The multifamily market is becoming more and more competitive as the industry continues to grow and evolve.
Every year brings new challenges to the table, and multifamily property managers have to adjust their marketing strategies to adapt to the constant changes.
21 Effective Marketing Tips for Multifamily Property Managers in 2020
- Optimize Your Multifamily Property’s Website.
- Hire Professional Photographers
- Create Immersive Videos
- Invest in Facebook & Instagram Paid Advertising
- Create a Residential Referral Program
- Have a Lease Renewal Strategy
- Drive Online Reviews
- Use Virtual Tour Apps
- Partner with Local Businesses
- Buy a Radio Ad
- Run a Contest or Giveaway
- Host Facebook Events
- Have an Email Marketing Strategy
- Highlight Your Multifamily Amenities
- Buy PPC Ads on Google
- Invest in SEO and Content
- Print Marketing Materials
- Host Open House Events
- Use a Chatbot on Your Website
- Share Education Videos on YouTube
- Offer Discounts to Niche Groups and Communities
1. Optimize Your Multifamily Property Website
Your website is probably the most critical piece of the pie for multifamily property managers. It has to be informative, easy to navigate, and have a simple and pleasing design. You have to make sure that because more and more people are using smart phones to browse the web, that your multifamily property has a responsive design for different devices.
Apart from that, you have to make sure that it loads fast while there are call-to-action links throughout the property’s web pages. Remember that all our multifamily marketing efforts will drive traffic to our website, so it is essential to have a great representation of our community’s service.
2. Hire Professional Photographers
Photography is one of the most critical investments for multifamily properties. People pay more attention, so be sure that you have produced the highest-quality photos of your multifamily property.
You care about your properties, and we have to showcase that with professional photos. There are millions of experts out there with all the necessary equipment to capture your space in the most beautiful way possible.
3. Create Immersive Videos
Videos can be an exciting way to put your community on the map. The reason behind that is that not many people invest in video content, so we have a competitive advantage. By doing the extra mile with the right people, you can create a beautiful showreel that will skyrocket your multifamily marketing efforts.
Pro tip: Investing in creating a valuable online course sharing some secrets on multifamily property management and maintenance. This can become a great lead magnet too and attract more potential customers.
4. Invest in Facebook & Instagram Paid Advertising
Nearly everyone is on social media in 2020. Facebook and Instagram are a quick and low-cost way to get your residential property’s name out there.
These social platforms also give multifamily professionals tools for hyper-specific targeting, allowing you to target specific zip codes, professions, and more.
5. Create a Residential Referral Program
One of the most rewarding strategies for your multifamily marketing plan will be to set up a great referral program. In other words, current residents refer you to their friends and family.
Example of a residential referral program from Aldara Apartment Homes.
For this to happen, tenants should have an incentive, like rent discounts or cash bonuses. It is vital to develop a strategy like this because research shows that word of mouth marketing is one of the most effective ways to increase your customer base.
6. Have an Effective Lease Renewal Strategy
A good lease renewal strategy should be simple and focused. You know when the peak move-in and move-out dates are for your market. You also know when your leases are scheduled to expire. Make sure that you budget your advertising and marketing spending plans to begin two months before the season.
7. Drive Online Reviews
With 92% of people researching online reviews before making a buying decision, testimonials and reviews are one of the most important things to take into consideration when building a multifamily marketing playbook.
Having an online review strategy is essential for attracting new residents and retaining current ones. Ask all of your residents to review your community, as you can identify tenants who may be at risk of leaving your property, allowing you to turn them into a brand advocate with a personalized customer service experience.
Example of online reviews from Park Place Tower in Chicago, IL.
Your review strategy will also double as a PR-safety net, allowing you to quickly identify and respond to public reviews that are less than stellar. Positive reviews are also a great addition to any lead form, webpage, marketing material, ads, or any marketing campaign.
The Most Popular Review Sites for Multifamily Properties
- Facebook Reviews
- Google Reviews.
8. Use Virtual Tour Apps
Virtual tours and online renderings of a property’s available units can take your multifamily marketing conversions to the next level. Helping future residents understand what their future living space and community will look like, even before they get there, is a huge advantage. Take advantage of every possible technological advancement in this process, as 360 virtual tours apps become more and more popular.
