Multi-Housing News - May 2009 - (Page 23)

tech trends Get Smart Social media is here to stay, so property managers need to join the conversation By Christopher Hosford, Contributing Editor Social media—it’s everywhere, used seemingly by everybody, and it’s impacting rental properties in a big way. Residents are sharing their views about where they live on social media sites like Facebook, Twitter and Digg, as well as on Internet listing services (ILS), and property managers are having to learn to cope with the results. “People are having whole conversations about properties and neighborhoods,” says Robert Turnbull, president developer and management company AvalonBay Communities, which has some 175 properties containing ILS Social Players 60,000 units. “As an industry, we’re behind the curve on where the social revolution is. But we need to engage in ¬ MyNewPlace.com has a blog on its the conversation and then measure our impact.” home page. It also allows users to Thompson agrees with Turnbull; managers and ownpost/Tweet apartments they are looking at to their Twitter profiles. Has Facebook ers need to monitor what’s being said about them and to Connect functionality for friends to share treat it like any other form of customer feedback. In information about apartment searches. short, if it’s a negative comment, it needs follow-up. “Especially in a tough economy, renters are in a little ¬ ForRent.com has an onsite blog, as well stronger negotiating position, and we want to make sure as video outreach on YouTube, MySpace, we’re hearing what they say,” Thompson notes. Yahoo, Dailymotion and AptsVideo.com. This spring ForRent.com launched its first It’s clear that Internet listing services are tiptoeing video contest, asking apartment seekers their way through the social landscape. Some have gone to explain why they are ready to move, for whole-hog with onsite social features, while others are a chance to win $10,000. experimenting with exterior social platforms, primarily for marketing purposes. ¬ RentWiki.com integrates searches with “There are so many great ways to communicate with social media, with renters sharing information from others about neighborhoods, the residents,” says Tammy Kotula, a spokesperson with social scene, transportation, do’s and Apartments.com. “It’s essentially an extension of other don’ts, pets and more. forms of communication.” The difference, of course, is that the communication ¬ ApartmentFinder.com o ff e r s a is now two-way and shared online with the entire world. ShareThis button on its home page, to “You always want to be transparent about your easily share apartment search results with friends on such social media sites as responses,” Kotula says. “For example, a property manFacebook, YouTube and Digg. ager shouldn’t pose as another renter and talk up the company. We’ve seen a few examples of that, and you ¬ Apartments.com has a Twitter page to can lose the loyalty of renters in a matter of seconds.” connect with industry experts, as well as a One ILS taking it slow with social media is ApartMySpace page where renters can search ment Guide. Its new iPhone app is a mobile service for for apartments. In addition, this year it acquired ApartmentHomeLiving.com, a on-the-go prospects, and it has a Twitter page as well. social media site that features user-generArlene Mayfield, president of the apartment division ated content on apartment living. of Apartment Guide, says the company is exploring whether to open up its informational database on ¬ Wheelhousebrokerage.com is a search 28,000 neighborhoods to user-generated content. ILS for multifamily properties for sale, with “Any social outreach by communities or Web sites a feedback feature from brokers. should require people to register,” Mayfield says. “You don’t want people to post reviews of your community anonymously, so you’re able to respond to both negative and positive feedback.” MHN ONLINE Of the company jumping more fully into the social Sign up for MHN’s Property whirl, Mayfield says, “We’ll continue to evaluate it.” Management newsletter at www.multi-housingnews.com/newsletters To comment, e-mail diana.mosher@nielsen.com. and co-founder of RentWiki, an ILS with a significant social media aspect. In addition to its own neighborhood-oriented feature, RentWiki has incorporated a feed from Twitter that shares comments from that micro-blog about neighborhoods. Turnbull recommends that property managers “get real” about social media. It isn’t going away, and it’s best to deal with it head on, he says. “Management companies have to start by listening to the conversation,” he said. “Get a Google Alert about your properties; hear what people are saying about you. And then have one person, a social media manager, assigned to respond.” Turnbull also recommends seeking out “evangelists,” residents who appreciate their properties and management, and who are willing to post fair appraisals of both. Hear the feedback—and take part “The big thing to understand is that the conversation is happening with you or without you,” observes Kevin Thompson, vice president of marketing with property www.multi-housingnews.com | May 2009 23 http://www.MyNewPlace.com http://www.ForRent.com http://www.AptsVideo.com http://www.ForRent.com http://www.RentWiki.com http://www.Apartments.com http://www.ApartmentFinder.com http://www.Apartments.com http://www.ApartmentHomeLiving.com http://www.Wheelhousebrokerage.com http://www.multi-housingnews.com/newsletters http://www.multi-housingnews.com

Table of Contents for the Digital Edition of Multi-Housing News - May 2009

Multi-Housing News - May 2009
Contents
From the Editor
Executive Insight: David Picerne
Market Pulse
Investment: A Safer Haven
Finance: Weathering the Risks
Case Study: Industrial Chic
Profile: Green Properties
Technology: Social Media
Renovation Tips
Products: A Touch of Luxury
Perspective: Employee Relations

Multi-Housing News - May 2009