Free Toolkit: How Apartment Lease Up Experts Run Video Tours
Inside the toolkit:
- Learn how to record an apartment video tour that converts.
- Watch our step-by-step unit recording best practices video.
- Download our 9-point cheatsheet for future reference.
About the Toolkit
Just about every apartment available for rent these days offers a virtual tour to prospective tenants. But these impersonal tours often aren’t able to capture the true charm of a unit, and renters may feel as though they still need an in-person visit before they commit.
This downloadable resource will explain exactly how you can use pre-recorded video tours to promote your property. It includes a step-by-step guide to get you started on using video to advertise your properties, as well as some of the market research supporting this approach.
Apartment Lease Up Strategy
It is important for every apartment community to start planning for the lease up period as early as possible.
There are a few strategies that every property manager should think about using. A good apartment leasing strategy is first going to center around proper marketing ideas. It will be important to take advantage of the size of the community to get the word out. Putting up a giant banner on the side of the building announcing your move-in date in large letters is a great place to start.
The same can go for signage on your construction fencing leading up to completion. But don’t neglect the digital marketing sphere as well. Because many people start by turning to internet search engines to find an apartment building, the community will need to have a strong online presence with a community website, on the listing platforms, and on social media as well.
Community events and open houses are another key part of apartment lease up strategy. It will be critical to have multiple units available for prospective residents to walk through. It might be a good idea to throw in some staging furniture as well to help people visualize how the space could work for them. If you have floor plans that are not completed yet or are for some reason unavailable to tour, shoot a quick video of them. If you rely on just one model unit to convey what all floor plans could be like, you will likely miss the mark for a decent majority of prospective residents. Even if unpunched or still under construction, a quick video of a floor plan can very effectively communicate the flow, space, views, and more.
To try to drive traffic to your community during the lease up period, consider hosting fun events like a neighborhood dog meetup or food truck rally. And make sure to advertise these community events thoroughly around the area with local shops, apartment associations, colleges, and more. Most prospective residents are going to be looking for a community they can see themselves being a part of, so these events are a great way to showcase the overall feeling of what it could be like to be a resident at your community. That is a key apartment leasing strategy.
Lease Up Property Ideas
The end goal of any apartment lease up strategy is to get leases signed as quickly as possible.
Those who are working in a multifamily property are likely familiar with some of the challenges presented by this process. It is not unusual for prospective residents to become hard to reach and develop cold feet. One of the most important lease up property ideas is to get leases signed as quickly as possible, meaning taking full advantage of their attention while you have it.
One key strategy for making sure prospective residents don’t ghost you or get cold feet, is to have timely, personalized follow up — emphasis on personalized. If someone is checking out your community, they most likely are checking out others as well. One quick way to stand out from the crowd is to send a personalized video following up to a conversation or tour. Call the prospect out by name, remind them about something you discussed, and lay out the desired next steps in the process. Video is a key communication tool in today’s market and doesn’t need to be fancy or complicated. Check out the reviews page on our site to see how others have made video work for them in this way.
Another great idea is to streamline the process of lease signing. If someone encounters a lot of hurdles and extra paperwork during the signing process, they are more likely to back out. Especially if there’s no easy way to eSign a document and it requires too much physical printing, scanning, etc. Make sure the ground rules for the time frames and signing of leases are as clear as possible. Sometimes, managing the expectations with your prospective residents and providing clear communication is all it takes for them to be comfortable and confident with the process. Make sure that all prospective residents understand the agreements as thoroughly as possible and have zero surprises throughout the process. While it can be helpful to have prospects come into the office to sign these documents together, in today’s day and age, being able to go through the lease application and complete everything virtually is an absolute must.
While not always a fun or enjoyable topic, due to increased competition within the multifamily sector, it can sometimes be necessary idea for a lease up multifamily property to integrate signing incentives into the process (aka concessions). Some simple ideas include vouchers for gyms that might be in the area (if the property doesn’t have a gym), gift cards to beauty salons, tickets for a free beer at a local brewery, and even gift vouchers for free pizza! Concessions or lease incentives don’t always have to be the first month’s rent free or something like that. Get creative with your incentives and partner with local vendors to get some marketing on your ideas as well!
New Apartment Community Lease Up
When going through the lease up phase, every single property and every single team should have their lease up checklist in place and treat it as the single source of truth for guiding you through the lease up period. Your apartment lease up checklist should actually start with pre-leasing to ensure that you are getting all of your pillar marketing pieces in place — website, social media, images and verbiage, marketing programs, community outreach, etc. While the property is under construction, don’t hold back on showcasing its progress either. We live in an HGTV world and people now understand and want to be a part of the construction process. Make a point to record videos of key milestones like the kitchen cabinets going in or the gym equipment being delivered or a feature art piece being installed. Then showcase all of those milestones via email to your lead list and online via social media.
While pre-leasing, your team should also research and walk some of the other apartment communities in the area so they know what the competition is going to be and can speak to that while leasing. In addition, be sure to enlist the help of the local media to get the word out about the new community. Hosting events, fundraisers, and a ribbon cutting ceremony are a great way to draw in the local media attention.
And any good lease up checklist would not be complete without ample time set aside for your team to complete the lease-up training process. Especially with new team members that have not done a lease up before, training is going to ensure the community operates as a well-oiled machine when crunch time rolls around.
Another thing to set and make abundantly clear throughout the entire lease up process is your lease up goals.. While you’ll obviously have clear goals around what percent leased up and what percent occupied you want and need to be by specific dates, one of the most important goals to have very early on in the lease up process is to create a sense of community. Making sure that your team is keeping that goal at the center of everything they do is going to be one of the most important things you do from the start. Setting the feel of your community starts with the first prospect and first resident. Take advantage of social media platforms to get the word out about your community and put your team front and center. Introduce yourselves, help people get to know you, and showcase what makes your team and your community different, special, and place that someone should want to live at.
Apartment Marketing Ideas
This should go without saying, but it is abundantly important that any multifamily property effectively market itself in order to reach their ideal prospective residents. This starts with coming up with great apartment marketing slogans, your brand, your look, your voice, your feel, etc. Marketing is more than just signage and catchy phrases though. Your goal with marketing for your apartment is to make an impression, garner the right person’s interest, and make them want to take a next step.
If you research apartment marketing ideas 2019, you’ll likely find a lot of ideas that center around social media. Why? Because it’s easy to have casual interactions there with prospective residents. When someone is looking for a new apartment community, they are going to turn to the internet first and if they come across your property online, they’ll like check out your social media presence to see what the overall vibe is — even more so than the community website sometimes. Apartment social media marketing ideas need to center around the items that we just mentioned above. Showcase the feel and overall vibe of your community. To do that most effectively, use apartment video marketing to help communicate that overall feeling. Don’t rely on just text or images.
While apartment digital marketing is the first step and critically important, remember that any good strategy is going to get prospective residents into the building to check out the available units. Apartment open house ideas could include hard-hat tours of the building, but can also go virtual. By hosting a virtual open house via a platform like Realync, you’re able to take the open house to your prospective residents. This makes it seamless and easy for them to join from anywhere and still interact with the leasing team, get their questions answered, and more. If you want to focus on the physical presence of prospective residents though, consider creative apartment open house ideas like hosting an adoption day with your local animal shelter or offer food and drinks by partnering with local restaurants. Lift the excitement of your open house and potentially lift your conversion rates as well!