Multifamily marketing implies to the process of promoting apartments for leasing. This is typically done by instilling confidence that floor-plans, units, amenities, location, and lifestyle of a multifamily property shall meet the expectations of the prospective renters. Kanat Sultanbekov says that renters of today have higher expectations and are more educated than ever before. They usually look for something specific when searching for a home to rent. To attract maximum tenants, property managers need to have a robust marketing strategy in place.
Kanat Sultanbekov marks a few tips that can be helpful in creating a multifamily marketing strategy
The real estate market is extremely competitive, particularly when it comes to multi-family properties like apartment buildings. To attract potential tenants, it is vital to effectively distinguish a property in the crowded market. One must additionally have a well-rounded approach when creating multifamily marketing strategies. The wider the net a multifamily community can cast, the higher the number of leads they may generate, ultimately leading to more leases getting signed.
To have a strong multifamily marketing strategy in place, one must:
- Define their target audience: Property owners and managers need to determine the target audience for their property, in order to tailor marketing materials and messaging accordingly.
- Create a strong online presence: The website of a multifamily building must be informative and well-designed. Its social media profiles should also be engaging and active. High-quality photos and videos of the property should be posted on all platforms. Interesting and relevant content must also be posted and shared on a regular basis.
- Highlight the unique features and benefits: One needs to identify what makes their multifamily property stand out from the competition and highlight its unique selling points in the marketing materials. For instance, if a property has a gym or a pool, its details should be mentioned on the property website and its marketing materials.
- Develop a marketing mix: The marketing mix of a multifamily property should include a range of ways focused on connecting with the potential tenants. These ways can range from traditional approaches like print advertising and word-of-mouth marketing to online advertising and social media marketing.
- Create compelling content: Marketing materials for a multifamily property should be both informative and visually appealing. High quality photos and videos must be used for showcasing the property. Concise and clear captions should also be provided to highlight the unique selling points of the property.
- Price the property competitively: Property managers need to do their research and check the rents of other multifamily properties in the area. A property must be priced competitively to magnetize potential tenants, but one must also not undervalue the property.
Kanat Sultanbekov mentions that apart from following the pointers mentioned above, one may even choose to organize referral contests among the current tenants, encouraging them to refer friends and family to the property with incentives like gift cards for successful referrals. Even forging partnerships with local businesses can be beneficial. Offering discounts or perks to residents for supporting these businesses not only fosters community relationships but can also attract new tenants.
