Enhancing Communication & Accountability in Our Marketing Strategy

Aligning Property Updates with Monthly Marketing Spend and Leasing Outcomes

1.

Topics to Cover

  1. Portfolio Overview & Cost Challenges
  2. Q4 2024 Cost Overview by Property (Excel Link)
  3. Communication & Coordination Enhancements
  4. Monthly Reporting & Accountability System
  5. Channel Optimization & Agile Budget Adjustments
  6. Action Plan & Timeline for Rollout

2.

Portfolio Overview & Cost

  1. Portfolio Snapshot:
    • Properties include Drift, St. Pete, Beacon, Park Place, Azola, etc.
    • Brief insights on occupancy trends and overall marketing spend across the portfolio.
  2. Cost:
    • High cost per lease in certain channels signals a need for optimization.
Property managers have critical information (e.g., lease expirations, upcoming unit availability) that can drive tailored marketing strategies.
Enhance the oversight of the $5K monthly marketing investment, ensuring every dollar is allocated effectively.

3.

Q4 2024 Cost Overview by Property

4.

Communication & Coordination

  • What It Is:

    • A structured process where we enforce regular reporting from our marketing agency, ZRS, to obtain consistent updates on property data such as unit availability, lease expirations, and campaign performance.
  • Why It Matters:

    • Targeted Campaigns: Helps us design more focused marketing efforts to address vacancies.
    • Budget Efficiency: Enables quick reallocation of spend to lower our cost per lease.
    • Accountability: Ensures all teams have aligned, periodic insights to guide decision-making.

5.

Monthly Meeting Structure

  • Meeting Schedule:

    • Held during the second week of each month—spanning Monday, Tuesday, and Wednesday.
  • Attendees:

    • Myself (Head of Marketing), Jeffrey (Head of Asset Management), the head of marketing for ZRS, and onsite teams from all portfolio properties.
  • Focus & Actions:

    • Review the regular performance reports provided by ZRS.
    • Analyze data on unit availability, lease expirations, and campaign effectiveness.
    • Discuss necessary adjustments and reallocate budget based on the reported metrics.
  • Supporting Tools:

    • A shared dashboard that consolidates monthly reports from ZRS, tracking key KPIs such as spend, leads, tours, and leases.

6.

Channel Optimization & Budget Adjustments

  • Optimization Strategies:

    • Pilot new tactics like geofencing to precisely target prospects near competitor properties or key neighborhoods.
    • Continuously monitor campaign performance across all channels.
    • Reallocate budget from underperforming channels to those that deliver lower cost per lease.
  • Expected Impact:

    • Lower overall cost per lease across the portfolio.
    • Improved lead quality and higher conversion rates.
  • Visual Resource:

7.

Action Plan & Reporting Structure

  • Immediate Next Steps:

    • Finalize the weekly reporting structure for our marketing agency, ZRS, to ensure consistent, actionable data on spend, leads, tours, and leases.
    • Schedule the first portfolio-wide strategy meeting during the second week of next month.
  • Long-Term Goals:

    • Use the weekly reports to drive agile budget reallocation and ongoing optimization across all channels.
    • Continuously monitor performance and adjust tactics to lower the cost per lease and improve overall occupancy.
  • Timeline:

    • Week 1: Finalize and implement the weekly reporting process with ZRS.
    • Week 2: Conduct the first monthly strategy meeting (Monday–Wednesday) with all key stakeholders.
    • Ongoing: Use weekly data to inform real-time decisions and monthly reviews.

4.

Optimizing Marketing Spend for Drift

— Demonstrate how the $5K monthly spend is allocated and measured.

— Present potential scenarios for cost per lease (CPL) given current challenges.

— Explain how enhanced strategies (e.g., geofencing) and better communication with property managers can reduce CPL and improve occupancy from 88% to at least 93%.

  • CPL Formula:
    • CPL = Total Marketing Spend ÷ Number of New Leases Signed
  • Our Goal:
    • Keep CPL within a target range that justifies the marketing investment while increasing occupancy.
  • Metrics to Track Monthly:
    • Total spend per channel (e.g., PPC, Zillow, geofencing)
    • Number of leads → tours → lease conversions
    • Cost per lease per channel

(For background on these calculations, industry discussions such as those by PERQ illustrate that lowering CPL by channel optimization is key t

Demonstrate how the $5K monthly spend is allocated and measured.
4 K
Explain how enhanced strategies (e.g., geofencing) and better communication with property managers can reduce CPL and improve occupancy from 88% to at least 93%.
50 %