Without data analytics, all strategies of property management can be compared to driving the car at night without lights. Especially in marketing the property, analytics has a major role to play, which can influence the outcome. If the property manager is not effectively keeping track of prospects and not targeting them, then the money invested in the marketing campaign would be a big waste.
A Salient Tool
Analytics feature should be a part of the property management software, which should be capable of analyzing various aspects such as performance and ROI. This will provide a clear picture to the property manager whether profits can be maintained or increased.
Marketing is an important job of property management for reducing vacancy rates, and improving the reputation of the property. However, marketing strategies may not work as expected and it important to track down efforts that are not yielding results. One of the essential marketing analytic features of a system should help property management in identifying and diagnosing the weaknesses and strengths of the content posted on the property website and on other portals such as blogs, social media pages and so on.
Secondly, in-built management and analysis features can help property management determine if the advertising campaign is worth the amount that is being spent on it. Analytics will be able to identify realtors that are providing the most prospects and those having the best closing percentages. With such information, it becomes easier in identifying and eliminating least cost effective lead sources, and helps to focus on sources that are producing the best results.
An excellent marketing analytics system will have integrated dashboards and reporting features with visual charts that present in a simple and clear way, the overall marketing ROI, lead conversions, and prospect metrics. Tables, charts, and graphs should be able to provide weekly, monthly, as well as yearly performance levels. With such reporting, it becomes very easy to assess prospect and campaign trends, and the actions that are necessary for sustaining fantastic trends.
The returns on marketing spending should be easily presented in the marketing reports, and there should be controls for filtering results according to campaigns, required data ranges, and other settings. Customization of dashboards should be possible through simple settings so that simple color-coding can demonstrate cost per lead, conversions, clicks, and spending. Property management will thus have the ability to display results that matter most.
One of the best advantages of having marketing analytics feature in property management software is the ability to test various strategies. By monitoring campaigns and studying reports it become apparent, which strategies are providing the best results and the ones that need tweaking.
Incorporating the Team
When property-marketing efforts are based on analytics, they are more agile and can cover much more ground. The best part of analytics is reports can be displayed in most simple form that is easy to understand for almost any member of the property management team. Therefore, all team members can be on the same page, even if they are not directly concerned with the particular tasks.