Every year, the rental market evolves, presenting new challenges for property managers. As such property managers must fine-tune their multifamily marketing efforts accordingly.<\/p>\n
That\u2019s why we\u2019ve compiled a list of 9 effective digital marketing strategies to inspire, attract, and retain new residents this year.<\/p>\n
To market strategically, it\u2019s important to understand the current industry landscape, as it has shifted in a few notable ways.
\nIn the past, short-term rentals were a stepping stone towards becoming a homeowner. Nowadays, renting is a long-term lifestyle choice.<\/p>\n
According to a study by Freddie Mac<\/a>, owning a home is pricier than ever. In the past three years, the cumulative cost to rent has risen <\/span>by<\/span> 14%, whereas the cost to own has increased by nearly 24%! As a result, renting is much more attractive financially. <\/span><\/p>\n However, cost isn\u2019t the only factor. The <\/span>fastest-growing renter segment<\/span><\/a>, high-income earners, primarily <\/span>comprise<\/span> people who earn over $150,000. This influx of wealthy renters shows that owning a home isn\u2019t the ultimate goal anymore. Renting, for this demographic, allows for greater freedom, flexibility, and convenience, unlike home ownership.<\/span><\/p>\n A RentPath study<\/a> provided the following insights about the current renting population:<\/p>\n These statistics show that more people are renting by choice<\/em> than ever before. Many residents have the means to buy a house but choose to rent instead. However, they still desire the feeling of \u201chome\u201d that was previously achieved by actual homeownership.<\/p>\n With this in mind, <\/span>a <\/span>property manager<\/span> can strategically craft their multifamily marketing tactics to resonate with <\/span>a<\/span> particular target <\/span>prospective <\/span>resident<\/span> demographic.<\/span><\/p>\n As we enter the new decade, property managers should shift their focus to enhancing the \u201chominess\u201d of the property\u2019s residences, while also taking advantage of tried-and-true digital marketing techniques.<\/p>\n Here are 9 effective marketing strategies for property managers to try out in 2020.<\/p>\n In the past, multifamily communities could get away with cold, corporate communication. In order to connect with today\u2019s residents, it\u2019s essential<\/span> important for the community to appear warm, friendly, and welcoming.<\/p>\n \u201cThere\u2019s no place like home.\u201d Property managers remember this message<\/span>\u00a0in mind when creating website content, communicating with residents, and conducting tours. By infusing the community with a sense of home, residents will receive the living experience they\u2019re looking for and have higher long-term satisfaction with their community.<\/p>\n Community events are an effective way to bring people together. They foster valuable connections between residents and create positive associations with property management.<\/p>\n Some event marketing ideas include:<\/p>\n These events can bolster the community and build positive rapport with residents. To ensure these events are successful, property managers should promote them ahead of time. <\/span>Property managers can encourage higher resident turn-out by placing flyers in elevators, sending out email invitations, and providing detailed event information on the resident portal.<\/span><\/p>\n Happy residents are worth the price of some well-executed promotions and desirable lobby amenities<\/a>. Property managers should consider giving residents unexpected, unique perks that they won\u2019t find anywhere else. For example, offering a month of free parking or a complimentary meal voucher to a nice restaurant when a new resident signs their lease.<\/p>\n Property managers should also focus on building relationships with local businesses. By doing so, they\u2019ll be <\/span>better positioned<\/span> to offer special promotions to residents. They may also get prospective resident leads from these businesses. For example, if someone is new in town and joins a local gym, the gym manager can promote the property to them. <\/span><\/p>\n Here are some strategic businesses property managers should look to build relationships with:<\/p>\n Online shopping is more popular than ever. Both renters and homeowners are ordering online packages in droves. However, multifamily residents may be at a greater risk for package theft. Wondering h<\/a><\/span>ow to prevent package theft<\/span> in multifamily communities? <\/span>Here\u2019s one <\/span>multifamily investment strategy<\/span><\/a> that will pay off in the long run:<\/span> smart package lockers.<\/span><\/p>\n Property managers can improve resident satisfaction by installing <\/span>Parcel Pending smart lockers<\/span><\/a> on the property. Smart package lockers streamline parcel management<\/span> and<\/span> enhance multifamily communities by providing a desirable convenience for residents. They provide safe storage space for delivered packages until residents <\/span>can<\/span> pick them up. That means residents can have peace of mind knowing their package is secure, as they\u2019ll receive a notification <\/span>on<\/span> their smartphone upon delivery. This message will contain a unique access code to open the locker.<\/span><\/p>\n With smart lockers, package theft opportunities are eliminated. Package lockers also offer built-in video surveillance, refrigeration capabilities, and 24\/7 accessibility. Residents love a parcel locker or smart refrigerator locker<\/a> solution for their convenience and flexibility. In fact, package lockers have been shown to increase lease renewals by 40%<\/a>.<\/p>\n \u201cWord of mouth\u201d is the most coveted form of marketing. 92%<\/a> of people trust recommendations from family and friends more than they trust advertising. Multifamily property managers can proactively promote WOM (word of mouth) marketing by offering an incentivized referral program.