NEW ORLEANS – In 2016, spending on digital advertising is estimated to surpass spending on television ads. This is a marketing moment 30 years in the making, according to Greg Schwartz, Zillow Group chief business officer. Addressing 400+ audience members at the first-ever Zillow Group Multifamily Forum, an event that brings together top multifamily professionals and Zillow Group leadership to share ideas and insights around the latest marketing innovations and renter trends, Schwartz reviewed a brief history of advertising measurement and dubbed 2016 the year of accountability in multifamily marketing.
Why?
Schwartz, along with the entire Zillow Group Rentals team, has started a quantitative marketing revolution, where performance-based marketing is carefully measured, and products are flexible so multifamily marketing professionals can react quickly to changing conditions and needs. It is Zillow Group’s goal, he said, to reduce the administrative burden for multifamily marketers and deliver the highest-quality contacts to drive more leases. He doesn't believe in leads. In fact, he thinks it's a four-letter word.
'They aren't leads, they're people.' #ZGRentalsForum
— LonaPete (@LonaPete) October 29, 2015
Looking back at Zillow Group history, Schwartz shared that the company started to "get serious" about the multifamily market about two years ago. He discovered that ILS (Internet Listing Service) was also thought of as a dirty word in much of the industry. Schwartz likened it to cotton candy: "At first, it tastes really good. But, then you keep eating it and you get a toothache." Since then, Schwartz and his team have made a long-term investment in changing the modern marketing landscape for multifamily professionals. Through tools and products, such as Zillow Rent Connect: Boost, Zillow Group’s goal is to help clients reach more qualified renters and deliver more leases. "The key to winning anything is measuring success."
1.5% CTR on Zillow Boost. #1 kitchen photos, #2 exteriors with sun setting #zgrentalsforum pic.twitter.com/PB27PZm4Jy
— Laurel Zacher (@LaurelZacher) October 29, 2015
New announcements
While Schwartz was in Boston talking to a less-than-happy client, he learned that many low-income properties receive a ton of contacts from ILSs, including Zillow at the time, that don't meet the income-restriction criteria. So, today he announced a new designation for rentals on Zillow®, Trulia® and HotPads® that better identifies properties with income restrictions. Now, when a renter submits their information to the property manager of an income-restricted building, the renter will be asked if their income meets the rental criteria. You can read our press release to learn more about how Zillow is driving qualified traffic to income-restricted rental properties.
Schwartz also revealed real-time feeds, which, he said, will go a long way to help reach the greatest number of renters that convert to a lease.
Real time availability, giving Rachel what she wants, Power to the People!! #ZGRentalsForum pic.twitter.com/IZO7WOrGWU
— Joe Summers (@joeasummers) October 29, 2015
You can join the conversation or share your insights by using #ZGRentalsForum. Connect with us at @ZGRentals.