Why Video Should Be Added to Your Lease-up Marketing Strategy?
You might be thinking about how it’s difficult for leasing teams to take tours early in the lease-up process. However, video can help teams stand out in the market and create compelling video experiences, even if they lack product to show!
Continue reading below to learn more about how video can be used in your lease-up marketing strategy. If you found this information helpful, subscribe to the Realync newsletter to learn more!
Lease Up Marketing
If you have a multifamily community, then your goal is to keep your occupancy rate as high as possible. It can be a significant challenge to keep your occupancy rate high, particularly when you have first opened your community doors. If you are still in the process of filling up your units, then you are in the lease-up phase. You might be wondering, what is a lease-up phase in multifamily?
When it comes to lease-up apartments, this means that the occupancy rate of your multifamily community is between 0 and 90 percent. In this phase, you are trying to fill up your units as quickly as possible. Because your apartment building may still be relatively vacant, you might be offering great deals to generate more interest in the available units you have.
If you want to generate as much interest in your community as possible, you need to focus on lease-up marketing. There are numerous marketing tools available that may be able to help you get more people to sign leases. For example, you might be considering offering one month of free rent. Or, you might be offering gift cards to local businesses. In particular, you must make sure you take advantage of video software that makes it easier for people to take a look at the community without having to physically come to the building.
Of course, there are multiple video tools available, and all of them can be useful in different situations. When you are trying to convince someone to sign a lease, you need to create a real, raw, and transparent connection with them. That is where a tool such as Realync can be invaluable, particularly during the lease-up phase of your multifamily community. Learn more about what you need to do to generate a strong marketing plan during the lease-up phase below.
Apartment Lease-Up Marketing Plan
If you are trying to generate an apartment lease-up marketing plan, it is important to be comprehensive.
You need to attack this issue from all directions if you want to generate as much interest in your community as possible. For example, you may be taking a look at a few marketing ideas for apartment lease-up, wondering how you can incorporate as many of them as possible. Even though it is a good idea to offer perks such as a free month’s rent or moving assistance, you also need to think about how the vast majority of people are going to look for an apartment in the modern era.
When you are looking for something you need, there’s a good chance you turn to the internet for help. You probably use a search engine, take a look at the result, and then select the option that works best for you. This is exactly how people look for an apartment as well. That is why you need to focus on digital marketing as a part of your apartment lease-up strategy. Even though this can be a stressful time, the more traffic you can generate, the more leads you are going to convert. You need to think carefully about how you can generate more interest in your apartment community.
Video tours can be incredibly helpful because it allows people to take a look at the building without having to physically visit. You might be thinking about using 3D or 360 videos to show people what your building looks like. Even though this can be helpful on the front page of a website, you need to show people the actual unit they might be living in if you want them to sign a lease. That is why you should use Realync to help you generate more interest in your property, convincing people to sign on the dotted line.
If you currently have a lease-up property, then you probably want to get through the lease-up period as quickly as possible.
That way, your multifamily community is going to be stable. You will be able to focus more of your attention on your current residents, making sure they are happy with their living situations. This can create the financial stability that your apartment community is looking for.
At the same time, there is a lot you have to do during this phase. You might be wondering how you are going to be able to get everything done. That is why you need to use an apartment lease-up checklist to help you. That way, you can make sure you are not overlooking anything.
For example, you need to define the objectives that are going to quantify success during your lease-up period. How many of your units are you trying to rent out? How quickly do you want to get this done? This can go a long way toward helping you figure out which of your marketing tactics is most important.
During this time, your top priority has to be generating video and virtual renderings of your property. That way, potential residents can take a look at what they might be renting if they decide to go with your community. You want these renderings to come in many shapes and forms; however, if you want to shorten the lead-to-lease time, then you need to generate raw, real, and transparent connections with your potential residents.
One of the ways to do that is to use video leasing software such as Realync. This is a tool that can provide live and pre-recorded video tours for potential residents. You can use this software program to showcase the best possible features of your community using nothing but an iPhone, a camera, and an application. If you want to get through the lease-up phase as quickly as possible, then you need to use live video touring software.
