3 Ways to Boost Occupancy Rate Using Property Management Marketing
Good property management marketing can bring ideal tenants to your properties easily and effectively. Instead of competing on price or square footage, a well placed ad from a media buying agency or curated social media posts can bring your community, neighborhood, and units to life.Help prospective tenants discover and choose your property with three of the best kept secrets every multi-family marketing and property management firm needs to start using today. 1. Invest in a responsive, mobile-friendly site According to GogoDigital, 98% of renters use mobile devices on a weekly basis to power their apartment search. Of them, nearly half said they would opt out of a property or unit if the site didn’t work effectively on their cell phone or tablet. Work with a digital marketing agency like BIGEYE to ensure your website works across devices and creates a seamless experience between all your channels such as social media, advertising, and email. This simple update lets prospective renters know you operate a trustworthy, modern business. This is especially important as more and more renters expect to conduct the leasing process online using virtual signing tools to execute their leases and 360 digital tours to screen properties and make their final decisions. 2. Content is king and search engine optimization is queen The best property management marketing site in the world needs to be search-friendly in order for your business to thrive. Prospective residents often start their apartment hunt on search engines, either to discover and explore properties, or to find companies that can assist with the leasing process. Understanding what your specific goals are (think: promoting your property managed community versus offering a white-glove realtor service) will help you create engaging content that catches prospective residents’ attention and boosts your ranking in Google and other search engines. 3. Demonstrate your authenticity through social media and community engagement Put words into action by reinforcing the values your property management marketing efforts are promoting by creating an authentic social media presence and participating in community events that are aligned to your ideal residents’ needs. As an example, if your brand focuses on LEED certification and eco-conscious buildings, you may want to co-sponsor a beach clean up near your property to demonstrate your commitment and make like-minded individuals aware of your units. If you aren’t sure where to start, a local, top Florida advertising agency can point you in the right direction to build partnerships and activate events via social media. Learn more about how our team at BIGEYE has helped single- and multi-family marketing managers like you succeed in today’s digital landscape by contacting us today.
Social Media Retention Tips for Property Development Marketing
Property development marketing with social media can help keep current residents engaged as well as bring in new ones. Learn how with our 10 tips. Property development marketing should do more than attract new renters; it should also retain loyalty from current tenants. After all, it’s almost universally true that retaining customers costs less than bringing in new ones. Besides, at least some satisfied residents will probably help spread news about the property to their own connections. Social media can provide the perfect platform to keep residents updated and engaged in their property. Ten multifamily marketing agency tips to use social media to retain residents People tend to check their social media daily, and even more, they spend quite a bit of time doing it. As an example, average users spend about 40 minutes a day on Facebook, according to Marketing Land. They visit social sites to check up on friends and family, research businesses, and even get their news. That’s why apartment marketing should include some of these social media retention ideas in their tool kits. 1. Respond to resident messages Today’s social media users often feel more inclined to message via social media than to pick up a phone and call. Encourage contact via messaging on social pages. In turn, ensure somebody monitors these pages and can provide timely responses. 2. Publicize community events Community events provide a great way for residents to connect with each other and their property management. Even if the property doesn’t hold its own events, it’s still a good idea to promote events in and around the surrounding community. If the property intends to get a booth at a local festival, for instance, make sure to invite residents to stop by for a free keychain or bottle of water. 3. Hold contests on social media Contests can generate a lot of excitement and, of course, attract more followers to a property page. Prizes could include local business gift cards. In fact, some local stores and restaurants might even donate gift cards to help promote their own business, and that can reduce the costs of running the contest considerably. 4. Share apartment notices and updates If the pool’s closed for maintenance or landscaping needs to take care of a fallen tree, share this kind of news on social sites. Since renters may spend more time on social sites than they do looking at their email inbox, this can provide a great way to make sure people know abut it. 5. Provide a community guide Besides promoting local festivals or other events, keep people engaged by sharing interesting things around the surrounding area. Some topics could include top seafood restaurants or nearby parks and day trips. Even though these kinds of posts won’t directly promote the property, they will help promote the community and help keep residents interested in the property’s content. 