Marketing for Property Management Companies
A property’s success hinges on a strong multifamily marketing strategy. Even if your property already has a website and you’re posting units on apartment listing sites, there’s so much more you can do to increase marketing effectiveness. The best marketing strategies for property management companies are comprehensive, encompassing everything from understanding your prospects to optimizing budgets with attribution models.
Here are a few strategies to implement in your multifamily marketing strategy:
Optimize Your Listings
When it comes to marketing your properties on apartment listing sites, you have to be on your A-game. Your properties will be listed directly next to your competitors, and you need to make sure your listings will not only highlight your property’s best features, but also stack up against the competition.
Your apartment listings should include quality, well-lit photos of each available unit, as well as any amenities and the grounds of the property. Remember: you don’t need an expensive camera to take good pictures – most smart phones on the market take high quality photos!
You also need to ensure your listings have a descriptive headline and detailed unit information. To streamline your listings and ensure accuracy, consider using a property management CRM that has fully-integrated Internet Listing Service (ILS) solutions. Managers can syndicate unit availability across all key marketing channels to ensure all listings are accurate and up to date.
In addition to apartment listing sites, you should also optimize your Google Business listing. You can add photos, update business hours, and ensure all information is accurate. Also consider responding to any reviews. As potential prospects research different properties, they will most likely want to read reviews on your property. Responding to reviews shows that your team stays engaged with their residents.
Upgrade Your Website
As more prospective residents search for new homes online, your website needs just as much curb appeal as your physical property. When developing a marketing plan for property management companies, be sure to factor in each property’s website to ensure that it has all the information and features needed to entice visitors.
People will engage longer on a website with interactive features that make it easy to get answers to their questions. Modern website features, like virtual tours and interactive floor plan browsers, allow prospective residents to get a complete picture of what it’s like living at your property without ever leaving their computer.
Two important features of a modern property website are a tour scheduler that’s integrated with your leasing agents’ calendaring system and an AI-powered chatbot. More than 50 percent of apartment tours are scheduled outside of working hours, so it is important to have a frictionless tour scheduling process. And for those that may have a few questions before they’re ready to commit to a tour, a chatbot can nurture them through their discovery by engaging visitors, promptly answering common questions and scheduling in-person tours.
Determine Marketing Spend
When it comes to marketing strategies for property management companies, your budget is a huge factor. Having a sophisticated budgeting tool allows you to proactively allocate funds effectively. Because every property is different, it can be difficult to determine how much money to allocate towards marketing. Most properties’ budgets will primarily be driven by turnover and lead conversion rates, and your spend will fluctuate based on the number of units you need to fill. Knowing what your leasing goals are will allow you to create an effective budget.
Using a forward-looking property management software to monitor projected occupancy can help you determine marketing spend. The timing of your marketing spending should be driven by vacancies, units to fill and where you stand with organic lead traffic. Consider leasing cycles and monitoring projected occupancy months in advance to ensure you’re optimizing your budget.
Measure Marketing Performance
We’ve discussed how a goal-oriented budget is most effective. In addition to high-level goals like occupancy rates, having marketing-focused goals can ensure you’re appropriately allocating funds and maximizing conversion.
A property management CRM that tracks marketing attribution provides clear data about where the leads that are converting originate. By analyzing the leads sources and touches that drive conversion, you can optimize your marketing investments and allocate funds to high-converting sources.