As you go through this phase, you might be concerned about your lease-up risk. Of course, you probably have several financial projections in place. You want to make sure you hit those projections so that your multifamily community can remain stabilized. The biggest risk during the lease-up phase is that you might not be able to rent out as many units as you thought. As a result, you may not be generating as much cash flow. That is why you need to have a comprehensive plan that can help you rent out the available units in your multifamily communities as quickly as possible.
Now, you might still be wondering, “what does lease-up mean in property management?” What this means is that you are going through the initial phase following the opening of a multifamily community. You probably have somewhere between 0 and 90 percent of your units rented out. Once you get over 90 percent full, this is a sign that your multifamily community is stabilized. At the same time, you need to make sure your current residents remain happy. That way, you can convince them to sign longer leases, creating more financial security for your multifamily community. This can help you avoid the risk associated with the lease-up time period.
Lease-Up Vs Stabilized
As you take a look at your lease-up rent, you need to make sure you use a lease-up marketing plan template that will help you make sure you are not overlooking anything. For example, you need to figure out how you can put digital marketing to work for you, combining your website, your social media platforms, and your video marketing tools. All of this can go a long way toward helping you generate the connections you need with your residents to convince them to sign on the dotted line.
You might also be curious about lease-up vs stabilized. As the name suggests, a stabilized multifamily community typically has a higher percentage of living spaces rented out. Even though the definition can vary, this usually falls somewhere between 90 and 95 percent. When you have this many units rent it out, you have financial stability. You have a greater number of checks coming in every month, making sure you have the funds necessary to take care of the property and generate revenue for the building. The goal is to get your multifamily community to a stable financial position as quickly as possible.
Lease-Up Property Manager
Ultimately, if you are looking for a position as a lease-up property manager, you might be looking for lease-up apartments near me. If you want to be competitive for this position, then you need to capitalize on your prior lease-up experience. There is a lot that takes place during this time, and you may have a difficult time juggling all of the tasks. That is why it is important to focus on multitasking while also taking advantage of tools that can automate this process for you. If you can shorten the lead-to-lease cycle, you will have an easier time hitting your targets during this initial phase.
In particular, you need to cast as wide of a net as possible. The way to do this is to use video marketing that allows people to take a look at the building without having to physically sign up for a tour. That is where a tool such as Realync is helpful. You can use this video touring platform to give live and pre-recorded tours to prospective residents, allowing them to take a look at the physical unit in which they might be living. This will generate a strong connection you need to convince someone to sign a lease with your multifamily community.
Ready to Get Real?
Speed Up Lease Up
by providing construction updates and showcase your space without having to do hard hat tours.
PRE-LEASE OCCUPIED UNITS
by ‘showing’ them without having to physically tour the space by sending pre-recorded videos.
CONVERT A HIGHER PERCENTAGE OF YOUR LEADS INTO LEASES
when you receive notifications when prospects are viewing videos to cater your follow up.
SPEND LESS TIME TO CLOSE EACH LEASE
by removing roadblocks and barriers in the leasing process.
INCREASE SIGHT-UNSEEN LEASING
by making it a breeze for out-of-market leads to choose your community.
Improve Community Engagement
PROMOTE YOUR PROGRAMS BETTER
via pre-recorded videos by linking via social media or internal apps.
DECREASE MAINTENANCE REQUESTS
by creating maintenance videos.
REINFORCE COMMUNITY RULES
by receiving notifications when residents are viewing videos to know who has seen a message and who hasn’t.
REDUCE REPETITIVE QUESTIONS
because consumers retain 10% of a message when reading it via text, but 90% of a message when viewed in a video.
More Than Software
is available for every property utilizing Realync.
Make your video efforts consistent
with one set, standardized process and platform.
TRACK ENGAGEMENT And Usage
across your entire portfolio.
Partner with the Realync Team
to create a personalized training program to be rolled out across all properties.
Are you Ready to Get Real?
Talk with us today to see how Realync’s platform can 2X your lead-to-lease conversion rate!Request a Demo