Resolving the Data Controversies

Moderator:Jim Kjolhede, Satteron Enterprises

Panelists:David Seiler, Trinity Consultants

Darcey Forbes, Essex Property TrustMatthew Kilmurry, The Bozzuto Group

Opening Comments

Resolving the Data Controversies(Lead Attribution)

Presented by David SeilerExecutive Vice President

Trinity Property Consultants

DISCUSSION

Gathering Marketing Data – Then and Now Current Solution Reports, Assumptions, and Analytics New Dynamic & Solutions

GATHERING MARKETING DATATHEN – THE GUEST CARD

Gathering Marketing DataNow – The Pop Card

Traffic Source is Hard Coded

Gathering Marketing Data

Guest Card• Identifying the source is

suggestive / open to employee and prospect interpretation

• Mostly only 1 source is identified and tracked

• Manually entered into Property Management System

Pop Card• The Source is hard coded

into the contact based on a tracking phone number or e-mail

• System Generated Tracking up to 4 points of contact from different sources

• Fully integrated w/ PMS for more accurate data and reporting.

VS.

Call Tracking Provider

• Tracking phone and email addresses deposits marketing intelligence into 1 comprehensive reporting platform

Call Tracking Provider

• Call recording and e-mail follow up are captured on each Pop Card providing data validation and training opportunities

Report and Analyze• Dashboard • Prospect Reports • Active Prospects • Inactive Prospects • Customer Records • Incoming Traffic Logs • Activity Logs • Performance • Prospects Created • Referrals • Tours • Rentals • Wait List • Trend Reports • Traffic (Summary) • Leads By Day

• Leads By Hr (Bus Hrs) • Leads By Hr (After

Hrs) • Leads By Mo (Last 12

Mos) • Leads By Mo (Last 18

Mos) • Performance • Tours By Day • Campaign Reports • Traffic (Detail) • Leads • Leads Per Day • Leads Per Hr (Bus

Hrs) • Leads Per Hr (After

Hrs)

• Performance • Appointments • Tours • Rentals • Rental Lead

Attribution • Call Analysis • Call Logs • Minutes Of Use • Call Duration • Busy/RNA Per Hr

(Bus Hrs) • Busy/RNA Per Hr

(After Hrs) • Forwarded Call

Summary

Report and AnalyzeTrinity Property Consultants Q1 2011

Traffic Sources Total Leads % of TrafficCraigslist 3961 15.51%Apartment Guide.com 2801 10.97%Yardi Portal 2547 9.97%For Rent.com 2393 9.37%Drive By/Walk In 2246 8.79%Referrals 2115 8.28%For Rent 1538 6.02%Banners/ Signs 1389 5.44%Rent.com 1348 5.28%Apartments.com 1208 4.73%Move.com 873 3.42%Apartment Guide 594 2.33%

Traffic Sources Total Leads % of TrafficApartment Finder 517 2.02%Apartment Finder.com 424 1.66%MyNewPlace.com 398 1.56%Internet Other 337 1.32%Mobile Web 260 1.01%Direct Mail 255 1.00%Print Other 108 0.42%Apartment Ratings.com 102 0.40%Community Blog 65 0.25%Yelp.com 44 0.17%Facebook 17 0.07%

Numbers are based on 55 communities across 10 states. Not every community utilizes every source.

Community Website

Report and AnalyzeTrinity Property Consultants Q1 2011

Total Prospects ProspectsProspects Converted to ConvertedCreated Rentals To Rentals (%)

Referrals 200 11 1150 85 1446 566 39.14%Drive By/Walk In 208 4 1703 105 2020 459 22.72%

Craigslist 2094 19 554 57 2724 307 11.27%For Rent 1712 708 210 33 2663 145 5.44%

Yardi Portal 908 440 9 18 1375 141 10.25%Apartment Guide 1299 854 197 177 2527 133 5.26%

Banners/ Signs 698 0 380 16 1094 93 8.50%Rent.com 295 481 158 16 950 85 8.95%

Apartment Finder 425 212 106 17 760 46 6.05%Apartments.com 330 480 47 4 861 44 5.11%

Move.com 204 368 3 3 578 32 5.54%Internet Other 107 24 28 31 190 26 13.68%

Apartment Ratings.com 53 0 10 2 65 13 20.00%MyNewPlace.com 100 201 0 0 301 8 2.66%

Community Blog 11 23 8 3 45 6 13.33%Yelp 24 0 0 0 24 1 4.17%

Source Calls Emails Walk-Ins Other

Lease are attributed to 1st contact. Not every community utilizes every source.