6. Share news about residents and staff members With permission, some residents and onsite staff members might want to share news about having a baby, getting married, winning an award, or even involvement in worthy causes. This will help staff and residents get to know each other, and some people might appreciate the help spreading good news. 7. Share vacancies Even though this campaign might mostly focus on retention, it can also help generate some word-of-mouth marketing. Some residents may have friends who need an apartment or even want to upgrade to a larger unit. Marketing for property developers can incorporate both acquisition and retention in a very synergistic way. 8. Gather information Instead of only sending surveys by email, consider using social media to run quick polls get get quick answers. Residents will appreciate having their opinions count, and these polls can provide a simple way to learn which areas need improvement and which upgrades to prioritize. 9. Promote social media pages Help the property discover the social media pages by mentioning it on new resident materials, the website, and on email communication. Include a quick message to let people know that they can benefit by getting prompt updates about the property, a chance to enter contests, and so on. 10. Post consistently Countless studies have demonstrated that businesses can keep social site users engaged by posting regularly. Even the algorithms of social sites may tend to favor pages with regular posts and engagement. To make social media an effective part of property development marketing, post at least two or three times a week. Start by defining goals and making a plan Any effective multifamily marketing agency will begin by figuring out measurable goals for their social media campaign. An obvious example might include retention rates, overall satisfaction, or word-of-mouth referrals . Then create a plan to develop social posts that help support this goal and ensure somebody will monitor the page for messages. This plan might start with a content calendar, but it needs to have enough built-in flexibility to include urgent updates.
Property Development Marketing 101: More Than Just a Logo
Property development marketing should begin with branding that provides a roadmap for decision making and a consistent branding message for renters. When many property managers think about branding, an image of a logo generally pops into their heads. Branding includes logos and other graphics; however, that picture should mainly serve as a reminder of all of the other things that the brand message communicates. Ideally, property development marketing should create a logo that represents a brand — and not do it the other way around. What does a multifamily marketing agency mean by branding? To precisely define what marketers mean by a brand, it’s often helpful to contrast it with the definition of a logo: Logo: A logo refers to a visual image that represents a company. Some of the most recognizable logos in the US include Apple’s apple, McDonald’s yellow arches, and Twitter’s little bird. Without any other information, most people couldn’t guess what those logos represent, but they make sense in context. For instance, Apple’s apple may signify simplicity, and McDonald’s may promote their “golden” arches to symbolize quality. Obviously, Twitter’s little bird represents a “tweet.” Brand: In contrast to a logo, a brand includes everything people think about a company. They may remember the logo, but for a strong brand, consumers also may think about what the company offers and how they feel about their values, service, and quality. If Apple intends to promise simplicity, then the design of their devices needs to back that up. Ideally, multifamily complexes or even portfolios of properties should develop a brand before they create a visual representation. Obviously, existing properties may already have an established logo. In this case, the multifamily marketing agency will need to decide if they should redesign their logo or simply work to get people to see it differently within the context of their newly defined brand identity. Establishing a brand identity for apartment marketing AM Digital highlighted some statistics that demonstrate the importance of focusing on branding as more than simply having a logo designed: Shared values: Out of all consumers, about two-thirds say that they would prefer to patronize businesses with shared values. Growth: About three out of four of all marketers believe businesses need strong brands to grow. Identity: About three-fourths of Millennials say they would abandon a brand if it failed to fit with their own identity. Today’s apartment marketing tends to try to differentiate properties by promoting amenities, location, or in some cases, rent prices. Such positive features as a great location, pet-friendly policies, and high-tech security can factor into brand development. At the same time, features still don’t always add up to the way renters react to a solid brand. For one thing, property development marketing may need to create a brand for multiple locations or at least, think that’s a possibility in the future. Every property might not have exactly the same locations or even amenities. Also, some properties could focus on different amenities because their target market in some areas may care about some things more than others. Listing amenities and features can help with the logical decision-making process; however, the brand helps create an emotional relationship that can help differentiate the housing complex from others in the area. Research Values and Behavior No apartment marketer should ever assume they know exactly what potential or current renters want. Multifamily Executive said that researching the market frequently gets overlooked by apartment marketers. They suggest having a professional research firm conduct surveys and focus groups to ensure reliable information. As an example, LMC chooses to brand each property individually, instead of trying to develop one brand identity for every complex. Before they even engage in property development, they hire research firms to make certain they understand renters in the community. In turn, they can use this information for marketing and to help develop their brand message. Existing properties can take advantage of even more useful research. Instead of only surveying the general community, marketers can learn a lot from the on-site team. Employees work in the complex and probably live nearby. They