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February 26, 2015

What is the Best Way to Pay for Leads?

How should property managers pay for leads to prospective residents?  Four apartment experts debate the benefits and drawbacks of four common pricing models in the latest NMHC FourSight feature. 

Waterton Residential’s Virginia Love  argues the merits of the monthly subscription model that isn’t based on how many leads the services provide or whether any turn into signed leases. Paying for each signed lease would be four times as expensive in some cases, though Waterton uses its own system to track how much value the leads provide.

Bell Partner’s Kevin Thompson takes the side of the pay-for-performance method. “If there’s no lease, then there’s no cost,” he says.

Greystar’s Greg Benson puts his trust in the Pay-Per-Tour-Model that puts the burden on the listing service to generate a quality lead. “It still relies on a high-performing on-site team to turn those qualified prospects into signed leases,” he says.

Pinnacle’s Jennifer Staciokas rounds out the debate with an endorsement of the pay-per-lead system because it has the flexibility to send more (or fewer) leads, depending on  property’s needs and budget. The data is transparent, the invoicing process is fair," she says."No one has to review the standards for a "qualified" prospect and no one has to trace a lease back to its online source."

Read the full debate at FourSight.

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INTERNATIONAL

Mexico, Canada and the U.K. Are Full of Opportunities to Build Apartments

The nearest neighbors to the U.S. could provide gigantic opportunities to develop apartments. In the entire country of Mexico, with a population of 118 million, there are only six apartment properties that were designed and built as rentals. In Canada and the U.K., nearly all rental housing is provided by condominiums owned by small investors.

FINANCE

Real Estate Crowdfunding Grows Up Fast

Institutional investors are increasingly embracing crowdfunding to finance deals.  Now with new backing by deep-pocketed institutions, the crowdfunding platforms are moving to an investment banking model that allows them to fund transactions upfront, then turn around and offer a stake in the deals to investors online.  Learn more about crowdfunding and other innovations in finance at NMHC’s upcoming Board of Directors meeting.

DEMAND

More New Jobs Are in City Centers, While Employment Growth Shrinks in the Suburbs

In recent years, employment in city centers has grown and employment in the surrounding suburban areas has shrunk, a striking change from the years before.  The changes are seemingly small, but they represent an important shift in the American work force. As recently as 2007, employment outside city centers was climbing much faster than inside. And the growth isn’t just in the major coastal cities.

TECHNOLOGY

A Debate: Are the FCC's Net Neutrality Rules Good or Bad?

Federal regulators propose to regulate the Internet as a public utility to ensure net neutrality, prohibiting higher-priced fast lanes that would give some content providers an advantage. Four experts debate whether that’s a good thing or a bad thing. Meanwhile, Congress appears to have backed down from plans to legislatively block the rules.

DIVERSITY

Breaking Into the Old-Boys' Club of CRE

Apartment industry leader Judy Hoffman, president of Trigild, shares her advice on how she fought to break the glass ceiling in her own career. “I know a lot of phenomenal women who find it hard to break in,” says Hoffman. Earlier this year, department store giant Macy’s became one of just four Fortune 500 companies in which the number of women sitting on the board is equal or greater to the number of men.  Find out how, and why, they did it.

STUDENT HOUSING

The Next Evolution in Student Housing

The next transformation in student housing is mixed use—adding restaurants, shops and hotels. Analysts say such properties can command higher-than-average prices and higher rents.

NMHC NEWS

Don't Miss NMHC's Most Exclusive Meeting of the Year

NMHC’s Spring Board of Directors Meeting will be held April 21-23 in New York City.  Limited to a few hundred of the industry's most senior executives, the meeting will feature thought provoking speakers from inside and outside the industry and take a deep dive look at key issues that should be on any multifamily CEO’s radar.
In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
Greystar Management Pilots Smart Home Product

Drones Become a Reality in the Real Estate Industry

Cheap Gas Help Rental Tenants, Makes Room for Higher Rents

TruAmerica Pays $482 Million for 2,669 Southern California Apartments

Profits Fall at Fannie Mae and Freddie Mac

Clarion Retains Gables Residential in $3.2 Billion Deal

Freddie Mac Multifamily EVP: Keep Calm and Carry On

Performance Benchmarking Made Easy

Zillow: Rapid Rent Appreciation Reaches Beyond Housing Hot Spots

Affordable Housing Case Studies from HUD

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About Apartment Wire
A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web.
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2015 NMHC Research Forum

April 1-2, 2015
Georgetown University Conference Center in Washington, DC

2015 NMHC Spring Board of Directors Meeting

April 21 - 23, 2015
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2015 NMHC Emerging Leaders Speaker Series - NYC

April 21, 2015
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Multifamily Market Dashboard

What Will We Do Without the Boomers?

Adult population growth will begin to fall off sharply in the U.S. in the coming decade, as the birth rate falls behind the mortality rate. However, demand for housing should remain strong.

“Between now and 2030, new construction will still be needed to meet the housing demand from the large cohorts under the age of 30 that are currently in the pipeline, and which will be further inflated by any future immigration,” says George Masnick, senior research fellow for the Joint Center for Housing Studies and Harvard University.


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