We’re all familiar with the typical shopping process: Go to the store to shop for a product, evaluate your options, make a purchase and experience your new item at home. In 2005, Procter & Gamble defined the in-store evaluation as the consumer’s First Moment of Truth (FMOT), with the Second Moment of Truth (SMOT) happening once the item purchased is brought home. But, what about the research that takes place before a consumer goes to the store?
We learned during the Importance of Online Video Training Series Live! webinar, hosted by Patrick Grandinetti, Head of Real Estate at Google, that online research and reviews are changing the game and are becoming what Google calls the Zero Moment of Truth, or ZMOT. The ZMOT, which first came to our attention last summer, takes place before the First Moment of Truth. In his presentation, Patrick described how the ZMOT impacts the housing industry and what we as multifamily housing professionals can do to maintain and increase success through online video.
Below are a few key takeaways from this informative webinar:
- YouTube is the #1 utilized video website for real estate. As the second largest search website in the world (Google being first), YouTube reaches 80% of the total online audience.
- 86% of renters say they use YouTube to find more about a community. Additionally, 30% of renters go to YouTube to watch customer testimonials, 70% take a virtual tour of a property and 38% watch video to see specific features of a community.
- Approximately 57% of users say they perform a search on smartphone every day. Approximately 20% of these daily searches pertain to real estate. Are you visible to these renters?
- Did you know a renter’s Second Moment of Truth can impact a prospect in the Zero Moment of Truth stage? When a renter in the Second Moment of Truth stage (which occurs after a purchase or, in this case, a rental) reviews a property it can potentially be seen by prospective renters who are in the Zero Moment of Truth stage (researching apartment communities online). In order to create positive ZMOTs, make sure someone is in charge of encouraging – and monitoring – reviews about your property online.
- Establish a YouTube channel for your community. Upload all videos of your property to a branded YouTube channel. Videos can be walk-throughs of your apartments, renter testimonials or even home decorating ideas.
- Too busy? Let your ILSs do the heavy lifting. For example, Apartments.com posts all walk-through videos to YouTube. In fact, we are launching a YouTube channel where all Apartments.com listings will be shown on an interactive map directly on YouTube.
- Maximize engagement with unique content. Think beyond posting just the typical :30 TV ad or walk-through video to your YouTube channel. Get creative and post video outtakes, or answer renter questions through video blogs and encourage residents to visit your page for answers!
- Update your information regularly. One of the worst things you can do is post one video and never touch your YouTube channel again. As someone who searches online yourself, you know the importance of relevant and updated news. Be sure to provide the same fresh information to your renters!
- Empower current renters, and influence prospective renters, by asking for video testimonials. Asking happy residents for a testimonial not only makes them feel special, but once again may enhance a prospective renter’s ZMOT!
- Promote your channel! Now that you’ve posted your videos, it’s time to promote! Market your YouTube channels on your company website, social media, business cards and community flyers – wherever your renters are, you should be.
Phew! Can you believe there’s even more information for you? Hear everything Patrick had to say by watching the entire webinar here.
If you ever miss a session, don’t worry! Each presentation is recorded and available for you to access at your convenience. If you have any questions or comments, tweet them to @Apartmentscom, using the hashtag #AptsTraining, or leave them in the comments section below.
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