Deep Dive into Data-Driven Direct Marketing for Property Management Companies

Direct mail marketing for property management is making a comeback, and we have asked Brian Pavek from SmartZip to join us on the podcast to discuss the role data plays in this space. Over the past several years, the team behind SmartZip developed a scoring metric for the real estate industry that’s able to predict which homeowners will sell their home in the next year. Recently, they’ve expanded their data aggregation and analytics to serve property management companies. This is why Fourandhalf works with them to provide a data-driven direct mail marketing solution to property management companies. But before we dive into direct mail, let’s first talk about the basics. What is Data-Driven Marketing? In a nutshell, data-driven marketing means working smarter, not harder. It involves using collected information about a group of people and strategically targeting those who are qualified to work with you. Here’s an example: If the total population in a town is 5,000, how do you know which of those people actually own rental properties that you could potentially manage? The answer is data. Would you rather market to the whole town, or only to those who own the types of properties your company can manage? Data-driven direct mail marketing for property management companies helps you reach the right prospects. If you’re looking at a target market with 5,000 homes, you can take one of two approaches: The first approach is when you have a smaller budget. So using data-driven direct mail marketing as an example, you’ll send out 500 pieces of mail to homes in that market. Those are blind samples. You don’t know which 500 households will receive your direct mail, but you know that’s the number you can afford to reach. The second approach is when you can afford to reach every one of the 5,000 homes. You send your direct mail marketing to every address. This is still pretty blind; out of those 5,000 homes perhaps only 1,800 of them are investor properties. Data will help you decide who gets your property management direct mail marketing. Would you rather send out 500 mailers blindly or send out 500 mailers to people who you know may need property management services? The data removes the blind targeting in direct mail. You need three things for an effective direct mail marketing campaign: * The right message * The right recipients * The right timing The data is valuable and it provides a greater opportunity. Consistency and Commitment: Direct Mail for Property Management is Part of a Larger Strategy By now, you know that effective property management marketing requires a multi-channel strategy. Your direct mail marketing for your property management business should fit into the rest of your marketing, and you have to commit to tracking results for a few months. If you try it in one month, you could get great results. But, you might not. This doesn’t mean it’s working or not working. Sometimes, it’s just not the right time for people to receive your piece of mail. You can always be on-point with message, and the data will ensure you’re reaching the right people. Timing is always variable. That’s why a long-term commitment is needed. Most consumers require eight touches to respond tobranding. You need repetition in order to be successful. Why are Direct Mail Campaigns for Property Management Cool Again? For a long time, direct mail marketing for property management got lost in the shuffle because online advertising arrived and it...