Friday, November 13, 2009

Marketing Cost Per Door

This blog post is really meant for everyone to help me drill down into the specifics of what is actually being spent per door in marketing.  I drummed up a few discussions on Twitter, Facebook, and Multifamilyinsiders.  I received quite a bit of comments to help me put this together.  We at The Training Factor had some market research available from some of our clients so that helped as well. 

From our research it seemed that the average cost per door in marketing was around $125.00 per door.  Some properties were more and some less, but let’s stick with that as a working number.   In our newsletter this past week, we had this downloadable Excel file entitled Training ROI Estimator.  Please feel free to use it to calculate your individual company’s marketing per door costs.  What came up in the discussions was of course everyone’s dream to convert more leads to leases.  How is this accomplished?  Of course, with quality multifamily training you will see your conversion rates go higher.  There are some crazy stats that show how many internet leads are never followed up on.  This can be upwards of 50% or more at times.  Not only that, even the ones that are followed up on never go past that first attempt.  This  Excel spreadsheet highlights costs incurred when a training program is implemented.  Training is not an option.  How tiring it must be to see marketing dollars fly away in the wind, when attention to your people is what will certainly close the deal!

Any thoughts you may have on what constitutes what is spent on marketing per door would be awesome.  If you have any testimonials on how training has increased your conversion rates for leases that would be great too. 

For multifamily training courses that help increase lease conversion percentages click here.

Written by Jonathan Saar-  The Training Factor

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