Mobile Marketing

Landlording is not the "world's oldest profession" but providing housing for others has been around longer than any of us can know. In this age-old industry, we suddenly find ourselves in 2011 - a time that was supposed to be dominated by flying cars and a vacation resort on the moon.  While I still have to sit in traffic on my way to work, it is astounding the technology we have available today. When I was a kid, I drove my dad crazy asking questions. I always wanted to know what things were and how they worked. His favorite response was, "Look it up." That meant, go dig into the World Book Encyclopedia. And if it wasn't there, you were out of luck!  Now we have the world at our fingertips. Google delivers search results in an instant. 

In today's market, it is important to get information out in a quick and convenient manner. Tenants are tech-savvy and like doing business with companies that are too. That is one of the reasons CPM is constantly seeking out and embracing the latest trends and technologies... which brings us to the newest tools being utilized by CPM. 

On our rental signs, prospective tenants will find two new ways to get instant details sent directly to their phones. All mobile phone users can text a code (printed on the sign) to 313131. They will then receive an immediate reply with the basic information along with a link to the listing on the mobile version of our website. Smart phone users can use the latest QR Code technology to get full details sent directly to their smart phones by downloading a free app to read the codes via their built in camera. QR (Quick Response) Codes are a 2 dimensional version of the classic bar codes. While bar codes only read horizontally based on the width of the vertical bars, QR Codes read as a series of squares within the box which gives an unlimited number of codes to be used within all types of marketing. While QR Codes have been commonplace in Europe and Asia for a few years, the technology is just beginning to take hold in the U.S. If history is any indicator, this technology will be second nature to us all in the very near future. 

I am excited about these new marketing tools. We look at marketing reports weekly and are already seeing major use of the new mobile marketing. In addition to the yard signs and print media, we post all available listings in the front window of our office, along with QR Codes. This way, people can not only see full details with photos, maps and research tools, they can also submit inquiries and even apply to rent on the spot 24 hours per day, 365 days per year.  With our location being so close to the university, we attract tech-savvy applicants that love our use of technology. 

In this economy, many businesses are cutting costs with marketing being the first to go. As you know, rents have been down over the past few years. That also means that our commissions are down, while our overhead is higher than ever. These new marketing tools also cost us each time a request is submitted. I simply say this to show our dedication to getting your home rented quickly to the highest quality applicants. We are proud to constantly be on the leading edge of the industry. We are one of (if not THE) first companies to use this technology in our area. We make these advancements because we are not satisfied with mediocrity. We owe it to our clients to provide the best our industry has to offer. It reminds me of one of my favorite movie quotes: "You see, the way it works is, the TRAIN moves... not the STATION." there are those that stayed in the station while we moved forward. I believe we will all reach our goals. However, some of us have higher goals than others.

Finally, I want to extend a voice of gratitude to all of our clients and customers. This industry is full of unique problems and pitfalls. The  heaviest load of our job is to take the punches and solve the problems associated with the management of your investment. We must juggle problems as they fly at us on a daily basis, but we stand firm and work hard to resolve everything in a fair and diplomatic manner. You have trusted us, and worked with us in managing your property. We are humbled and honored that you would do so. We are proud to take this journey with you!

Has Walmart ruined the Property Management industry?

I find myself shopping at Walmart from time to time and it's not so much to enjoy the atmosphere. In fact, a friend posted on his twitter the following: "Waffle House is just like ultra-expensive restaurants. You are paying for the atmosphere." I thought that was very well put. And sorry, I don't remember who posted it. If you were the author, just leave a comment and punch me when you see me. I sometimes feel the same way when I go to Walmart. However, the area in which Walmart sometimes attracts me is knowing that I can easily return an item with no questions asked. If I buy the wrong size, or color, or if the fish were biting a booger man racquet buzz silver blades with a chartreuse skirt instead of june bug gambler sweebo worm, I can simply go to customer service and get a refund! This approach to customer service works well for Walmart in the retail world.

