9 Strategies for Marketing Multi-Family Properties
It can seem like your work is never done as a property manager. Just keeping your multi-family properties at optimum occupancy can feel like a full-time job.
The multi-family landscape is growing and becoming even more competitive, so keeping your property full is becoming even more of a challenge. As the market grows and evolves, you also have to adapt your marketing strategies to stay on top.
Here are nine of our favorite marketing strategies for multi-family properties.
9 Strategies for Marketing Multi-Family Properties
These nine marketing strategies are effective and proven tips to ensure your property thrives no matter how competitive the market becomes.
1. Create Immersive, High-Quality Photos and Videos
A picture is worth a thousand words. If your property’s pictures and videos are subpar, you’re going to struggle to compete. It’s no longer enough to post a couple of pictures online and expect people to come and visit. People are taking complete, 360-degrees virtual tours and deciding where they want to live before ever visiting a single property.
Hire professional photographers and videographers and create professional and immersive videos of your property. Taking the extra care to provide walkthroughs and high-quality pictures will make you stand out.
2. Offer Discounts to Niche Market Segments (or Income Brackets)
If you have a specific group of people you’d like to occupy your property, why not offer discounts? For instance, student discounts, veteran discounts, and senior discounts can go a long way towards winning over and locking in reliable tenants.
3. Consider Traditional Advertising Media
Everyone’s marketing online these days. However, traditional advertising is still useful and often pretty cost-effective. For instance, radio ads can reach around 93% of the adult population and provide a return of $12 for every $1 spent on average.
Radio and print ads also allow you to hyper-target your local community in a way that’s a little harder with digital ads.
4. Drive and Incentivize Online Reviews
92% of people read reviews before committing to a purchase. That’s why it’s so vital to have an online review strategy in place. For one, you should encourage your happy tenants to leave reviews on online review sites like Yelp, Facebook, Google, BBB, ApartmentRatings, and others.
However, encouragement usually isn’t enough. Instead, you might offer your current and past tenants incentives to get them to leave a review. This could be a one-time rent reduction, a gift card, a houseplant, or something else. Get creative and come up with a way to incentivize and encourage happy past and present tenants to leave online reviews.
5. Use a Chatbot to Capture Leads
Chatbots have grown significantly over the last several years, and they’re only expected to continue growing. As a property manager, chatbots can improve user experience and make sure potential tenants always get their questions answered promptly.
Chatbots help warm up leads with a welcoming automatic response sequence and answer their questions. It saves you time and money by making sure early leads are being tended to. You can also use chatbots to prequalify leads, saving you even more time. If a lead is a good fit for your property, your chatbot can automatically connect them with a real-life human.
6. Invest in Digital Paid Advertising (Facebook, Instagram, Google)
There’s no denying that digital paid advertising is an effective marketing medium for property managers. Use Facebook Ads, Instagram Ads, and Google PPC to target prospective tenants with pay-per-click ads.
You can also try retargeting ads, which show ads to anyone who has visited your site before. Just be sure to have a strategy before investing tons of money and time. Also, always test different ads to see what works best for you.
7. Reward Renters with Referrals
Wouldn’t it be great if you could fill your vacancies with people like your current tenants? That’s was referral programs do. Offer cash bonuses or rent discounts if your current tenant refers a new tenant.
Word-of-mouth is so powerful. With a renter referral program, the renter helps provide peace of mind for both you and the new tenant. They’re telling new tenants how awesome it is to live in your property, and they’re telling you how great this new tenant is. In a referral program, everyone wins.
8. Develop a Warm and Welcoming Voice for Your Team
You and your team must get on the same page for your property’s brand and voice. You should all represent a warm and welcoming voice in person, over the phone, and online.
If you don’t set this brand tone, you could end up with team members unintentionally scaring off new tenants with the wrong tone. Make warmth a part of your property’s culture to maximize your marketing efforts.
9. Analyze Online Analytics and Expand on Successful Tactics
This is less of a strategy and more of a tip. No matter what marketing methods you use, you must analyze the results. Use online analytics software, insight programs, and data tools to see what works for your property and area and what doesn’t.
If something doesn’t work, then don’t invest in it. If something does work, then expand your budget in those areas and keep testing. Marketing is mostly trial and error, and it often takes a lot of it before you find the perfect solution for you.
Cultivate a Successful Multi-Family Business in 2021
These nine marketing strategies for multi-family businesses are sure to help you have a successful 2021 and beyond. Don’t be afraid to try new tactics. Remember, it’s getting more and more competitive out there, so you have to think outside the box to stay ahead of the curve.
Here at BuildDirect, we help property managers stay ahead of the curve by offering the best prices on the highest quality flooring and building materials on the market. Join our ProRewards program today to get exclusive discounts, money-back guarantees, free unlimited samples, and more.