We love this quote by 20th century actor Milton Berle — especially as it applies to marketing for multifamily properties. Although Milton probably wasn’t thinking about apartment complexes when he made this statement, it fits perfectly.
In the multifamily world, it’s tempting to take a set-it-and-forget-it approach to marketing. Just buy a few ads, let them do their thing and wait for prospective renters to come your way — after all, everyone needs a place to live.
Unfortunately, if you’re not proactive in your marketing efforts, you could be missing out on some valuable opportunities for your properties. We’ve listed a few examples below.
Leveraging Green Features
Is your property feeling a little green? If so, you’re in luck. Whether you’ve opted for a green certification or not, a study by Strata Research [PDF] indicates that 77 percent of renters value eco-friendly apartments.
If you’re not prominently featuring your green living spaces in your advertising, do it now! Only 13 percent of Strata’s survey respondents said they were aware of an environmentally friendly apartment complex in their area, so you have a perfect window of opportunity.
Oh, and by the way, Strata's research also shows that 64 percent are willing to pay $100 more per month for an eco-friendly home sweet home. To see just how much additional revenue your eco-centric ads bring in, make sure you track response rates via pay-per-click conversions and web form submissions. You can use dynamic call tracking to make sure online-to-offline conversions don’t fall out of the attribution funnel.
A study published earlier this year reported that most properties aren’t taking full advantage of email remarketing opportunities. Of the 20 percent that had any drip campaign at all, the campaigns were either standardized emails that were part of a regular campaign or identical emails that were sent to the recipient repeatedly.
Don’t miss out on these additional opportunities! To increase conversion rates, stay in touch with prospective tenants by sending them personalized, action-oriented retargeted emails. Keep track of how many leads open and respond to your emails, and be sure to include a Click To Talk button in your emails to capture phone responses as well.
Creating a Brand
An apartment complex without a brand is like store-brand toothpaste: It gets the job done, but there’s nothing unique or memorable about it. With the multifamily construction boom starting to drive occupancy rates down, it’s more important than ever to stand out from the crowd.
Melanie Flaherty, vice president of marketing for Carmel Partners, develops branding concepts around specific themes, such as boutique, location, destination, suburban and Gen Y. Once you have an idea of who — yes, who, not what — your property is going to be, you need to flesh out its personality (Cannonball has some great tips for branding success). Then carry that personality into every aspect of your marketing.
When you make a concerted effort at finding and testing new marketing strategies, you’ll be amazed at the opportunities (aka renters) that come knocking at your door. Just be careful you don’t make any of these multifamily marketing mistakes.
What new marketing ideas have you tried lately?