Recently, a person rented a home from us. They applied, were approved, and executed a lease with us for the property. Everything went as is standard. The home was taken off of the market and the move-in was scheduled. As the move-in date approached, the new tenant decided that they did not want to move in. They wanted to know when would be a good time to come by and pick up a security deposit and rent refund. Of course, once a lease is signed a legal binding contract has been executed. At that point, a process begins in which money is budgeted based on monthly payments that have been promised by the tenant. Time has elapsed with the home being removed from the market. Had it been left on the market, chances are that it would have already been rented to another person. Many things come into play and lines must be drawn. At first, I was frustrated. Then I began to wonder if Walmart has had an effect. When people are used to being able to simply return any item for a full refund with no questions asked, maybe society has trained people to not see the gravity of signing a legally binding contract. I understand that we live in a selfish world and we all look out for ourselves. But this is not a "stick it to them" situation. Property managers are stuck in the middle and we must fulfill the job we are hired to do. The lines we must draw are following the terms of the contracts and Florida law.

So to Walmart, I must say "Thanks alot!" But we all must understand that policies and decisions are made based on deeper issues and years of experience. We appreciate all of our tenants. Thank you for trying to understand when we have difficult decisions to make.

Advertising

I like to think that I'm not that old, but I am catching myself saying "I remember when..." way too often. I remember when Milestone was just a helicopter field. I remember when I could buy a Coke, candy bar, and fill up my go-cart with gas for under $5. I remember when Escambia County was run by corrupt politicians - well, that doesn't take much of a memory.

I'm not reminiscing with a sour attitude, or being a grumpy old curmudgeon like Andy Rooney. I just see things changing, and that is not a bad thing. One of the biggest changes that I see taking place now is the way we advertise our vacancies. Let's face it, print media is dead. I stuck with it for as long as I could. I even stuck with it longer than I saw results. Early this year, we broke ties with the last print media that we were using. We ran the results from last year to see how many executed leases came from each area of advertising. Print media brought in less than 4% while it was the highest priced form of advertising. Looking for a good way to waste time and money? That is it!

So, where does that leave us? How do we get the properties out there for everyone to see? Online advertising is the most targeted and most productive way to advertise for our industry. When I go into homes for inspections, it is extremely rare to not see a computer. Everyone is online. But does simply being online mean we are hitting our target audience? Of course not. Our company's website is based with HEROpm which is a company that makes our website and database the core of our existence. From there, our listings go to destination sites. I could sit here and try to list all of the sites on which our listings land, but there is no way I could remember them all. We do a datafeed to dozens of sites which land all over the search engines. The biggest of all would be HomeRentals.net, Rentals.com, RentClicks.com, and RentalHomesPlus.com. Of course, we datafeed to CraigsList.org, Pensacolamls.com, and ahrn.com (military housing).

We still have clients that can't understand why we are no longer using print media for advertising. My hopes are that they will see the results we produce, and how we are able to keep our fees competitive by being smart with our advertising dollars. Of course, you still need to keep the rent prices low to get it rented... but I will save that for another blog. So here's to technology and a low vacancy rate! So far, I feel that we are harnessing the power of technology to benefit our clients and keep moving forward in a world of changes.

This cold weather has gotta go!

Our trusted guys from MD Heating and Air are at my house right now installing a new heat pump. Mine had some age on it and did not have the efficiency rating that we need to keep Gulf Power off of my radar. With the extremely cold weather we have been having this winter, my heat pump was struggling to keep up. It did not have enough electric heat strips to overcome the defrost cycle while the temps are near or below freezing. Therefore we were bypassing the heat pump and going straight to emergency (electric) heat. Gulf Power was very happy about my making that move! My power bill doubled!

Bad news is, I have to pay for a new system. But, there is plenty of good news. We have MD Heat and Air on our side. We have been working with them closely for many years. They consistently offer the best service with excellent prices. I wish all of our vendors were as dependable as they are! More good news: because we are increasing our efficiency rating, we are able to take advantage of a $1,000 tax credit. This has been extended for 2010. So if you are considering a new system, this may be a good time for you. If you want more details, contact our office and we can get you hooked up with MD for more info.

So yes, I am sick of this cold weather! If it is like this again next year, I may consider opening a branch office in the Caribbean! Actually... that's not a bad idea...