can also ask for opinions from current residents to find out what they like or would prefer to change about the complex. Develop a Brand Messaging Strategy After figuring out the most important things that would draw a prospective renter and retain a current one, it’s important to craft a messaging strategy to communicate it. Most important, this message needs to differentiate the property from other choices in the community. For some examples: Student housing marketing may focus on the benefits that student housing has over typical housing in the same area. Perhaps student apartments offer flexible leases, appropriate furnishings, study areas, and even an opportunity to socialize with other students. A multifamily brand for students may want to emphasize these features. A high-end apartment might want to focus upon the superior services that can help busy professionals save time over living in an average apartment or even owning a home. For doctors, lawyers, accountants, and other professionals, saving time may be more important than saving a few dollars on rent by moving down the street. Create a Brand Identity to Reflect the Brand Message At this point, multifamily marketers may want to develop logos or consider adjusting old ones. With apartments, it’s important to ensure that the graphics look as good and distinctive on business cards and brochures as they appear on large street signs. Naturally, the graphics, colors, and other elements used on logos and signs matter. Still, apartment complexes also need to ensure that everything they do reflects their brand image. As a simple example, student housing will probably do fine with a relaxed dress code, so that kind of housing might let employees wear jeans and sporty T-shirts. On the other hand, a luxury apartment building might want to require at least business casual clothes for office staff and provide uniforms for maintenance workers. Promote the Apartment Marketing Brand Strategy Again, business cards,
Renter Pain Points a Multifamily Marketing Agency Should Target
Multifamily marketing should understand both market and marketing distribution to solve renter pain points and attract qualified renters. In marketing, a pain point refers to a problem that businesses can provide a solution for. A multifamily marketing agency can benefit by understanding their potential customers very well. They can learn about the issues that might motivate people to move from their current housing or choose one apartment community over another one. By communicating solutions to these pain points, apartment marketing can make sure that people find their message and pay attention to it. What pain points can a multifamily marketing agency address? For established complexes or property development marketing, consider these common renter pain points: Outdated tech Apartment marketers can scratch off a lot of a modern renter’s boxes with the right tech. For instance: According to the Rental Housing Journal, younger adults look for such features as smart thermostats and security systems that can help them manage electric bills and protect their home. Renters want to save money and feel safe. While new developments probably already have a design that includes good mobile and Wi-Fi reception, some older buildings may have dead zones. These days, everybody expects to have good mobile and Wi-Fi. Technical solutions can also make it easy and convenient for renters to pay bills, manage serve request online, and even sign their leases. Some of these products allow renters to login and handle their business 24/7 and even send out automated email or text alerts alerts. They can also interface with accounting and rental management systems to ease the property manager’s workload. Apartment location Renters will want to know more about the location of any apartment community they’re considering. For instance, commuters may desire easy access to public transportation and freeways. Parents will want to know how close they are to neighborhood schools. In some cases, a location near shopping, restaurants, and entertainment may help attract people. Either way, it’s a good idea to highlight any positive aspects of the complex’s location on the apartment’s website, blog, and social media. Apartment amenities Today’s renters will generally expect certain amenities, so it’s a good idea to use these as a selling point. The Rental Housing Journal mentioned that many Millennials have gotten married and started to have children, so they might prefer such family-friendly features as a playground, pool, sidewalks, pet-friendly policy, dog park, and bike stand. Renters without children may enjoy some of these amenities as well. In particular, younger adults tend to prefer patronizing eco-friendly businesses, and landlords should emphasize features like smart thermostats, low-flow faucets, and any other environmentally friendly amenities. Very often, these eco-friendly features can also help save money, which helps address another potential pain point. Timing property development marketing For projects in development or undergoing remodeling, pre-development marketing can provide investors with great returns. Not only can they potentially run specials to lease units before they’re even completed, they can use the opportunity to gain valuable information about potential tenants. As an example, one marketing style may not appeal to every kind of tenant or even every community. By starting early, it’s possible to ensure that social posts, websites, and other marketing materials are prompting the right kind of prospects to schedule visits and complete application forms. Learning to target the best prospects can help improve marketing returns and save property managers a lot of time. Also, it’s important to time messages well. If a qualified prospect didn’t end up leasing, consider sending an automated message in about 11 months, shortly before their current lease gets ready to expire. It’s possible that the apartment they rented did not satisfy their expectations or doesn’t meet current needs. At least, they’re already familiar with the property, so they’re more like warm prospects than