Accelerating the lease-up process for new multifamily developments involves strategic marketing, well oiled operations, and being able to enhance and promote the highlights of a new property. Here are few ways to increase the exposure of a new lease-up.
1. Early Marketing and Pre-Leasing Campaigns
- Start Marketing Early: Begin marketing efforts well before construction is complete. Use renderings, virtual tours, and model units to showcase the property. Get a website built and advertised online with geo-targeting. Put Live Chat Agents on the website to handle communcations for preliminary questions and to help get prospects excited about the property.
- Pre-Leasing Campaigns: Offer pre-leasing incentives such as discounted rent for the first few months or waived application fees to attract early tenants. There are many ways to structure the incentives as part of a marketing campaign depending on the demographics and geograpics of a the new property.
2. Targeted Marketing Strategies
- Digital Marketing: Utilize online advertising, social media campaigns, and a strong SEO strategy to attract potential residents. The property website is a very powerful tool - it can showcase a property better than any individual Independent Listing Service. Platforms like Google Ads, Facebook, and Instagram can be particularly effective with their go-targeting and remarketing abilities. (If you need marketing assistance for a Lease-Up, get in touch and we’ll help you get the most out of your marketing budget.)
- Partnerships: Partner with local businesses and relocation companies to reach potential renters moving into the area. Local large employers can be a good resource as well (depending on economic factors).
- Community Engagement: Host local events and participate in community activities to build awareness and interest in the property.
3. Enhanced Property Presentation
- Professional Staging: Stage model units to highlight the best features and create an inviting atmosphere.
- High-Quality Visuals: Use professional photography and videography to create appealing listings and promotional materials.
- Virtual Tours: Offer virtual tours for prospective tenants who may not be able to visit in person.
4. Streamlined Leasing Process
- Online Applications: Implement an easy-to-use online application process to reduce barriers for potential residents.
- Flexible Tours: Offer flexible touring options, including self-guided tours, virtual tours, and extended hours for in-person tours. These tours can often be facilitated by online leasing agents through live chat services.
- Quick Response Times: Fast response is extremely important, especially during first contact and the initial interactions a prospect has with a property. Having a reliable service to do follow-ups on a schedule is also essential.
5. Attractive Incentives and Promotions
- Move-In Specials: Provide attractive move-in specials, as a free month’s rent, gift cards, or complimentary moving services.
- Referral Programs: Encourage current residents and local businesses to refer new tenants with referral bonuses.
- Flexible Lease Terms: Offer flexible lease terms to accommodate different needs and preferences of potential tenants .
6. Strong Community Features and Amenities
- Highlight Amenities: Promote unique and desirable amenities like fitness centers, coworking spaces, pet-friendly facilities, and community events.
- Community Building: Organize social events and activities to create a sense of community and attract residents looking for a vibrant living environment. For ideas you can read our blog post on community event ideas for multifamily.
7. Engage with Professional Leasing Agents
- Experienced Leasing Agents: Hire experienced leasing agents (and train them) who are skilled in sales and customer service. You can also employ a service like Leasing Chat’s Centralized Leasing Agents.
- Training Programs: Provide regular training to keep leasing staff updated on best practices and sales techniques. If they are working mostly on the phone, consider a telephony sales training program. If it is mostly through the property website, consider an online leasing team.
8. Leveraging Data and Analytics
- Market Analysis: Use data analytics to understand market trends and adjust pricing strategies accordingly. You are probably already doing this.
- Lead Tracking: Implement a robust lead tracking system to monitor the effectiveness of marketing campaigns and optimize them based on performance. Integration with your CRM system is essential, and building a data intelligence system can be extremely important.
Conclusions
By combining early and targeted marketing, streamlined processes, attractive incentives, and a focus on community, you can accelerate the lease-up process and achieve higher occupancy rates more quickly for new multifamily developments.
If you would like some assistance, consider reaching out to us, we can help provide personnel and technical assistance.