DENVER, CO - UDR announced today that it continues to reap the benefits of ongoing innovations in technology, including new web, call center and mobile phone-based marketing initiatives. In 2007, UDR's website was ranked number one among its top 14 public and private competitors by a well known Internet research firm. Since then, the Company has continued to utilize innovative technologies to increase awareness of UDR and its communities, improve access and efficiency for customers and prospects and reduce operating costs. During 2008, the Company has implemented the following initiatives:
In April, the Company launched the first multifamily industry mobile phone application(udrapartments.mobi) that allows apartment searchers to use a mobile device to place a hold on an apartment any time, from any place. This new application couples front-end apartment search and online reservations processes with backend systems to provide real-time apartment pricing, confirm reservations and forward prospect information directly to a sales associate.
Also in April, the Company introduced Quick Response (QR) bar code technology. UDR now utilizes these bar codes on its print advertising, marketing collateral, website pages and its apartment community locations. When prospects and customers scan the QR bar code with QR-ready mobile devices, they are directed to the Company's website, receive an apartment-related message, view apartment related-digital media, or receive other pertinent information about UDR.
In May, the Company completed the roll-out of a full-service call center contact capability, providing telephone access 24/7.
In August, UDR enhanced apartment search capabilities on its website by adding Google Street View Maps. These maps provide 360(degree) panoramic street-level views of the neighborhoods surrounding the Company's apartment communities, so that prospects can take an online, 3D "walking tour" of the area.
"In a slowing economy, driving traffic to our properties is critical to our success," said Jerry Davis, Senior Vice President of Operations, UDR. "Our web enhancements and call center initiatives ensure that we can interact with customers and prospects at their convenience, 24 hours a day, seven days a week.
"These efforts are paying off," Davis continued. "In July, we recorded a record number of search engine visitors to our website, with lead traffic up 21 percent year-over-year. As a result, in the second quarter, 46 percent of our new customers originated from an Internet source.
"In addition, we've made great strides in reducing advertising and marketing costs through innovation," he added. "Since 2005, our annualized marketing costs per unit have dropped nearly 40 percent, from $155 in June 2005 to $95 in June 2008. We're able to save about $2MM a year in advertising costs alone."
These and other initiatives have enabled the Company to manage costs and improve its operating margin. For the second quarter of 2008, the Company reported a year-over-year decline in same-store community expenses of 1.3 percent, and a 170 basis-point improvement in operating margin, to 69.2 percent.
Source: Business Wire