Is the subscription model dead? Or just dying?

How many of you have long used a traditional subscription model service to advertise your available units or rental houses? Spent your hard earned marketing dollars paying $500 to over $1000 dollars per month to be in a print publication or some type of newspaper. Probably everyone that reads my blog.  It’s what you are used to. It’s what you know. But… what if there was another model out there to try? Maybe not as popular but it could really gauge your results and help you determine if you are using your marketing dollars as effectively and efficiently as you could. Would you try it? I think you would.

Enter the pay per lead models. You pay for a lead when you receive it. But, what qualifies as a lead? Not all companies are the same. As I sit in every Friday for the Aptchat tweetchat I am learning A LOT! There is an amazing amount of information on these chats. I have learned that one company counts a phone lead after 8 seconds. Yes, I wrote that correctly, 8 seconds and I questioned it that day too and this company stuck to that fact that a connected call lasting more than 8 seconds is a lead. While I don’t agree with it, it is their model. Another company counts a phone lead after 50 seconds. Sounds a little more reasonable right? I believe it could start as soon as 40 seconds but hey, 50 seconds it still better than 8 seconds.

So, let’s think about the cost associated with subscription models (flat rate per month regardless of results) and the pay per lead model (only pay for what you get) and see which one better suits your business. If you pay $750 per month to be in a major print publication, who in your office is asking “everytime” the phone rings, where did you find us? If they aren’t asking, you are wasting your money. On the other hand, if you use a pay per lead model, the report you get at the end of the month with trackable phone numbers elminates the worry of asking “where did you find us”. You know where they found you. I believe some subscription services offer a trackable phone number on their print ads but not sure how the data is delivered to you at month end.

On one hand, if you use a subscription service you just worry about the flat rate fee and can say “my job is done, I advertised”.  But, if you want to get more bang for you buck, you need to realize that the subscription services are a dying breed, just like local newspapers and you will have to get with more current advertising. Consumers like the web. It’s fast, easy, friendly and you can find anything you want with very little searching knowledge. Newspapers and subscription models are becoming a thing of the past. Marketing managers want concrete results. They want to focus on target demographics. The average renter is between 18-34 years of age. Please tell me how many 18-24 year olds you know that sit down and read a newspaper. They don’t! It’s online for free, that’s where they read it.

So in closing, it’s your choice where to spend your marketing dollars. But…. wouldn’t you want to spend your marketing dollars where you get trackable results? The answer is yes and your answer should be “online” using pay per lead models. Only pay for what you get!

P.S. Don’t forget, you can email questions to me directly at stacie@rentwiki.com or to twitter www.twitter.com/staciewiki

How much is a lead really worth to you?

Since joining Rentwiki.com  it’s been my pleasure to learn an entirely new way of advertising. The Legit Lead Model. What does this mean you ask? Aren’t all lead models the same? The answer is no.

A “legit lead model” is quite different. This model requires that all leads be reviewed, (ALL LEADS) before a client is charged. This eliminates the junk leads, duplicates, etc and the client only pays for a legit lead.

So, if you are using a service that charges you per lead, but not per legit lead, what are you really getting? If the same customer calls Complex A five times asking different questions should that be five leads? Should you be charged five times for speaking with the same person? Rentwiki doesn’t believe so and neither do I.

For years I sold subcription models. Flat rate monthly bills that may or may not have produced any results for my clients. And if you aren’t producing results, why are they going to keep paying you? The answer is, after awhile they are not.

I find the the legit lead model interesting as you only pay for what you get. If you don’t receive a lead, your properties were still receiving exposure but at no cost to you. How could anyone pass this up?

So, how much is a lead really worth to you? $10 dollars, $15 dollars, $50 dollars???? And how are leads defined? Well, for that answer you’ll need to send me an email and we’ll talk. Can’t give away all my secrets here. Drop me a line to stacie@rentwiki.com and let’s chat.

Have a successful July filling those vacancies and use Rentwiki.com  to advertise your apartment communities.

How to be a successful Account Executive

I have been in the rental industry since 2005. Prior to that, my background was in Accounting/Human Resources and Management. But, in the Summer of 2005 I had to make a decision…. Keep the job that was pretty good (paid well but terrible hours) or take a HUGE pay cut and be home at night and on the weekends. I chose the latter. Thus, my future at Rentalhouses.com began. I have to say, working for a startup was an adventure. However, everything I learned and everyone I met was worth it.

