Despite the tribulations brought on by the COVID-19 pandemic, the United States real estate industry is on a hot streak. Aside from the increasing demand for more homes and commercial spaces, the multifamily industry is expected to show remarkable growth up until 2030.
A report from the National Multifamily Housing Council (NHMC) and the National Apartment Association (NAA) states that demand for multifamily real estate will be so great that at least 4.6 million units will be constructed within the next decade.
However, to make the most of these promising forecasts, multifamily real estate companies must learn to optimize data when creating content.
Why Data Is Crucial in the Multifamily Industry
Data is crucial in every industry as it can improve conversion rates, increase traffic, and prevent knowledge gaps. To illustrate, a Bain & Company study states that businesses in the U.S. could increase profits by over $2 billion annually by utilizing data. Thus, data literacy is integral to professionals across the board — including those who don’t work in the data analytics field.
In fact, today’s business degrees are becoming more interdisciplinary, covering topics like contemporary technologies and data methods. Modern online bachelor’s in business administration even have concentrations in data analytics and management information systems, which are taught alongside traditional business concepts, such as accounting, management, and business law. This shift only goes to show the growing expectations that are placed upon business people to be more data literate.
And this translates to the multifamily industry as harnessing data effectively can lead to more intimate understandings when it comes to trends, more accurate insights into future movements, and more effective content creation.
How to Integrate Data Into Your Content Strategy
1. Use data to drive contextual storytelling.
Good communication should paint a vivid picture, even if the topic is on the technical side. After all, consumers need to be able to understand the material for it to be impactful. However, for multifamily marketing campaigns to have a lingering effect, they must also present information that audiences can relate to or find use in. This is where gathered data comes in. By utilizing soft and hard data, you can create a well-rounded customer story that provides context, evidence, and insights. Thus, when crafting the content for your customer story, take advantage of data collaborations to maximize relevancy.
2. Leverage data visualizations.
Nothing hypes an exciting data set more than visuals. Though some data diehards may disagree, the truth is that visualizations make data more appealing and digestible. In fact, a study by iScribblers found that humans process visuals 60,000 times faster than plain text. Thus, should you have any pertinent data that needs sharing, explore doing so via infographics, interactive tables, or even videos.
Aside from being more immersive and interactive, data visualizations can increase recall value by upwards of 65%, making it a critical medium in data dissemination, externally and internally.
3. Only pick the most salient data points.
Although it may be tempting to publish every bit of data you gather, the best way to share them is to only circulate the most notable highlights. This benefits you two-fold. First, more succinct datasets allow you to retain an audience’s attention span (which is only eight seconds). And, second, shorter data — and content, in general — is more digitally compatible.
Considering that mobile compatibility and software development is credited by 59% of those in the multifamily industry for improving customer service, it’s also no surprise that there is now a demand for software programmers with a degree in computer science. However, whatever platform you use, your audience won’t be engaged if you present them with a hodgepodge of figures and statistics.
In line with this, data expert Dr. Stephanie Evergreen told Forbes that “cutting to the chase” with your findings is a better way to engage the 50% of audiences who view such content on their mobile devices.
Although experts agree that the real estate market’s long-term future remains unclear, the influence of content and the power of data is undeniable. As multifamily businesses aim to adjust to the New Normal, data-enriched content can act as an anchor and a propeller for industry stability and profit.
Selena Perkins is a freelance digital marketer, with a keen interest in data analytics. She believes that knowing how to use data to make decisions is a must-have skill for everyone. When she’s not busy with work, Selena unwinds by watching shows on Netflix.