cold ones. Creative problem-solving for apartment marketing Moving’s always a hassle, so some apartments offer some creative specials to make the move as convenient and attractive as possible. Some fairly inexpensive examples could include free truck rental, move-in boxes, and of course, pizza. Partner with moving companies, daycare, storage companies, and maid services to offer discounts on moving, childcare during the move, storage, and getting their old place cleaned up. Some of these other companies may work out a deal to share promotions, which can help expand the audience for both the apartment and the service. Distributing marketing for property developers Of course, no amount of reducing pain points will help if potential renters don’t see it. It’s a good idea to keep up an active social presence on local groups. Tailor website pages and blog pages to address various needs that renters might look for and make sure to optimize them to get found by search engines. If a prospect searches for easy ways to move to your locality, make sure they can find the complex’s specials for free or discounted moving trucks. In that way, apartment marketing can let renters know that the complex can offer a better experience than they may have even expected.
What COVID-19 College Closures Mean for Property Marketing
Coronavirus has disrupted the college housing industry. Find out how property marketing can help navigate the uncertainty as students return to campus. The coronavirus outbreak has impacted just about every part of the economy. Colleges and college housing have not enjoyed any sort of exemption. Some schools still aren’t sure they’ll reopen for physical classes in the fall. Even if universities open, many families have concerns about their ability to help students pay for it. Because of this, college housing property managers and owners face an uncertain future and a more competitive market. Learn more about marketing to college students during the COVID-19 crisis and its aftermath. Marketing to college students for property management impacted by COVID-19 Before a college marketing agency can predict the outlook for housing, it’s important to consider the forecasted state of college enrollment. Even if universities and colleges will open their doors for the fall semester, enrollment may diminish. A college consulting firm, Simpson Scarborough, conducted a study of prospective freshmen and reported some grim news: One in five of these students said they would have to delay college plans because of changes to their family finances. An additional 11 percent said that they were not yet certain if they would have to delay their freshman year or not. Over half of respondents reported negative changes to family finances, even if they could still attend school. For students who had already attended college but hadn’t yet graduated, over forty percent said their family had suffered financial setbacks because of the pandemic. One of the firm’s founders, Elizabeth Scarborough Johnson, said they conducted the study at the end of March. Sadly, she expected that the number of students delaying college would continue to rise. Out of all the current college students surveyed, 97 percent said that their own college offered online classes to replace the canceled on-campus schedule. At the same time, most of the students found online learning less satisfying than in-person classes. In fact, only five percent said that they they liked learning online better. To be fair, these students had initially signed up for a college campus experience, and the professors in charge of the classes may have had little experience teaching online before they urgently needed to adjust. In any case, Ms. Johnson said she believed this common attitude among students meant that students were eager to return to campus life as soon as they could. While the coronavirus has disrupted colleges right now, she believed things would return to normal once the crisis had passed. How can college marketing for student housing deal with coronavirus uncertainty? Nobody blames college housing for the coronavirus. At the same time, property managers need to focus upon a few aspects of their brand reputation. Even if it’s not their fault, some people will judge them on the way they handled the unexpected crisis. StudentHousingBusiness.com, an industry journal, spoke with private owners of student housing. Besides having concerns about the future, the property owners said that they urgently struggled with the problems of lease cancellations and maintaining healthy buildings. Lease terminations Right now, many private property managers haven’t appeared to demonstrate much flexibility when it comes to leases. For example, the news in Austin, Texas ran a story about parents that had to pay Landmark Properties $12,000 to terminate their daughter’s lease when pandemic-impacted finances made it impossible for her to attend college at Texas A&M in the fall. That sum amounted to rent for six months out of the twelve-month lease. As specified in the lease, the property management company gave the family an option to find somebody to sublet the lease. With the state of college enrollment, the parents failed to find anybody to sublet online. While Landmark was within its legal rights to stick to the terms of the lease, it certainly did not do its brand much good to get publicity from this sort of news story. While some property companies haven’t yet shown much flexibility with lease terminations, Student Housing Business found that many properties have tried to work with residents in other ways. For instance, some companies have waived late fees and deferred evictions and collections. Maintaining safety Meanwhile, property managers with current tenants should follow the best practices from the CDC guidelines. These may include closing down common areas and shared amenities, deferring nonessential maintenance, limiting office visits, and sanitizing all accessible areas multiple times a day. Both students and staff may need some additional guidelines to help maintain sanitary conditions. Communicating with all stakeholders Christian O’Lone serves as the