Keeping occupancy up at your multifamily communities means getting in front of potential renters where they’re searching for available apartments and spending the majority of their time: online.
Carefully studying the consumer journey and gathering prospect data along the way gives your property several advantages when it comes to attracting and retaining renters.
“The internet is still the No. 1 tool for properties, and it’s just a matter of where they find it or how they’re finding it,” says Corey Egan, LeasingKC Co-Founder and Director of Client Success. “They have to make sure their own property websites are up to pace with the competition. Make sure all of the information is there and up to date … you have video content, and a really solid SEO strategy.
“We’re forever trying to figure out where everybody’s spending their time every day,” he says. “It turns out a lot of people are spending most of their time on their phones and they’re on all of these social media platforms, so those are just other ways to get in front of a potential lead.”
Collecting data at those various touchpoints as prospects shop around helps you optimize your digital marketing to better target the right renters, tailor the leasing experience for prospects, and improve the lead nurturing process. All three lead to increased occupancy over time.
“Evaluate the data to drive your decision-making,” Egan says. “It’s very valuable for apartment communities to use that data to see who their renter is and where they fit, and then create a more focused marketing strategy to reach those people.”
1. Make Data-Driven Decisions to Improve Occupancy
For Caroline Gould, V.P. of Marketing & Branding at Fore Property, one of the country’s top 20 largest multifamily developers, the property website and data analytics rank as the most valuable tools to target and convert the perfect renters for a particular property.
Gould runs daily Google Analytics reports to keep tabs on each property’s performance and look for ways to improve digital marketing results. She checks which referral sites send the most traffic to the property websites, views bounce rates for digital ad campaigns and tracks how Fore Property ranks for certain keywords in each market to evaluate her team’s SEO efforts in increasing search engine rankings.
“The website, the digital presence just has such an enormous importance,” Gould says. “Historically in property management, a lot of things were assessed anecdotally. While I agree there’s no replacement for on-site observations via a property manager and leasing team — those insights are really valuable — but the data is available for us to get away from the anecdotal.”