Residential Resolutions: Gain Multifamily Renters in 2013

Good news, multifamily property owners: The number of multifamily renter households is expected to increase to 1.7 million by 2015. This stat gives you the perfect framework for forming a resolution for 2013 — to gain more renters. Below are some tips to help you get started on your property’s resolution for the New Year.

Know Your Demographic

Make sure your marketing and property are tailored to suit your target market.

In recent years, families have become a larger demographic in the multifamily world. According to Multifamily Biz, the average family size decreased by about 1 percent from 2000 to 2010. That 1 percent has had more of an impact than you might think — more families are going after smaller units and lower rent. So, when marketing properties to families, emphasize space efficiency and family-friendly amenities and events.

For niche demographics, consider highlighting environmentally friendly amenities for eco-conscious renters, pet-friendly policies for animal lovers, high-speed Internet or Wi-Fi for students and online rent payment for Gen Y tenants who are used to making purchases online.

Get Online

Take advantage of that high-speed Internet you’re advertising and dive into online marketing. While older demographics turn to classifieds and print directories, younger tenants are using their laptops and mobile phones to browse the Web and social media outlets for places to live.

Jennifer Saciokas, vice president of marketing for Lincoln Properties, suggests using targeted geographic mobile and location-based campaigns, as well as discounts and brand-building publications to reach your audience.

When using social media sites such as Facebook and Twitter, you should value quality instead of quantity. Users who follow your property do so because they are interested in your updates; however, 42 percent of people report unsubscribing from a business’ social media updates and posts because they feel overwhelmed by the constant communication. If your communication becomes overwhelming, even the best prospects will not hesitate to unsubscribe.

Don’t Forget About Your Current Tenants

Word of mouth spreads fast (especially through social media), so make sure your tenants’ experience with your property is as enjoyable and hassle-free as possible. Respond in a timely manner to current renters’ requests and consider investing in a call tracking system to keep track of when your tenants call with requests. Follow through by going back and listening to call recordings to make sure your employees are providing your tenants with quality service.

Keeping a New Year’s resolution can be a challenge. Use these tips to make a game plan that brings new renters to your multifamily property, and make 2013 a profitable year.

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’Tis the Season to be Marketing

The holiday season is upon us, and as the cold weather rolls in, marketers are rolling out strategies for finding the best marketing channels to invest in. With online consumerism showing no sign of slowing, HubSpot has created this infographic illustrating the increased focus on mobile, social and email marketing. Bring your business some holiday cheer by optimizing your marketing efforts and implementing these techniques.

Throw Your Marketing to the Sharks

Have you ever had the experience of coming across a new product or hearing about the launch of a new business and jealously thought, “I came up with that idea!”? If so, what stopped you from bringing that idea or product to the marketplace?

More than likely you didn’t know how to engineer the product, get investor support, create effective marketing campaigns or distribute the product in stores. When you start to think through the details of what it would take to make your original idea a reality, it can be overwhelming. Unfortunately, that’s why so many great ideas never make it to the marketplace.

ABC is currently running a show that relieves the frustration of our inner entrepreneur — Shark Tank. The show brings together experienced, successful business moguls and everyday hardworking entrepreneurs who are looking to launch their ideas and need help with the logistics.

On the show, the business owners that are brought into the “Shark Tank” are given the opportunity to present their ideas to five different investors. The investors then decide how much stake to put into the entrepreneurs’ ideas.

When you strip away the entertainment qualities of this successful reality show, you are left with something that can be very educational when it comes to marketing. As you watch the different investees present their ideas you can see firsthand what influences investors and consumers in the marketplace to buy and what doesn’t from a marketing perspective.

Some of the marketing insights that can be taken away from this show are as follows:

  • Know how to influence your target audience.
  • Be creative with your marketing campaigns.
  • Understand and be able to explain the financial aspects of your idea.

There is also a consistent virtue that is repeatedly seen in every successful venture — hard work.

We encourage you to take the marketing lessons from Shark Tank and apply them to your own business endeavor. Once your campaign is in motion, gauge your audience’s response by tracking your calls and linking them to the revenue you generate.