The multifamily housing market has a significant number of competitors. With renters looking beyond property appeal, they are now focusing on a website’s ability to provide communication that is consistent, an engaging brand, and a smooth online experience.
You need to think about whether it would be better to incorporate in-house marketing or multifamily marketing agencies. Many times, the decision to have one over the other is determined by return on investment.
Understanding What’s Involved in Multifamily Marketing
Multifamily marketing for properties now goes beyond a simple flyer, print ad, or open house. The renter is searching more online, engaging through social media, reading online reviews, and taking 3D tours from the comfort of home. To have successful multifamily property marketing, you must understand the following:
- Paid advertising campaigns target the correct tenants.
- Your website must be SEO-optimized.
- Digital marketing strategies are driven by data for improved conversions.
- Differentiated brand development separates you from the crowd.
- Implementation of digital tools such as resident portals, chatbots, and 3D tours.
As you can see, your choice in deciding between the two can determine whether you are successful with leasing and if you have long-term revenue.
In-House Marketing Pros and Cons
Pros
- Collaboration is direct: An in-house team meets directly with property agents. This improves speed while adjusting to day-to-day tasks.
- Extensive property knowledge: The in-house marketing team knows the brand thoroughly. They are aware of resident demographics and selling points.
- Strategy control: The in-house team controls how the marketing campaigns are run. They have full control of branding, budget, and messaging.
Cons
- Costs are fixed: The cost to have an in-house marketing team is fixed and not based on marketing experience. Without any guarantee of marketing efforts being a success, there’s no way of knowing if the web design, SEO, or PPC are working for you.
- Skills are limited: An in-house marketing team is limited in their skill set. This is because each member has their own specific skills that they contribute to the team.
- Decreased flexibility: If demands in marketing increase during a leasing period, the in-house marketing team may have trouble keeping up if demand outweighs the manpower. This could result in campaigns being delayed and ROI decreasing.
Multifamily Marketing Agency Pros and Cons
Pros
- Quick market launch: Launching campaigns quickly is possible due to their existing infrastructure. This allows you to concentrate on leasing periods.
- Marketing strategies are proven: The multifamily agency brings unmatched experience. Their strategies have already been tested and they know which work and don’t work.
- Low cost: The multifamily marketing agency is low-cost because you are only paying for what’s needed. You won’t have to worry about paying a salary or benefits.
- Expertise is specialized: Marketing specialists make up a multifamily marketing agency that is made up of content creators, SEO strategists, ad managers, designers, and web developers.
Cons
- Costs are continuous: Although you may save money in the long run using an agency, the initial cost may be high. This is because you pay for expertise. You will need to make sure that the right expertise is provided to avoid wasting the marketing budget.
- Time to learn property specifics: Time will be needed for the multifamily agency to learn your details. This may slow your rollout if you don’t manage it effectively.
- Decreased control: Outsourcing multifamily marketing means you need to permit the team to handle certain specifics, such as executing the campaign and messaging.
When In-House ROI Works
So, how will you know if in-house ROI is best for your business?
- In-house ROI is achieved when an owner wants to maintain complete control and oversight, regardless of cost.
- The employer brand is strong enough to afford additional salaries and add talent to the team.
- The in-house marketing team manages many active property contracts, thus making it cost-effective to maintain the in-house marketing.
When Multifamily Marketing ROI Works
- A multifamily marketing agency’s expertise provides an edge against competition through the tools and strategies they implement.
- Multifamily agencies incorporate brand identity and develop digital campaigns.
- Special skills are needed that most in-house marketing teams don’t have access to.
- When property managers are mid-sized, they may not have the budget for in-house marketing. A multifamily agency provides premium services as needed.
Taking the Hybrid Approach for Both
As a property manager, you may utilize both in-house and multifamily marketing services in order to achieve the most ROI. An example of this would be when you have in-house marketing managing social media, engaging with residents, and creating content, while the multifamily agency manages web development, SEO, and PPC.
Questions You Should Ask Yourself While Deciding
As you decide whether the in-house marketing or multifamily agency is best for you, consider these questions:
- What are my long-term goals for growth, retention, and occupancy?
- Will scaling marketing efforts need to be fast?
- Are skilled professionals available for my marketing or retention needs?
- Do I have the proper tools to track my ROI?
- Is my marketing budget good enough to afford in-house or multifamily marketing?
As you review your answers to these, you’ll be able to identify the best model for your budget and strategies.
Increase Marketing Success Through In-House or Multifamily Marketing
Housing managers are faced with a choice of having in-house marketing or outsourcing a multifamily agency to deliver the best ROI. In-house marketing teams can help you retain control of all marketing campaign aspects and maintain brand awareness, while multifamily marketing often offers lower costs and services only when you need them.
If you intend to have vacancies filled, online presence strengthened, and revenue maximized, then multifamily marketing agencies supply strong ROI. With Primary 360, we’ll show you how our marketing solutions increase your ROI. Reach out today to see how.
