When it comes to multifamily properties, smart marketing matters! In order to position your multifamily property in a way that beats out the competition, you need to see and understand how they’re presenting their properties. Learn what’s working and what doesn’t, and apply those techniques to your property— but better.
One aspect that always sticks out is multifamily property management. Are you unknowingly keeping it quiet, leaving buyers and renters to imagine what they get when they sign, or are you showcasing what it offers? Lean into your multifamily property management’s positive attributes and see success.
Know Your Property
Each geographical area or neighborhood has unique needs, vibe, and target audience, and it gets even more nuanced when you’re considering the type of property you are marketing.
Discover Your Property From a New Perspective
To get to know your property, you’ll want to understand who it serves, the location, and your goals as the property owner. Here are some questions that should yield key details about your property if you aren’t already familiar with them. Keep in mind that these things can change over time, especially if it has been a while since you’ve needed to market your property.
- Is the building in a suburban location or in a bustling city? High-rise or Garden?
- Have residents broken leases early and is a trend developing?
- Have you seen more short-term or long term renters?
- If short-term, are they reliable renters (such as with student buildings) or is the reason unknown?
- Who are you marketing to? This could be students, retirees, young professionals, small families, or independent adults.
- What budget are you targeting with your building? This will help dictate what amenities you need to offer.
Types of Multifamily Properties
There are several types of multifamily properties, and each is marketed differently. You will know what type of multifamily property you have, but consider how a future tenant might think about the type of property. Think about things from their perspective.
- Apartments
- Condominiums
- Townhomes
- Duplex
- Student Housing
- Retirement or Age-Restricted Housing
- Low-Income
Understanding Your Competition
Smart marketers always check out the competition. You have to consider what they’re doing. Even if you’re not going to change what it is that you offer, you can change how you market it. It is imperative to know what and how your competition is positioning properties.
Know What They Offer
Understanding what competitors are offering to prospective tenants or buyers is important if you don’t want to get edged out. Your property might not have a pool, but does it offer a fitness center or other amenities that are equally as important to your ideal tenant? Do you require homeowners to maintain landscaping where another property has a landscaping contract?
Learn where you fall in comparison to your competitors. See if there are opportunities to change what you offer. If there aren’t opportunities to change, it is important to note what the competition highlights in their marketing. This helps you focus on something equally important to your ideal tenants or something unique to your property.
Examine Market Trends
The current market is changing, and local trends don’t always match national ones. Marketing your property at the right price is important to capturing your target audience. Know what renters and prospective buyers expect and what you deserve according to comparables in the market.
Leverage Multifamily Property Management
When it comes to multifamily properties, multifamily property management is a key decision-making factor for prospective residents. Learn how you can leverage multifamily property management as a benefit for potential residents.
Value-Added Services & Amenities
When you market your available space, leverage your multifamily property management as a positive. Are there services or amenities included at your property that might not be available at other buildings? Do you offer online bill payment or other services that make life easier for your tenant? Free laundry if it’s not in-unit? Do you have rooftop amenities or space in the basement that could become something amazing? Create it and market those!
Build a Relationship With Residents
Multifamily property management should be something that is celebrated. Work as an advocate for your residents, help them and they will want to help you. Be available, be transparent, and build a relationship with your residents. Make them happy to live where they live. Finding a quality, reliable, long-term resident is every property owner’s dream.
Showcase What You Offer
Even if your multifamily property management services are just the basics, be clear and upfront about what is and isn’t offered. Honesty is always the best policy!
Digital Advertising For Your Multifamily Property
There are a number of digital marketing strategies that can help you reach your target audience and develop a list of qualified leads. Keep in mind that digital marketing does require forethought, strategy, evaluation of performance, and potential adjustments. Many find that hiring experts in digital marketing allows them to focus on their general operations.
Your Website
Your property should be shown in the best light possible, and a stunning website design with user-friendly UI/UX features will do that. Draw in prospects with virtual tours and 3D design, giving them a bird’s eye view of the building, the unit, and the geographical area.
SEO
A solid SEO strategy can bring prospects to your doorstep without investing in costly traditional marketing methods. With the right keywords, you can target a specific audience and demographic, generating interest and potential leads.SEO marketing is a skill that when done properly can generate excellent results, setting you apart from the competition.
Social Media Marketing
Whether you’re advertising on Meta (Facebook, Instagram and Threads), or you’re getting out there on TikTok, social media marketing can also reach a wide array of prospects to get up off the couch. Entice them to want to visit — and ultimately, to sign on the dotted line.
PPC
PPC or pay-per-click is paid digital advertising that allows you to reach a specific audience through SEO keywords with more certainty than an organic effort will yield. You’re paying for the clicks in a similar way that you would select a billboard in a specific geographical area, but this can get even more targeted than that.
How Primary 360 Helps
Primary 360 is a digital marketing company specializing in digital marketing for multifamily properties. With several awards, a talented and dedicated team, and the tools to succeed, we can transform how tenants see your property and your results.
Expertly Market Your Multifamily Property Management
When you’re ready to showcase your multifamily property’s assets and attract customers, contact us to help. We’ll evaluate what you currently have and provide a strategy that gets qualified prospects ready to sign that lease. Contact us today at 978-699-9973 or reach out online.