regional property manager for DMG investments, a private student housing company. He said that his company has not been financially impacted yet because they attracted displaced students from on-campus housing to replace students who had left. In addition to taking safety measures, he says that it’s very important to communicate and educate staff and current or future tenants. Because of this, he believes that one of the largest impacts of the outbreak to property management will be increased activity on advertising platforms and social media to compete for residents and keep stakeholders in the loop. As an example, Peak Housing has been producing videos to instruct student resident in the right way to perform simple maintenance tasks, such as changing light bulbs and air filters. Tips for marketing to college students during and after coronavirus Even though college housing usually doesn’t house families, it’s considered part of the multifamily housing market. Andrew Bowen has worked in property management for this kind of housing for almost 30 years. Incidentally, he got his start when he applied to serve as a resident assistant in his residence hall at the University of Santa Barbara. He told RealPage that he felt particularly qualified to speak on the topic because his oldest child had to return home from the University of North Texas to finish his classes online. He also mentioned that he tried and failed to scour the lease to see if
Marketing for Senior Living Facilities After the Coronavirus
Marketing senior living facilities after COVID-19 must demonstrate how you’ve improved, while presenting the facts that show your residents are safe. One of the first big news stories that you may have read about COVID-19, usually just called the coronavirus, involved deaths at a senior living facility near Seattle. Since then, the virus has made its way to vulnerable populations inside other skilled nursing, assisted living, and independent living facilities across the United States. In response, most of these places have restricted visitation, canceled social activities, closed communal dining areas, and taken other firm action to reduce the chance of spreading disease. In the past, most senior facilities have highlighted the chance to remain social and active as some of their most positive features. Of course, even offering residents an active, social experience cannot come before safeguarding health. Naturally, this crisis has created huge challenges for facility administrators, loved ones, and of course, residents. Still, this national health crisis will surely pass. Along with the challenges of today, senior care businesses can also find some marketing opportunities for the future. Positive marketing for senior living facilities after the Coronavirus No doubt, senior living facilities and families have recently needed to make some hard choices. Many facilities have temporarily suspended new admissions, which will reduce revenue. Families have had to make the difficult choice to forgo visiting their parents and grandparents or to take them home. The resident’s adult children may not want their loved ones to feel isolated or might simply have the typically misguided idea that senior care facilities are breeding grounds for disease. Marketing senior living after coronavirus will take emphasizing the very real positives of your facility by demonstrating how you’ve improved and presenting the facts that can alleviate concerns. Marketing for assisted living and nursing homes should emphasize overall benefits For instance, families may already struggle to take care of their younger and healthier members during the current situation. Even during typical times, they often lack the training, equipment, and focus to protect their elderly and infirm elders. Katie Smith acts as the CEO and president of LeadingAge. This organization represents nonprofit senior care facilities. She admitted that some early cases, such as in Washington state, highlight how unprepared some facilities — and even the entire country — was for a quick-spreading virus of this nature. At the same time, Katie Smith observed that these facilities still provide one of the safest places for elderly and infirm people to live. Trained professionals can monitor residents, ensure they get their medications on schedule, and most of all, stick to best practices for containing the spread of disease. In addition, federal and state governments strictly regulate senior living and healthcare businesses. Under this recent threat, organizations have doubled down on their efforts to adhere to high standards. It’s well known that elderly people have a much greater risk from dying of coronavirus than younger people, according to published medical statistics. On the other hand, almost three-quarters of family members said that their own and their parent’s life improved after a move to a senior facility, according to surveys. Even better, about 70 percent of the seniors surveyed felt the same way after the move, even if they had resisted in the beginning. Some examples of the benefits that they cited included improved mental and physical health, less stress, and better family relations. Focus upon communication During this crisis, senior facilities can maintain their good image by focusing upon clear, honest communication with current residents, families, and the wider community. This is a good time to send out emails, letters, and even press releases to let everybody know how hard you’re working to effectively protect residents. Even if it’s not all good news, you should also remain as transparent as possible. Certainly, current restrictions on activities, visitations, and communal dining will make some people unhappy. With the relatively long incubation period of coronavirus, you could have residents who already contracted the disease from visitors or even caregivers who had no idea they were carriers. You need to ensure that people understand that you have followed best practices and taken steps to save lives. While you’re communicating important information, you can also use this opportunity to build and maintain your brand image as a competent, caring, and transparent organization. Try to mitigate the negatives Right now, many residents and their loved ones will find your social distancing measures unpleasant, if necessary. Still, you may find ways to help bridge the gap. For instance, some senior living facilities have helped residents use such technology as Facetime and Zoom in order to reduce isolation, keep in contact with their families, and even interact with other residents. It’s time for you to find creative solutions and of course, craft marketing to let people know about them. Start developing your marketing plans now Sadly, we’re likely to struggle with the coronavirus pandemic for several more months, if not years. Still, people will need your services, perhaps now more than ever. Your attention to safety, honest communication, and clever solutions should provide you with plenty of marketing inspiration in the coming months.
