The multifamily market keeps getting more competitive as the real estate industry evolves and grows. Therefore, multifamily property managers need to use effective marketing strategies to boost their business and remain relevant.
This blog post covers industry-forward tips to help you make actionable and impactful plans when marketing your multifamily property.
Podcast on Real Estate Marketing
According to John Casmon in the 7 Figure Real Estate podcast, whether you’re a real estate investor or agent, you need marketing skills to constantly market your properties, community, and services to potential buyers. Real estate marketing ensures speed of sale, peace of mind and drives the current price. In other words, every dollar spent on advertising brings more potential buyers to your property, driving up the price.
Remember that there’s no one-size-fits-all method in real estate marketing. John Casmon also stated that real estate marketing requires an understanding of the uniqueness of your target audience, their desires, challenges, location, demographics, and where to reach them.
20 Multifamily Marketing Ideas for Multifamily Property Managers
Here are the best strategies and tips to follow to build an effective multifamily marketing plan, achieve better results with your marketing efforts and attract new residents.
1. Hire Professional Photographers
Multifamily property managers need to include professional photography in their multifamily marketing plan because people are more attracted to images. Ensure you produce high-quality pictures of your multifamily properties.
You’ll need to showcase the properties you care about and wish to sell using professional photos. You’ll find several experts with the necessary equipment required to capture your apartment community in the most fantastic way possible.
2. Multifamily Marketing Website Optimization
A website is one of the most crucial marketing elements all multifamily property managers should have. It should be easy to navigate, informative, and have an attractive and responsive design. You want to make sure your multifamily property website works perfectly on different devices.
You also need to ensure that the web pages have call-to-action buttons (links) and the site loads fast. Remember that all your multifamily marketing efforts drive traffic to your website.
3. Invest in Paid Advertising on Social Media Platforms
Almost everybody is on social media in 2022. Instagram and Facebook are cost-effective and quick ways to market your apartment building.
These social media platforms also offer hyper-specific targeting tools, enabling you to target specific professions and zip codes. However, social media advertising needs to be fine-tuned to achieve better click-through-rates and conversions.
4. Create Immersive Videos
Creating live videos can be a beautiful way to get your location on the map. Not all property managers invest in video content so this could give you a competitive edge. Going the extra mile to put up the video content can help create a fantastic showreel that will boost your multifamily marketing efforts.
5. Buy Radio Ads
Although radio ads aren’t as powerful as they used to be, they remain the major source of information for many individuals. Buying radio ads can increase the traffic to your website, leading to an increase in the number of customers. Ensure your radio ad message is simple, precise, and ends with a call to action to enable the listeners to take the required step towards buying your properties.
6. Set Up a Residential Referral Program
Setting up a fantastic referral program is among the most motivating strategies for a multifamily marketing plan. It encourages your current clients to refer your multifamily marketing agency to their family and friends.
You’ll need to offer tenants an incentive, such as cash bonuses or rent discounts. It’s important to build a multifamily marketing strategy like this, as studies show that marketing via word of mouth is among the most effective methods to improve your client base.
7. Use Virtual Tour Tools
Online renderings and virtual tours of your properties can sporadically increase your multifamily marketing leads. You can give future residents a feel for their future home and community. Take advantage of technical advancements, like virtual tour apps.
8. Drive Online Reviews
Reviews and testimonials are among the most crucial things to consider when building your multifamily marketing campaign, as over 90% of individuals check online reviews before finally deciding to buy.
You want to build an online review strategy to attract new residents and retain current ones. You can ask for a review from your residents to help you identify those who contemplate leaving the property, and you can turn them into brand advocates using a customized customer service experience.
The reviews also double as a public relations safety net and enable you to identify and reply to less-than-stellar public reviews. Positive reviews also attract visitors to your webpage, ads, marketing material, lead form, or other marketing campaigns.
9. Partner with the Local Businesses in Your Community
Property managers can significantly benefit by engaging the local community. You can create partnerships with restaurants and local shops.
You can give a welcome package to a person who signs a lease or a city guide with all the most beautiful spots and best businesses. These businesses will return the favor by offering your services to their customers.
10. Host Food Truck and Facebook Events
Organize resident events to improve engagement within your community. These events help bring neighbors together and foster unity. Property managers can organize popup events using the city’s best food trucks and restaurants.
11. Run a Contest
Giveaways and contests are a fantastic way to give back to the residents and boost your community exposure. Bags or keychains may be the ideal gift for prospective renters and can highly impact their behavior in the future. You can offer access to a special amenity, discounted rates, or a free month’s rent to multifamily property groups.
12. Highlight Multifamily Amenities
Since multifamily housing keeps getting more popular, differentiation is essential. It would help if you offered standout and innovative multifamily amenities as an incentive for your potential residents.
Common amenities you can offer multifamily communities include video intercoms and keyless entry, dining amenities, dog runs, mailroom management software, and package lockers. You can stand out from the competition and crowd for more efficient multifamily property management by showcasing these features on social media.
13. Use Email Marketing to Generate Leads
Email marketing is an affordable way to reach out to your target audience, and it often has higher returns on investment than other paid methods and gives more remarkable results.
Use some of your budget and marketing resources to build an email campaign and send emails that attract your audience’s attention. Try to offer valuable information and tips on the multifamily market, giveaways, and future events and watch as potential tenants troop in one after the other.
14. Print Marketing Materials
Printing marketing materials is a smart move to help boost a residential community’s popularity. Fliers, business cards, and posters are an excellent way to expand your reach and build your marketing strategy. It’s also an easy way for prospective clients to remember your brand identity and your information.
15. Invest in Content Marketing and SEO
More people are using the Internet to get what they want in the real estate industry. Content marketing and SEO in real estate marketing ensure you have an organic search plan that puts your site in front of a range of users every day. Ranking high on the search engine results page (SERPs) is a potent tool for every multifamily professional.
16. Purchase Google PPC Ads
Google Ads are an excellent way to advertise your services online. PPC ads enable you to boost your reach to potential residents, though it requires a strong marketing plan to avoid wasting time and money.
17. Create a Chatbot on Your Business Website
Chatbots are a fantastic way to boost user experience on your property website. It’s possible to welcome new visitors when they enter the site and answer their frequently asked questions. Chatbots also allow you to send instant feedback.
18. Organize Open House Events
An open house event is an excellent way to showcase your multifamily properties and give your prospective residents a first-hand encounter with the space.
19. Offer Discounts to Niche Communities and Groups
Another effective way to boost your efforts is by offering discounts to specific communities or groups of individuals like students. It often creates a competitive edge over other similar properties. You can also boost your brand in this regard through word-of-mouth.
20. Publish Educational YouTube Videos
YouTube is among the most popular platforms for people looking for information about a subject. You can take advantage of the traffic by advertising your properties and sharing important tips. Although creating a YouTube video can be time-consuming, it has a high return on investment and can bring in numerous new leads.
Everyone looking to invest in multifamily real estate needs to know how to market their properties to the right audience. Listen to the full episode to take advantage of the right strategies to build your business!