Multifamily Marketing Tactics
There is no shortage of competition in the multifamily real estate industry and getting your name to market can be a considerable challenge. Building a successful marketing campaign is difficult when trying to compete with multiple properties for the same tenants.
Before You Begin
Get to know your unique selling points and maximize them as much as possible. Can you sell modern amenities, affordability, aesthetics, or community activities? Determine what your strengths are and derive what demographics you want to target. You will not get very far with your campaign if you don’t know who you are targeting.
If you are located in a college town or near the hub of a major city, your marketing campaign should reflect your target demographic. Have an older property that happens to be closer to campus or work (this is common)? Drive home and maximize the advantage of your location. If you can create some form of differentiation from your competition, your chances of generating leads will be that much higher.
Social media is a powerful modern marketing tool — if it’s used correctly. Take advantage of the massive footprint you can achieve with different platforms (Facebook, Twitter, LinkedIn, etc.), but also be aware of the strengths and weaknesses of those platforms. The crowd using Facebook is a different (generally older) crowd than the one browsing Pinterest. The content you post to Instagram or Pinterest will be primarily photos, while Twitter is largely text-based. It’s also worth investigating how you can capitalize upon customer review platforms, like Yelp, to promote positive qualities while simultaneously addressing any tenant issues as quickly as possible.
The key goal with your social media strategy is not to simply blast out information but create a conversation with potential tenants. If your property just opened up a sleek, modern training facility, uploading photos to Pinterest or Instagram gives your target audience an opportunity to comment or share with friends. Facebook and Twitter are excellent platforms to get the word out for any upcoming community events. If you’re planning a community barbeque or pool party, cast a wide net and promote it through your social platforms.
Word-of-Mouth and Referrals
Referral incentives can provide a major boost to bringing in new tenants. Beyond the traditional monetary rewards for tenants’ referrals that sign leases, the types of incentives you offer can vary. From tablets and game consoles to free covered parking, the incentive possibilities are wide-ranging. Your incentive could even be a donation to a local charity (a successful referral results in a $250 donation). Think outside the box here.
Utilize the power of social media by creating incentives for tenants to write reviews (whether they’re good or bad). It is a great way of getting your brand out. If you feel tenants connect with your complex in a positive way, this provides great advertising. Even if some of the comments are negative, this platform gives you the opportunity to respond (show that you care) and correct any consistently discussed issues.
Campus and Community Connections
Getting involved in community and campus events is a great way to get exposure and meet potential tenants face-to-face. College campuses will, from time to time, host open houses for complexes to come show off their property. A little branded SWAG will go a long way here (college students love freebies).
For multi-generation crowds, developing relationships with companies within close proximity gives you a much broader pool of potential tenants. Providing incentives for employees, especially those moving in from out of town or out of state, is another excellent way to gain traction in your local area. Beyond buying small advertising spaces at high-traffic local businesses (also viable), growing relationships with companies and their employees could lead to some valuable dividends down the road.