Using Real-Time Marketing to Fill Your Apartment Complex
By adroitly executing a real-time marketing strategy, property managers can decrease vacancies without breaking the marketing budget. The velocity of online communication has never been more accelerated. Today’s hilarious memes or social trends typically curdle into irrelevance or irritation within a few days. Today’s breaking news comes faster than ever — and is forgotten about almost as quickly. This is a significant challenge for marketers, who must do their best to stay fresh, relevant and vital. Real time marketing helps solve this problem by using breaking news — and emerging online trends and conversations — as a springboard for targeted and timely marketing campaigns. Let’s take a closer look at how real-time marketing can be deployed in property management, and how marketing analytics can help determine the best way to implement such a strategy. Real time marketing and your apartment complex: a hypothetical case study Let’s assume you’re the manager of a 1,000 unit multi-family property. Your tenancy rate is hovering around 85% and has been bouncing between 80% and 90% for the last two years. You’re seeking a new way to push it closer to 100%, and you believe a change in marketing strategy is the best way to achieve this. Years ago, you considered incorporating real-time elements into your marketing strategy. Yet you decided against it, as the challenges seemed to outweigh the benefits. Tracking news developments and identifying the ones likeliest to resonate was a laborious job. The need to act quickly on breaking news created high levels of reputational risk, as brands raced to get marketing content out with limited context about the news they were leveraging. Additionally, you have limited tools for gauging the impact of your efforts. It seemed much simpler to pursue a conventional approach. Today, however, you discover that the real time marketing landscape has shifted considerably. Social media, social listening tools, real time analytics and the use of a digital marketing dashboard made the process of monitoring and measuring media and marketing campaigns vastly easier. New marketing tools made it simple to build data-informed buyer personas and to connect these profiles with targeted, real time messages. These tools also allow you to closely track conversations and engagement on social media, giving you unprecedented insight into how conversations ebb and flow in real time. Armed with these tools, you devise a real time strategy built around four elements: The initiating event. What development is the impetus for real time marketing? This could be breaking news, a popular meme or pre-planned triggers such as holidays. In the case of an apartment complex, you’re looking for any event that can be related in some way to property leasing. It might be a news story that talks about the rising cost of interest rates, or a lack of affordable housing in the area. The real time target. This helps you define who you’re trying to reach with this real time marketing message. Customers who fit certain demographics? Customers in specific locations? Customers with a search history that aligns with your property or the real time development you’re tracking? The plan of attack. How are you going to send your message in real time? Social media? Text? Email etc.? Objectives and measurements. What’s your ultimate goal? More sales? Higher brand awareness? In this case, you’re trying to increase tenancy rates. By defining objectives and tracking apartment marketing campaigns with real time analytics, you can determine how effective and engaging your messages are — a leading indicator for how much or little you’ll ultimately increase your tenancy rate. The end result? You run the campaign, supported by social marketing tools and analytics. By following the four point plan, you generate much greater traction among your targeted audience by serving them timely and relevant messages that benefit from increased visibility thanks to their real time hook. Within three months, the tenancy rate has broken through to 95%. Adding real time marketing to your property marketing mix Property rental is big business — generating roughly $4.5 trillion over the last decade. The business, however, is likely to grow more competitive. Tenancy rates have been propped up by a lack of new inventory coming online in recent years, as builders have not kept pace with population growth. That’s expected to change, however: The National Association of Home Builders projects multi-family construction growth to rise 4% in 2021, after a decade of remaining stuck at around 1%. Why? Because as more millennials and Gen Z renters and buyers enter the market, inventory will need to grow significantly. This means property managers will need tools such as real time marketing to keep tenancy rates at the desired level. Sometimes working with a third-party agency with expertise in real time marketing is the best way to approach this. Working with a real time marketing expert At Bigeye, we help property developers and manager create the kind of real time campaigns that engage audiences and fill buildings. If you need help crafting your next marketing campaign, don’t wait to contact us.