In 2007, Rentalhouses.com was sold to Primedia, or Consumer Source or whatever name they were using at the time. Our Louisville office remained open and we made the best of it. There was always a possibility that we would close.  As of this posting, that office is still open.

I put in 4 years until March 31st of this year and chose to move on to another venture that I LOVE! Thus, my adventure with Rentwiki.com has now begun. My passion for years has been in building client relationships. That is what I do now. Why am I so successful? Read on to find out.

1. You must be a trustworthy person. Even over the phone, people can tell if you are real or fake. I always believe you should tell the truth even if the truth isn’t the most favorable for you. Honesty gets you everywhere.

2. Value every client you sign on. Value the client with one property as much as the client with 100 properties. Why? Every client is important. That client with one property could refer you to a friend with 100 properties. Treat each and every client as if they are your only client. Build that trust and sustain that relationship.

3. Send Thank You notes. Are you sending “thank you” notes? If not, why not. I send “thank you” notes when a client signs on with me. I send “thank you” notes even if they don’t. If they took the time to listen to what I had to say, I want them to know I appreciate it.

4. Follow up is crucial. Do you follow up with your clients at least once per month? If not, you better get on it. Truth be told, if you don’t take care of your clients someone else will. Call to just check in. You don’t have to make every call a sales call.

5. Ask your clients for referrals. If you are doing your best they will refer you to others. If you aren’t, you need to know you aren’t doing your best and get busy improving.

Email me if you have any questions. I want everyone to be a successful Account Executive. It makes your job feel less like work and more like a passion.  “If you do something you love, you will never work another day in your life”. Can’t remember who said it, but it was a genius statement. Try and see how it works for you.

Good luck!

How to avoid fraud when you are a renter

Time and time again you see articles in the news about how someone was duped into renting a place only to find that the place is not available, the person renting isn’t the owner, they asked you to wire money etc, etc…..

This is 2009! You have to be internet savvy if you plan to use the internet to locate a place to live. Here are some tips to help you in your search:

1. Use a Property Management company. This will insure you that you have someone reputable showing you the place, taking care of maintenance needs, collecting your rent and sending it to the correct owner, etc. This is the BEST place to start.

2. If you can’t use a PM company, you must do your research. If you use Craigslist, you need to be extra careful. Unfortunately it’s the easiest way for a scammer to take your money. I use Craiglist to sell items that I no longer want, but you still have to be careful when dealing with property. While they do have fraud warnings on the site, your gut instinct should also help you decide.

3. Never ever agree to wire money to see an apartment or to pick up keys. A reputable landlord will never ask for this.

4. Never sign for an apartment or house you haven’t seen. Send a relative or friend to view it for you. Ask for the landlords information such as where do they live, what is their phone number, how long have they been renting property, etc.

5. Use the power of the internet to your advantage. Google the name, address or phone number of the person you are dealing with. See if they come back with any red flags.

6. Google the address of the property you wish to move in to. If the address comes back listed with another agent or on a site for sale. Run, don’t walk away from the deal.

7. The “overseas or out of country excuse” is one of the most well known excuses to not meet you in person. If they were that concerned about the property, they would place it in the hands of a reputable Property management company. This is a definite red flag.

I hope this helps everyone in their search for the next best place to live. Feel free to comment or let me know if you have any questions.

Thanks for reading!

P.S. Don’t forget to search Rentwiki.com for your next apartment rental.

Rentwiki.com…. why use it?

I now have the benefit of being part of a new venture, Rentwiki.com. Why is this so great? Well, first of all, it’s background is one of a kind. They integrate social networking into their ILS to get results. Think about it, if you wanted to move, wouldn’t you want to know about the neighborhood? Of course you would, who wouldn’t? Everyone wants to be able to make a more informed decision. And as a Property Manager, what does that mean for you? Well it means you have longer lease retention so you don’t have to spend as much marketing dollars. Isn’t this a win/win? I think so.

NAA is coming up this week but unfortunately my super fear of flying is leaving me grounded for this trip. I just didn’t think I could make a 5+ hour flight that wouldn’t leave me ill the entire trip. However, next year, if it’s East Coast or even Central time, I’m in!

So folks, have a great time this week. Looking forward to hearing all about it on Facebook and Twitter (where I spend about 8 hours a day). More coming soon.

Rentwiki.com in the news again

I wanted to share this awesome article, which can also be found on our website. Please let me know if you have any questions or would like a demo.

http://www.killerstartups.com/Web20/rentwiki-com-social-rental-search

Stacie Drake is leaving Rentals.com/Rentalhouses.com

Yes it’s true. After 4 great years I have decided to leave Rentals.com and the best company I ever worked for, Rentalhouses.com. Throughout my four years I have learned A LOT from many great people and many great minds.

