With the multifamily vacancy rate expected to increase slightly through 2020, multifamily owners and property managers are taking advantage of creative digital marketing ideas to find new renter leads and convert these leads into tenants.
If you’ve been relying on old-school marketing to find renters for your multifamily properties, this is the year to up your game.
Here are three creative ideas for marketing your multifamily properties.
1. Get Social
With social media users exceeding 3.8 billion people (about half the world’s total population) in 2020, you can’t afford to ignore social media marketing.
Social media offers plenty of opportunities for creatively marketing your multifamily properties. Sure, you can post pictures of your property and vacant units, but social media is built for engagement, so why not make your social media marketing more interactive? Here are a few ideas:
- Post pictures of community events, tagging people you know for increased likes and comments
- Promote community volunteer projects, asking people to spread the word to increase shares
- Publish polls to get opinions on everything from paint colors to resident appreciation ideas
- Educate renters on topics such as credit scores and deposits, prompting people to tag a friend who may be looking to rent
- Share special offers (such as concessions or waived application fees) with your social followers
- Post video tours of your property
2. Use Inexpensive Online Ads
Online advertising can be an exceptionally cost-effective way to generate new leads, especially if you follow the desirable pay-per-click (PPC) model. With PPC advertising, you pay a fee only when someone clicks on your ad (as opposed to the old-school advertising model where you pay a flat fee to have your ad published for a set period of time, regardless of whether your ad actually generates leads). The obvious benefit to PPC ads is that you only pay a fee when your ad brings in a new lead. The cost per click can range anywhere from a few cents to several dollars, depending on the popularity of the keywords you’re competing for.
With PropStream’s built-in marketing tools, you can deploy inexpensive online ads in no time and put your online advertising on autopilot.
3. Create Property-Specific Landing Pages
We’ve talked about social media marketing and online advertisements, but where are you sending all your online traffic? In other words, what happens when people click on your links?
That’s where your property-specific landing pages come in.
Think of property-specific landing pages as one-page websites whose sole purpose is to make people take a step toward renting your property. Each property gets its own landing page so your online traffic is funneled directly to the landing page that provides details on the property that drew their attention in your social media posts or online ads. The landing page will provide additional property information, photos, and (most importantly) a prompt to schedule an appointment for a tour or to complete a rental application.
With PropStream's built-in marketing tools, you get access to customizable property-specific landing pages to help you convert more leads into tenants.
The real estate industry continues to become more digital, and it shows no signs of stopping, especially in light of COVID-19. If you’re serious about standing out online and landing new tenants for your multifamily properties, then make sure your digital marketing plans are keeping pace with today's trends.