MyNewPlace Launches Guarantee Program
- Jun 25, 2010
New Orleans—MyNewPlace has announced the first-ever $275 average cost-per-lease guarantee program for multifamily owner/operators at the National Apartment Association’s (NAA) Conference in New Orleans.
As part of this new program, any participating client whose average cost per lease exceeds the guaranteed price will receive a credit to their MyNewPlace account.
“We examined more than 200,000 rental-records from a large cross section of existing clients for a full year and determined MyNewPlace can consistently deliver an average cost-per-lease of less than $275,” John Helm, MyNewPlace founder and CEO, tells MHN.
“By giving them a guarantee, what we are essentially saying is that if you let us match the activity on our Web site to your rent roll, we’ll be able to show you how many leases we generated for you. And if we can’t hit the $275 mark (which we believe is a fair number) we’ll give you credit for it. We are highly confident that $275 is the number we’ll be able to hit just about every time,” adds Helm.
As the youngest brand, MyNewPlace realizes that it has the biggest hill to climb in being tracked properly. This guarantee program is the company’s way of standing behind their numbers. It ensures that what managers/owners are paying them for is actually turning into leads. There is no risk to the owner/manager.
This new program doesn’t affect MyNewPlace’s existing lead-based pricing structure. “In fact, it delivers greater peace of mind to our eligible clients that MyNewPlace delivers the most qualified leads possible to meet our guarantee,” adds Helm.
There is no cost to participate in the new guarantee program. However, clients need to meet certain eligibility requirements to enroll. First, clients are required to list a minimum of 20 properties continuously with MyNewPlace for one full year. It is also necessary for participating clients to provide renter data at the end of the 12-month term.
MyNewPlace will identify the number of new residents delivered to the properties and calculate, with statistical accuracy, the cost-per-lease. If the average cost-per-lease exceeds the $275 benchmark, the client will receive an account credit based on the overage amount, which can be used to purchase any MyNewPlace product or service.
Helm knows that most multifamily owners/managers use three to four Internet Listing Services and “not one of us can meet 100 percent of their demand, but we just want to be one of those three or four services that a manager is using,” says Helm.
“The cost-per-lease analysis proved a cost point under $275 and sparked a productive internal dialogue about tracking and marketing optimization,” says Donald Davidoff, group vice president, strategic systems for Archstone.