Marketing & Communications
Marketing and communication
Marketing creates qualified leads and converts them into leases; communication protects trust and reputation. Know segmentation, positioning, value proposition, marketing mix, digital channels, response speed, reputation management, resident communications, crisis communication, and fair housing in advertising. Measure leads, tours, applications, approvals, leases, cost per lead, cost per lease, and lead-to-lease conversion. Messaging must be accurate, consistent, and accessible. Segment the market so budget goes to the audiences and channels most likely to lease.
Traps
Discriminatory advertising and steering remain high-risk traps. Other common errors are promising availability or amenities that do not exist, ignoring online reviews, using one channel for every audience, and measuring likes instead of leases. During a crisis, silence or speculation can worsen damage. Do not let marketing run ahead of operations; a strong campaign that overwhelms maintenance or leasing capacity creates bad reviews. Response time is a marketing variable.
Worked example
A campaign produces 100 leads, 30 tours, and 10 leases. Lead-to-tour = 30%, tour-to-lease = 33%, and overall lead-to-lease = 10%. If the campaign cost $5,000, cost per lease = $500. Rule of thumb: track the full funnel and cost per lease, then fix the weakest conversion step rather than simply buying more leads.