It is no secret that the multifamily industry is growing, and its growing fast. New properties are popping up every day it seems, making it much more difficult for communities to stay one step above the competition. Despite this ever-changing environment, it is still possible for owners and managers to breathe new life into their properties while attracting more tenants—and it all comes down to smart marketing.
Want to know how you can smarten your marketing strategy? Keep reading.
1.Spread the wealth.
Though your Craigslist ads may have given you much success in the past, it may be time to step outside of the box. Try spreading the love on new, unique platforms and applications like SnapChat, Twitter, and even virtual reality apps. Continue to stay abreast of these new technologies and give them a try, then track their performance so you can test their effectiveness.
2. Know the competition.
While it’s important for every business to perform a competitive analysis in regards to pricing, services offered, etc., you’ll want to go the extra mile to really get a boost. So, why not consult with those who live and breathe your property every day—your own tenants! Take advantage of resident focus groups to pinpoint what your top selling points are. By taking advantage of your resident base, you will be able to quickly determine your strengths and weaknesses in relation to your competition. Make sure you ask questions like what drove them to your property, what they like/dislike about your competitors, and what you can improve upon. Your tenants will appreciate the extra attention, and you’ll gain personal insight on how to improve your own marketing strategy.
3. Show them that you care!
Your residents are your most valued asset—and they should be treated as such. Residents want to feel appreciated, and it’s your job to show them. Show your residents that you care by offering referral incentives, hosting community wide contests and events, and making life at your property easier through simplified rent payment, and a streamlined maintenance and contact system.
4. Track those metrics!
The old saying still holds true, “You don’t know where you’re going until you know where you’ve been.” Metrics are essential in the multifamily industry, and it’s important for you to know which metrics you need to be tracking. New/returning visitors, page views, bounce rate and conversion rates are all great metrics to measure online. Cost per lease/lead, lead by source and lead to appointment ratios are important to know as well and can be measured in office.
Rentbot can help.
The first step to getting ahead of the competition is ensuring that your website is doing its job effectively. If you’re not content with the number of new leads you’re receiving daily or monthly, or if the traffic coming in isn’t exactly what you had hoped, then the problem could be your website. Each Rentbot site is carefully designed with your prospective renter in mind. From the gorgeously crafted layouts to the online management and real time availability tools, Rentbot is guaranteed to produce more leases and better tenants with less hassle. Rentbot knows just what your customer wants. That’s why each and every one of our personalized sites offer a mobile and responsive design so that your renters can connect with you from anywhere and on any device. Get the extra leg up above the competition and go with Rentbot for your new website. The first 30 days are on us!
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.