Realistically, when RHc was purchased in January 2007, we all could have lost our jobs. But, we didn’t. As a matter of fact, just recently we moved in to a great location that was more conducive to an Inside Sales environment. And, the office is continuing to grow, so I thank Jamie Gallo at the time we were purchased for keeping us open and allowing us to excel.

At this time in my life though, it’s time for me to be my own boss and decide when I work and for who I want to work for and to allow myself some time to breathe.

I will miss my work family very much but I am soooo looking forward to spending more time with my real family even more.

Charlotte NARPM chapter meeting, 11/12/2008

As the former account executive for North Carolina, I have been very blessed to have met and worked with some of the BEST Property managers in the business. Yesterday, I flew to Charlotte to catch up with some of my clients and catch a meeting. What a great atmosphere they have going in Charlotte. John Bradford of Park Avenue Properties is the current President and he had a good vibe going and kept their meeting right on track. The guest speaker was Moira Quinn, you might remember her from PM Magazine in the 80’s. She now works for Center City which is developing Uptown Charlotte at a very fast pace. Their plans are awesome and I plan on going back when all the work is completed.

I also got to catch up with Linda East with TonsofRentals.com and meet some of her staff. I met with Steve Helms of REST (Real Estate Service Team) and yesterday was his first meeting. He networked like a pro and I can’t wait to be able to do some business with him to grow his company. I also saw Dave Shearer of Shearer Realty but he left too soon before I could catch up with him. No worries, I’ll call him today.

So, bottom line is, if you are in North Carolina and want to converse monthly with skilled Property Managers in your area, email Linda East at TonsofRentals.com at Linda@tonsofrentals.com to see how you can attend your first meeting free and see if the Charlotte NARPM is right for you. They have members from the entire state that attend.

The food was great, the company was even better! You owe it to yourself to attend.

Craigslist tops BBB warning list

Article as seen on msn.com

WTHR-TV

updated 10:14 a.m. ET, Wed., Nov. 12, 2008

Richard Essex /Eyewitness News

Indianapolis – The Better Business Bureau is issuing a new warning about ten places you do not want to spend your money.

Topping the list is a popular online classified advertising service.

“Craigslist has the BBB’s lowest rating, because they are not responding, not taking care of their customers,” said BBB President Linda Carmondy.

Craigslist, according to the BBB, is one of those places on the Internet where everything goes.

“They have hundreds, it appears, hundreds of services. They have classified, they have personals where you can match up just about anything you want,” said Carmondy. “All kind of possibilities with these personals.”

There is no fee to post your ad, look around or buy anything on the site. But there is a laundry list of precautionary advice and small print legal warnings.

“They are saying they are not responsible for any posting whatsoever,” Carmondy said. “But Craigslist is protected, if you read their terms of use.”

The site has set it up to protect their interests, but not necessarily the customers.

“There are no warranties, no guarantees, no nothing,” Carmondy said.

The site’s users are charged with policing the site themselves. In a forum for complaints, regular users post negative experiences, including one man who claims he was taken by a bad cell phone.

Eyewitness News posted a simple question to the Craigslist community on the site, asking, “Why do you use this site?” Within minutes, there were responses, none of which were positive and all seemed suspicious of the intent of the poster.

But even with the warnings and self-policing, there are still problems.

“The reason Craigslist is on the top of the Better Business Bureau hot topics [is] because they are not taking care of the consumers that are complaining,” Carmondy said.

Need to have quality pictures taken? I have the site for you

The boys at the Skate park

As has been stated many times, I work for Rentals.com (and Rentalhouses.com). In my 3+ year tenure here I have had the opportunity to meet a lot of great people and work with and for a lot of great people. One of the great people I had the opportunity to work with was Mike Metzing. Mike was our Florida sales rep and was extremely successful in that role, building it up at a massive rate and took very good care of all his clients. After Rentalhouses.com merged with Rentals.com in January of 2007, Mike chose to pursue his passion of taking pictures instead of sales. He was greatly missed in this office.

Now, Mike has his own business called Pictured Events.  I had him take some photos of my boys this weekend (which I will attach here) and they turned out fantastic. I couldn’t be happier with them.

I will encourage anyone who wants quality pictures in the Louisville, KY or Southern, Indiana area to contact Mike via his website at www.picturedevents.com and schedule your pictures today.

You WILL NOT be disappointed.