Community Website

Variables to AssumptionsThe 80/20 Effect

– Active ads must have an active tracking phone number and/or e-mail

– Non-contactors must be sourced correctly– All ads display accurate rental rates, specials,

photos and amenities – Staff is properly trained in sales techniques and

Pop Card management.

New Dynamics

• Multiple Sources– Tracking Vendor can now attribute up to 4 sources

to one prospect • Lost In The Web

– How do prospects find our community websites?– Where does internet traffic originate from?

Google Analytics

Installing Google Analytics allows us to have greater visibility into traffic behaviors on our Community Websites, Mobile Websites and Community Blogs.

Google Analytics

With data from GA we are able to make smarter choices about website design, optimization, and functionality.

Google Analytics

Together with Tracking Vendor we have great insight into where traffic is generated.

SummaryLead tracking and lease attribution is not an exact science. Outside forces and changes in the market, pricing, advertisement presentation, consumer trends and advertising partners all force us to look at and overlay assumptions with alternative data. New tracking tools are constantly being developed. As long as the economic efficiencies that the data produces exceeds the cost to produce the data, we will continue to invest in the search.

Questions / Comments

THANK YOU!!

Resolving the Data Controversies Part II

(Lead Attribution)

Presented by Darcey ForbesDirector of MarketingEssex Property Trust

Surf’s Up : Finding the Right Wave of Success

Reviewing Lead Performance: If you’re going to do it, do it right.

How To Make The Right Marketing Decisions

• Learning the hard way, some things to avoid• How Essex makes marketing decisions today• Moving forward with confidence

Learning The Hard Way – Some Things To Avoid

The Magic Eight Ball Approach

#FAIL

Learning The Hard Way, Some Things To Avoid

• Don’t rest on faulty data pulled from the wrong places

• Don’t assume your G.L. accounts hold your marketing expenses

• Don’t set it and forget it… measure, measure and measure again

• Don’t jump the gun, leads take time to turn to leases

How Did We Feel About Our Data Woes?

Essex Offices 2009

Don’t Rest On Faulty Data Pulled From The Wrong Places

ILS Cost per Lease

Cost per Lease in

PMS

Actual Cost as a

Percentage of the PMS

Cost

ILS #1 $882 $7,057 13%

ILS #2 $814 $1,422 57%

ILS #3 $480 $880 55%

ILS #4 $1,243 $1,961 63%

ILS #5 $578 $966 60%

ILS #6 $388 $542 72%

ILS #7 $208 $295 71%

Even with:o A centralized management

structure and dedicated marketing team

o Call Center handling all phone calls and emails

o Automatic data insertion into PMS

o Intense on-going training at the site level

A lease report pulled from PMS can still be misleading

Don’t Assume Your G.L. Accounts Hold Your Marketing Expenses

• G.L. account data is often not helpful because of missing data or because the billing period does not match to the dates a service was in use

• Services that are harder to use cost more as they waste valuable time, they cost you time and therefore money

• Free services, such as Craigslist, take time to use, they cost you time and therefore money

How to work out what Craigslist is costing you..Not So Free

• Time per Craigslist post 5 mins

• Posts per property per month 100

• Properties posting 100

• Total posts per month 10,000

• Total time spent posting per month 50,000 mins. / 833 hours

• Average hourly rate for leasing agent $15

• Cost of posting per month $12,495

• Cost per Property $125

Don’t Set It And Forget It… Measure, Measure And Measure Again

01-2010 02-2010 03-2010 04-2010 05-2010 06-2010 07-2010 08-2010 09-2010 10-2010 11-2010 12-2010Property #A $207 $207 $178 $107 $249 $96 $83 $156 $355 $113 $249 $104

• Prospect behavior, websites, search engines and even the seasons change your marketing effectiveness; your marketing decisions need to change with them

• The cost per contactor for one property, on the same ILS, within one year, can fluctuate by more than 400%

Don’t jump the gun, leads take time to turn to leases

1-11 11-21 21-31 31-41 41-51 51-61 61-71 71-81 81-91 91-101 More than 100

0%

5%

10%

15%

20%

25%

30%

35%

Days Between the First Lead and Move In

Percentage of AllLeases Signed

* Sample from Essex Property Trust properties across a range of ad sources during 2010

