For today’s multifamily industry, the competition has never been stiffer. New developments have cranes spotting skylines across the country and rental supply has been sharply on a rise. However, despite increased supply, there is also increased demand with more consumers renting than ever before. The opportunity for multifamily professionals has never been more better. Similarly, while getting the attention of potential renters and buyers has always been a challenge, the Internet is both providing more opportunity than ever and making it a much more crowded space to stand out in.
Google/NAR published a study called “The Digital House Hunt” in 2013. In that report they found that 92 percent of potential buyers and renters use the Internet to help them find their next home. And, more importantly, before even making the first call, the average home shopper spends an average of three weeks researching their potential options online.
By now, most multifamily professionals and leasing agents know how important it is to have an online presence. To cut through the noise and truly garner the attention most multifamily properties desire, it’s going to take more than a sparkly website.
Even then, getting a consumer’s attention online is only the first step. From there, it’s working through the process to take that person from lead to signed lease. So what can you do to streamline that process and make sure that you are ‘wooing’ today’s consumers effectively? Check out these five tips that will not only help pull in potential renters and buyers, but help you close the deal and get a signature on the all-important bottom line.
1) Analyze Your Website
Having a beautiful website that no one visits is…well… pointless. Tracking visitors and how content resonates with them is critical. Google Analytics, for example, can help you know a myriad of valuable online data. Are the tactics you are using to drive website traffic working? What should you continue doing vs stop doing? What could use some tweaking? That type of data can help dictate the general direction of your online marketing as well as allowing the capture and nurturing of potential leads. Of particular importance — analyze your call-to-actions and optimize them for the highest conversion possible.
2) Use Social Media
Today’s real estate market can find a huge benefit in deploying social media channels. How much so? According to one study, 94 percent of Millennials and 84 percent of Baby Boomers used various social media sites to search for their future homes. Being present on Facebook, Instagram and other sites can help broaden your reach, identify new prospects and, ultimately, generate new leads for your business. Expressing your brand is equally as important as showcasing your community though, so make sure to be real in you social media efforts. In addition, if you are reaching your ideal prospective residents online with content that they believe in, there is always the potential that easy social sharing results in organic sharing of your content with other, interested parties.
3) Make Video King
85 percent of potential home buyers and renters want video. But not just any video will do. Today’s market wants real, personalized video and real-time catered experiences. They want to be toured, via video, on their own time, with a real human who will answer their questions and show them the nuances of the property and community at large. A bland, highly produced marketing video won’t cut it today, nor will simply showcasing a decorated model suffice. Make the extra effort to find a way to personalize these videos and the return will be well worth it. Your consumers will be thoroughly wooed if they feel like you are making an effort catered and built for them.
4) Use Email Marketing
Once you secure a lead and they are in your system, it is up to your team to nurture them to the point of lease-signing fruition. A great way to nurture those prospective resident is through email marketing. Get into the inbox of a potential buyer or renter with valuable information or, even better, videos. Including video in emails doubles the click-through rate and reduces opt-outs by over 75 percent, according to the Google/NAR study. Email is right in the hands of nearly every consumer today, so placing engaging content in their hands is the name of the game. But, again, make it catered, make it personalized and keep it real. Mass emails without any personalization will not woo anyone.
5) Use Current Residents
One of the things you can do to showcase your space and sell someone on your property is using current, happy residents. Having current residents be a part of the aforementioned videos or having them provide quotes to place in your emails or on social media is a great way to build up confidence and trust with prospective residents that you are trying to reach.
Whether choosing one or all of the above tactics, online marketing is a must have to succeed in today’s multifamily industry. It is where your target audience is and where you need to reach them. If looking to woo your consumers, personalized and real digital marketing can be the key to making them feel special, valued, and instill trust and transparency into the process. Today’s real estate marketing can be tough, but with a few well-run tactics, your property can rise above the rest.
If you have any questions about any of the above tactics, please do reach out. We’re here to help!
Until next time…keep it real!