Every multifamily owner knows that the better you are at marketing apartments, the quicker you can turn units over and get the cash flow you want from your investment. Here are three keys to help you raise your apartment marketing game.
Three Fundamental Steps to Successful Apartment Marketing
As a property manager, you likely have noticed the challenge that exists in apartment marketing. It can be hard to get the positives of a property across in many kinds of marketing, as most people are looking at the cost and spying closely for any kind of negatives.
An article in Multifamily Insiders, written by the staff of Class A Management, a Texas PM firm with more than 30 years of experience, starts with the statement:
Basically, people are always looking for that one reason to look at another property rather than your own; your job then becomes trying to convince them not to do so.
Put Together Some Community Events
Beyond getting your pitch in front of prospective residents, community events are great gain some trust and learn more about the community. They recommend using a local calendar to ensure your event doesn’t compete with something else, saying:
…competing with things like school events will see turnout dwindle quite heavily. Also, give yourself between 4 and 6 weeks of marketing time to help build up local interest in the community.
That said, they do acknowledge that while “community events can be tough to organize”, “they are great for indirect apartment marketing and reputation management”.
In Marketing Apartments Sell Benefits, Not Features
If you’ve ever been a selling professional, you probably know that benefits are what sells. Yet the authors often see amenities described as blandly as “2 bathrooms”. Their recommendation:
Why not list it as something a little more ambitious? Always take a look at what your apartment can offer in terms of benefits, and market them instead. Don’t just sell the feature; sell the benefit to everyone who will listen to you…
Prioritize Weekends For Better Turnout
This should be an obvious one, but according to the authors, it isn’t always. People are just too busy during the week; the authors say:
Most of the time, people looking to move into an apartment will be too busy during the week to make time for a viewing.
And, they add:
Marketing to someone who is neck-deep in work and life related stresses will get you nowhere.
Ask Someone Who Knows What They’re Doing
Your investment is just too valuable to go it alone: make sure you have professional advice from multifamily experts.
The team at Pacwest Commercial Real Estate are just those professionals; from multifamily to retail, we are the Eugene-Springfield area’s commercial real estate experts. Give us a call at 541-912-6583 to get started!
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