How Essex Makes Marketing Decisions Today

How Essex Makes Marketing Decisions Today

• Make sure the data is accurate, complete and consistently measured

• Focus on a few consistent metrics across all ad sources for a fair analysis

• Trust the data

Phone2,511

2.9%

Email4,038All Raw Leads

1.7%

Total Leases: 69 73

Total Cost: $105,563

Total Matched Leases: 142

Total Cost per Matched Lease: $743

Data From ILS Analysis

Make sure the data is accurate, complete and consistently measured

Focus on a few consistent metrics acrossall ad sources

Trust the data

From the ILSs

From matching process

From matching process

A brief history of tracking

PMS Reports

Call trackingResults…• Visibility into the call volumes coming from specific ad

sources• Removes some reliance on resident testimony

Call CenterResults…• More accurate ad source information on calls and emails• Efficiency at the site level and focus on in-person customers

Name MatchingResults…• Even more complete picture of the leasing sales funnel• Side-by-side comparison of ad sources

Moving Forward With Confidence

Get Accurate Data And Really Use It

• Make sure the data is accurate, complete and consistently measured by avoiding data pitfalls

• Focus on a few consistent metrics across all ad sources for a fair analysis

• Trust the data

How to resolve conflicting data and make decisions

• Summarize the data

• Communicate the findings to all stakeholders

• Implement changes to marketing spends based on the data

THANK YOU!!

Resolving Data Controversies Part III

Matthew KilmurryDirector of Interactive Marketing

The Bozzuto Group

Let’s Start Downstream

Property Management Systems

Rent Rolls and Pricing

Customer Relationship Management (CRM)

Prospect Tracking and Data Extension

Content Management SystemsCorporate and Property Websites

Internet Listing Services

Logo Overload

Customer relationship management (CRM) is a strategy for managing a company’s interactions with customers, clients and

sales prospects. It involves using technology to organize, automate, and synchronize business processes — principally sales activities.

Insight Into Bozzuto Lead Generation

Rank Portfolio: Average leads per property 2010

1 (1) Bozzuto 275.02 (263)

2 Portfolio A 267.14

3 Portfolio B 175.47

** Average 137.60 (123)

4 Portfolio C 118.40

5 Portfolio D 115.12

6 Portfolio E 110.88

7 Portfolio F 98.18

8 Portfolio G 97.95

9 Portfolio H 51.89

Email25.2%

Phone50.4%

Walk-in24.5%

Percentage of Lead Type

Lead2Lease Portfolio

Email23.4%

Phone 64.6%

Walk-in11.9%

Bozzuto Portfolio

Conversion Rates by Contact Type

* Data from 192,535 inquiries through Lead2Lease during the 3rd quarter 2010

Email3.6%

Phone1.5%

Walk-in17.1%

Matthew Kilmurry

Matthew Kilmurry

Matthew Kilmurry

Unpacking the Data

A CRM System is NOT an Ad Tracking System

Swimming Upstream

Typical Behavior During ResearchSearching

Internet Listing Services

Social Media

Property WebsiteBozzuto.com

Sourcing Online Leads

Phone Call

Contact FormReservation (VaultWare)

Inbound Calls Create New Guestcards

Matthew Kilmurry

Dynamic Number Rewrite

Reducing General Website Category

Apartment Ratings (11.1.10-4.29.11)Phone Leads: 491Walk In: 15Email: 1Leases: 7Conversion Ratio: 1.38%

Tracking Contact Form Submissions

ReservationContact Us Form (Bozzuto.com and Property Website)

Ad Tracking Solutions

Click Thru Versus View Thru

Impressions: 1,021,385Clicks: 2,894Click Thru Leads: 145Conversion Rate: 5%

View Thru Leads: 474Percent View Thru: 75%

Total Leads: 619Conversion Rate: 21%

Click Thru Versus View Thru

Impressions: 2,162,284Clicks: 4,097Click Thru Leads: 146Conversion Rate: 3.5%

View Thru Leads: 621Percent View Thru: 80%

Total Leads: 767Conversion Rate: 19%

Installing Tracking Pixels on Listing Pages

Multi-Touch Attribution Conversion Tracking

Cookie Retention Rate

Privacy Fears

Cookies Are Everywhere

Resolving Data Controversies

How To Track Walk-Ins? RFID Chips Are The Future

Scars Mostly HealMinimally Invasive

MatthewKilmurry.net@MKilmurryLinkedIn.com/In/MKilmurry

THANK YOU!!

Moderator Questions to the

Panelists

Audience Questions to the

Panelists