid online advertising. 

Free Social Media Postings

All social media platforms generally have access to free metrics for performance tracking like,

  • ImpressionsImpressions represent the number of times your content is displayed.  It is important to note that an impression does not mean someone absorbed the content as the user could have quickly scrolled past. Similar to a television commercial, just because it played, does not mean the message was received.  Impressions are a “vanity metric” to make social media activity seem more impressive.
  • Engagement – This includes all interactions within a post. Different social media platforms allow different interactions, but the most common is a user ‘liking’ a post, leaving a comment, sharing a post, or clicking on a link within the post. 
  • Reach – The number of unique users who see a post is called Reach. Reach only counts unique views.  Reach gives a more accurate picture of brand exposure than impressions since impressions counts all views i.e., if the same person looks at it 20 times it will count all of them. In other words, the greater the Reach, the greater number of potential new tenants who have viewed your property’s social media content.

Paid Online Advertising

This is not that common at the property level. Larger firms choose to market either their company or a portfolio of properties that have a specific brand, and in some cases, new properties may do so during initial lease up. In a 2021 poll, 79% of marketers reported buying paid advertisements on Facebook. Paid ads are a proven way for businesses to reach a larger target specific audience and often it is more affordable than other forms of advertising. With paid ads, the tools are available for you to define your specific target audience. The social media platform i.e. Facebook will provide specific and actionable metrics for your target audience,

  • Frequency – Frequency is the average number of times an ad was seen by your defined target audience.
  • Click-Through Rate (CTR) – This shows the percentage of the target audience who clicked on an Ad. CTR is calculated by taking the total number of clicks divided by the total number of impressions.
  • Cost-Per-Click (CPC) –  This is a popular pricing model where you only pay for clicks from your target audience.

Congratulations if you got this far, this is not the most interesting subject and you powered through! If you keep going, we will walk you through how to monetize social media advertising using man’s best friend as an example.

A New Dog Park

ABC Apartments a 162 unit community recently installed a new dog park and wanted to advertise this new amenity by posting a cute video of dogs playing on their Facebook page with the intent of creating more leasing activity and higher rents. Their hope was to create enough exposure to entice their existing dog-owning Tenants to renew their lease at a higher rent and attract other high-quality Tenants with dogs.

Curious about the success of this campaign, Summerfield leasing staff reviewed metrics and saw that the video had 562 impressions, a reach of 396, and 93 engagements.

What does this mean?

The post was viewed 562 total times on ABC Apartments’ Facebook page. Of those total impressions, 396 were unique users which means many more people than just current Tenants at the property paid attention. The post was engaged by 93 people who may have watched the whole video, left a comment, or shared a reaction. We were able to track the 93 people who engaged and discovered the new dog park contributed to 11 apartments being rented.

Dogs frolicking in a dog park on a summer day. Did you ever think you would measure that to make more money? 

Summerfield can help improve your property performance, for further information give one of us a call or drop us an email.

Robert Parmar

Managing Director

rparmar@smfield.com 

206-920-3055

 Travis Gold

Director of Marketing

tgold@smfield.com

206-844-9039

Danielle Daily

Brand Development Officer

ddaily@smfield.com

706-972-5755

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Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.

If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.

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