9. Partner with Local Businesses
Being part of the local community can have a massive impact on the conversions of your marketing strategies. Try to create partnerships with local shops and restaurants.
Giving a welcome package each time someone signs a lease or a local guide to the city with all your secret spots. In return, these businesses will do the same with your community with their customers. By supporting each other, you can both leverage each other’s customer base.
Improve resident satisfaction & engagement with 2ndKitchen’s multifamily dining amenity
10. Buy a Radio Ad
The radio may not have the power it used to have, but it remains the primary source of information for many people. Placing a radio ad can improve your traffic to your multifamily property’s website and, ultimately, the number of customers. Be sure your radio advertising message is direct and has a call to action so that the listeners make the next step towards our properties.
11. Run a Contest or Giveaway
Contests and giveaways are a great way to improve your residential community’s exposure and give back to residents. Keychains or bags may be the perfect gift for your prospective tenants and will have a high impact on their future behavior. For multifamily property groups, things such as a free month’s rent, access to special amenities, or discounted utilities are great prizes.
12. Host Food Truck & Popup Events
Throw resident events in your community to increase engagement among your residents. These events help foster a sense of community and bring neighbors together. For property managers putting events together, use services like 2ndKitchen to put your residential events on auto-pilot. With 2ndKitchen, you can host popup events from your city’s best restaurant and food trucks.
13. Have an Email Marketing Strategy for Leads
Email is a cost-efficient way to get in front of your target audience. The ROI is normally higher than other paid strategies, and you can have great results too.
Dedicate some of your marketing resources and budget, build an email strategy campaign, and try to send emails that grab the receivers’ attention. Offer valuable tips and information on your services, future events, and giveaways and watch happy clients coming one after the other.
14. Highlight Your Multifamily Amenities
Multifamily housing is becoming more and more popular, and thus there is a great need for differentiation. To accomplish that, innovative and standout multifamily amenities are rising as a critical incentive for potential residents.
In-demand amenities for multifamily communities include package lockers and mailroom management software, keyless entry and video intercoms, dog runs, and dining amenities. Multifamily property managers can always use our social media to showcase these features and, as a result, stand out from the crowd and the competition.
15. Buy PPC Ads on Google
Like Facebook Ads, Google Ads are another great way to advertise on the internet. PPC ads are a great way to increase your multifamily reach, but you must have a solid marketing plan so that our efforts don’t hit a wall. Try retargeting ads to engage the visitors of your website and transform them into hot leads.
16. Invest in SEO and Content Marketing
In today’s world, more and more people use the internet to find what they want. Investing in an SEO and content marketing strategy ensures you’ll have an organic search strategy that will put your website in front of thousands of organic users a day. Ranking higher in SERPs (search engine results page) is a powerful weapon for any multifamily professional.
17. Print Marketing Materials
To improve your residential community’s brand awareness, a smart move will be to leverage print materials. Posters, fliers, or even business cards are a great way to develop our marketing strategy, expand our total reach, and with a reasonably small investment. It will give them a reason to connect to your property more. It’s an easy way for your prospect to remember your information and stick with your brand identity.
18. Have an Open House Event
Open house events are a great way to showcase some of your multifamily properties and let the potential tenants have first-hand experience with the space. It is important to create an experience to visualize how it would be to live there soon.
19. Use a Chatbot on Your Website
Chatbots have become a great way to improve user experience on our websites. It is possible to have automated sequences that answer people’s most frequently asked questions and welcome people when they enter the domain or even get instant feedback.
20. Publish Education Videos on YouTube
Youtube is one of the go-to platforms when someone wants to find information about a topic. We can take advantage of this traffic by advertising our properties and sharing useful moving tips. Creating videos for YouTube can indeed be time-consuming, but the return of investment is high and can result in plenty of new leads.
21. Offer Discounts to Niche Groups and Communities
Another great way to improve your marketing efforts is by providing discounts to specific groups of people like students or the veteran population. This can create a competitive advantage over other multifamily properties and a word-of-mouth effect that can boost our brand.