<\/p>\n As one of many successful <\/span>property management<\/span> incentive ideas<\/span><\/a>, an incentivized referral program can help you build your network of <\/span>prospects<\/span>. <\/span>Start by encouraging happy residents to refer their friends and family to the property. Motivate them with a discount on rent or some other exciting promotion. Not only will this attract new residents, but it will strengthen resident ties within the community.<\/span><\/p>\n When residents are looking for a new place to live, they\u2019ll begin their search by checking out property websites. That\u2019s why property managers should ensure their website is beautiful, professional, and properly updated. If not, they\u2019ll likely lose out on prospects<\/span>.<\/p>\n A multifamily property website should give a glimpse into how wonderful the community is. It should also enhance the perception of the community. Whether the property is known for its luxurious apartment amenities<\/a>, business integrity, or affordability, make sure its unique value propositions are spotlighted.<\/p>\n Here are some starting points for conducting a website refresh in 2020, based on RentPath\u2019s Study<\/a>:<\/p>\n A multifamily community\u2019s Google Business listing is just as important as its website. Google My Business receives tons of traffic from potential residents. Presenting a positive image on this platform will help to draw in more residents.<\/p>\n Property managers can refresh the community\u2019s Google My Business listing by improving the quality of photos and updating availability and pricing details. Also, property managers should take a proactive approach to gathering positive reviews. Ask long term residents to share their experience and motivate them with incentives or a polite request in their lease renewal. Property managers should also prioritize responding to negative reviews with professionalism and a commitment to do better.<\/p>\n By cleaning up the community\u2019s Google My Business listing, property managers can boost their property\u2019s rating and overall appeal to people searching online.<\/p>\n Remarketing is a form of digital advertising that targets leads who have already interacted with a website but have yet to take concrete action. For example, remarketing ads will show up for someone who visited the community website and began filling out a form but failed to complete it.<\/p>\n By retargeting these people, property managers can focus their advertising and marketing efforts on reaching parties that have already presented interest in the community. Remarketing is available with both Facebook and Google ads.<\/p>\n Content marketing is a reliable way to boost SEO (search engine optimization) and attract interested website visitors. Creating a blog or an online community newsletter<\/span> is a great way to get started.<\/p>\n Property managers can start off the property\u2019s blog by writing articles for the audience of people who are looking to move to the area.<\/p>\n A property blog should be an informative resource for residents who want to learn about their new city. By using these articles to offer value to residents, property managers can attract views and visitors who will want to explore other areas of the property website.<\/p>\n Here are some initial blog post ideas:<\/p>\n There are many creative ways to enhance the current resident experience with smart apartment solutions<\/a> and as well as beef up the community\u2019s online presence to attract new residents. Make the most out of 2020 and try out some of these multifamily marketing ideas today!<\/p>\n For more insights, stay on top of current industry trends with our 5 Renovation Ideas With Millennial Renters in Mind<\/a> and keep residents happy with our 9 Tenant Retention Ideas that Win Residents Over<\/a>.<\/p>\n Sources:<\/strong><\/p>\n A Revamped Multifamily Marketing Plan for 2020 Every year, the rental market evolves, presenting new challenges for property managers. As such property managers must fine-tune their multifamily marketing efforts accordingly. That\u2019s why we\u2019ve compiled a list of 9 effective digital marketing strategies to inspire, attract, and retain new residents this year. The Current Multifamily Market […]<\/p>\n","protected":false},"author":3,"featured_media":6146,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42,41,9],"tags":[],"class_list":["post-6145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-archive","category-blog-multifamily","category-blog"],"acf":[],"yoast_head":"\nBy the Numbers<\/h3>\n
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Multifamily Marketing Strategies to Implement in 2020<\/h2>\n
#1 Cultivate a Sense of Home<\/h4>\n
#2 Host Community Events<\/h4>\n
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#3 Offer Unmatched Perks and Promotions<\/h4>\n
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#4 Invest in Parcel Pending Smart Lockers<\/h4>\n
#5 Offer a Resident Referral Program<\/h4>\n
#6 Update the Company Website<\/h4>\n
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#7 Refresh the Property\u2019s Google My Business Listing<\/h4>\n
#8 Utilize Remarketing<\/h4>\n
#9 Start a Company Blog<\/h4>\n
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Multifamily Marketing Made Easy<\/h2>\n
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\nhttps:\/\/www.multifamilyexecutive.com\/property-management\/rent-trends\/fastest-growing-renter-segment-high-income-earners_o<\/a><\/li>\n
\nhttps:\/\/www.prnewswire.com\/news-releases\/rentpath-study-recent-renters-as-emotionally-invested-as-homeowners-300330765.html<\/a><\/li>\n
\nhttps:\/\/www.nielsen.com\/us\/en\/press-releases\/2012\/nielsen-global-consumers-trust-in-earned-advertising-grows\/<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"