LevelOne Study - Social Media Does Not Work for Rental Leads
June 3, 2009 – 12:34 pmLevelOne recently did a study on the impact of social media and lead generation for the rental space.
Methodology:
LevelOne reviewed all properties within their data base that had a unique email and toll free number applied to Twitter, Facebook and YouTube. Guest Cards appointed to these sources were compared to all other sources for those same properties. Here is what they found:
Conclusion, social media, as it relates to generating rental leads, converts at about .05%. In order for social media to be on par with other lead generating sources, they have to grow by a factor of 40 before it has the same impact as the weakest ad source. That means Facebook would have to grow to over 10 billion monthly users. More users than are currently on planet Earth.
5 Responses to “LevelOne Study - Social Media Does Not Work for Rental Leads”
Interesting statics and good article. Thanks for the post. I will be re-posting it with a link back on my blog (www.apartmentexperts.typepad.com).
-T
By First Light Property Management on Jun 3, 2009
what an opportunity!
in 2008 2/3s of web users frequented social networking sites.
By Matt D on Jun 3, 2009
Many PMs no longer take the time or effort to post on local Realtor MLS because of the VERY LOW rate of return so taking the time to post to social networking sites would also fall very low on my web outreach list.
My co web site and posting daily to CL 7 days a week are serving me well and since I use my HomeRentals property listing for my CL postings, I really only have to create the property listing 1X
By W Gibson on Jun 4, 2009
Good day, everyone. Just a point of clairication, I did not measure lease:lead conversion on this because the volume of leads was so low that it could not be measured. The .05% was the percentage of all leads derived from social media sites for properties using tracking numbers assigned to those sites.
-Todd
By Todd Katler on Jun 4, 2009
Thanks for the gathering this data and sharing it. I think we are learning that this is a form of marketing which we still need to understand so that we can capitalize on the opportunity for new renters. As for our existing residents, social media has created a excellent digital community, or as Faith Popcorn calls it a “thumb tribe”, which is very helpful when it comes time for the resident to decide where they are going to call home for another 12 months.
By Kate Good on Jul 8, 2009