Marketing and advertising play a crucial role in the multifamily leasing and property management industries, as they help attract potential tenants, promote properties, and build brand reputation. In recent years, the industry has witnessed a number of shifts in marketing and advertising trends that are worth exploring in depth. This post does not comprise all the changes that have occurred, nor does it dive into them deeply. This is a brief look at some of those changes, and an opportunity to consider how they are effecting your multifamily business.
- Digital Marketing Dominance. The rise of digital technologies has dramatically transformed the way multifamily properties are marketed and advertised. Social media marketing, email marketing, search engine optimization (SEO), and paid search advertising are now the best ways to reach your target prospects in most markets.
Social media platforms like Facebook, Instagram, and Twitter have become powerful tools for property management companies, allowing them to reach a large, targeted audience, engage with potential tenants, and promote their properties in a tailored and specific way. Multifamily advertisements can now floor plans, amenities, and community features, and even provide virtual tours of their properties.
Email marketing is another effective tool for finding potential tenants and keeping current ones engaged. Property management companies can send newsletters, promotions, and other information directly to tenants' inboxes, making it easy to stay in touch.
SEO is crucial for getting discovered online by potential tenants. This involves optimizing a website and its content to rank highly in search engines like Google. By appearing at the top of search results, property management companies can increase their visibility and reach a wider audience. Incorporating Maps and location optimization is also a critical component.
Paid search advertising, such as Google AdWords, allows property management companies to target specific keywords and demographics, increasing their chances of reaching the right people. By bidding on specific keywords, you can get you ads to show up at the top of relevant search results and out rank your competitors.
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Mobile Optimization. To reach today’s prospective tenants, and particularly younger prospective tenangs, it’s essential for property management companies to have a mobile-friendly website. More and more people are using their smartphones and tablets to search for properties and communicate with leasing offices, so it’s critical to focus on the mobile display of your units and make sure your tours, photos, and media display well on a phone. This also includes having a responsive design on your website that adapts to different displays and dimensions, and makes it easy for visitors to find the information they are looking for.
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Interactive Content. Interactive content,like virtual tours, 360-degree videos, and interactive floor plans, are becoming increasingly popular in the multifamily leasing and property management industries. These types of content allow potential tenants to experience a property before they even visit it, making it easier for them to get a feel for the space and determine if it’s the right fit.
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Personalization. Personalization is a trend that has been proven to work wonders for the leasing offices that can figure it out properly. Correctly identifying your target residents, tailoring marketing materials directly to them, and placing those materials in front of them is a difficult task, but increases the likelihood of an ad turning into a conversion by 10x. Re-marketing can be a great approach as well, keeping existing leads updated with targeted units and properties as they become available.
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Influencer Marketing. Influencer marketing involves partnering with influencers in your industry to promote your properties and reach a wider audience. In the multifamily leasing and property management industries, this can include partnering with local bloggers and social media influencers who know your area, have a reputation in your area, and who’s recommendation would drive traffic in your area. By partnering with the right people, multifamily owners can reach deep into their communities and build a reputation by leveraging the reputation and credibility of influencers.
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Data-Driven Marketing. Data-driven marketing involves using data and insights to make informed decisions about marketing and advertising strategies. This can include tracking website analytics to see how potential tenants are interacting with a property’s website, Or in the case of Live Chat, analyzing the types of people and prospects who are engaging with your site and interacting with the leasing agents, and using those archetypes to better understand how to promote your properties.