It’s no secret that it’s a renter’s market right now within the multifamily space. With falling occupancy rates, property managers need to bring their A-game when trying to attract and keep renters.
Nowadays, the tried and true marketing tactics that PMs are so used to leveraging simply won’t cut it. If you want your multifamily property to stand out from the crowd then you need to go above and beyond perfect staging, photography and a mobile-friendly website. You need to think outside-the-box and implement some creative, savvy marketing.
And don’t worry, we have you covered. We know you’re pressed for time so we’ve done the research for you. Check out our compiled list of tips from some leading industry trades and blogs:
- Monitor your online reputation. Yes, your reputation is everything. GoDigital suggests that you gain a clear understanding of what your current renters are saying about you. Statistics show that a staggering 74% of renters use and trust online ratings and review sites, so having a strategy for managing your online reputation is key. GoDigital advises for PMs to invest in marketing tools that allow renters to easily find you online, monitor and track your online reputation, address negative reviews, and share and encourage positive reviews on social media platforms and review sites.
- Remember that the right amenities are critical. Offering convenient amenities like parcel lockers, which help to make life easier for renters and PMs alike, is key to maintaining occupancy. Multifamily Executive recommends that you focus on providing a better product and experience to prospective and current residents than the competition. Additionally, Multifamily Executive suggests that you make sure your buildings are well-branded and top-of-mind in the market. One key way to do this, according to Multifamily Executive, is to showcase your property’s modern amenities in very visual ads on Facebook and other digital channels. In your vacancy listings, use language that describes how you make tenants’ living experiences easier, with amenities such as mobile or voice payments, on-the-spot background checks, and even maintenance chatbots. It’s important that the development and the experience the resident has living there are truly apparent to prospective renters.
- Drive traffic with search engine optimization. With 91% of renters searching for their next rental unit on the Internet, PMs must develop a proper search engine marketing strategy. GoDigital reports that search engine optimization allows you to directly target users who are actively searching for your property at any time of day and on any type of device. Search engines are the best way to stand out amongst your competitors, drive traffic to your website, and promote new listings to potential renters.
- Host a party. Michael Taus, Vice President of Marketing at ABODO, thinks that the best way to attract new renters, especially millennials, is by hosting a party with free food and drink. Let your tenants know that they can bring a guest and utilize this opportunity as a creative word-of-mouth marketing tactic. Develop a calendar of weekly events themed around sports or campus occasions. Use social media and your residents to get the word out to prospective tenants.
- Streamline applications and offer customized leasing. Streamline the application process with simple, online options to give prospective renters a positive first experience with your property. Multifamily Executive also notes that you can speed up the move-in date by offering new residents faster online lease options that also allow you both to customize the lease agreement and give the applicant the ability to e-sign the lease on a mobile device.
- Invest in automated vacancy posting syndication.Multifamily Executive advises PMs to invest in automated systems to post vacancies. Instead of spending hours manually setting up vacancy listings on a variety of different websites, Multifamily Executive suggests that property managers use automated vacancy syndication postings.
- Offer Virtual reality tours. With AI and self-driving cars on the rise, the multifamily space needs to stay relevant with these fast-changing tech times. According to Multifamily Executive, if prospects can’t visit your property in person, provide them with a virtual reality tour of the units to stir interest in the property. People who’ve seen a community are always more likely to sign a lease than those who haven’t toured the site, whether in person or online.
Don’t be afraid to try some of these new techniques to attract renters and generate leases.
What are some ways you’re attracting new renters? Comment below.