Your Property Branding Is All Wrong
If your property branding isn’t expressing the identity of your multifamily development, you’re not communicating your value to new or existing residents. Why bother with branding? Executive Magazine contributor Samantha Chalmers realizes that residential real estate managers may view branding as less important than optimizing operational efficiency and offering attractive amenity packages. “But make no mistake,” she warns, “one of the most crucial elements of your portfolio is your brand.” Ask yourself how your apartment complex or multifamily development differs from other residential properties within a radius of five to ten miles. Then set yourself apart from the competition by launching a branding campaign that capitalizes on your specific strengths and driving values. Do you own or manage a LEED-certified green community? Ms. Chalmers stresses the importance of engaging in comprehensive and highly strategic multifamily marketing to establish a brand name that is consistent with energy consciousness and environmental sustainability. In other words, when promoting “composting stations and community gardens,” property managers would be unwise to “place a print ad in a Range Rover catalog” or “serve coffee or water in Styrofoam cups in the leasing office.” Use what makes your residential complex unique to tell a compelling brand story with a memorable organizational identity. The challenge is to make your brand come alive in the hearts and minds of your target audience. With a solid property development marketing strategy, you can develop a meaningful and evocative brand that consumers can see, feel, hear, taste, and even smell! What follows are just a few key tips to help you make the most of your branding efforts and tell a cohesive story across all elements of your marketing plan. Lead with your logo and put your best foot forward Although small in size and scope, the logo may be the most important component of your branding efforts. After all, if your multifamily property development were a person, your logo would serve as its public face. This critical representation of your marketing identity should communicate the values that your complex holds as well as the benefits that your complex offers. Jessica Ervin, professional digital designer and contributor to the leading Internet marketing blog The Next Scoop, presents the Apple logo as an ideal embodiment of this principle. “The apple bite is a perfect example of brand storytelling,” she writes. “Apple defined their core values of user-friendliness, good-looking designs, and simplicity through their simple logo design, product design, packaging, UX and UI.” Craft your messaging with your narrative in mind With your brand firmly united under an appropriate and captivating logo, you can begin crafting on-brand messages across all facets of media marketing and customer interaction. In her Executive Magazine article, Samantha Chalmers identifies differentiation as the most critical aspect of your messaging strategy. In other words, you must communicate a company narrative that is unlike those of your closest competitors. Your company messaging embodies everything from the promotions that you present to the advertisements that you place to the face-to-face interactions that you have with your residents. Although it is great to set yourself apart with your unique qualities, Ms. Chalmers warns against relying on cheap gimmicks to brand your residential complex. She quotes LMC West Region Marketing Director Kristen Mete Kingi, who says “I think there are circumstances where you can become too ‘theme-y’ with a building or brand, and that can turn people off.” Design your website as the hub and heart of your brand “Owned media” is a buzzword in the worlds of marketing and public relations for a very good reason. Encompassing all online media channels that a company maintains directly and controls entirely, owned media includes your official website as well as all of your social medial pages and blogs. Among its other benefits, owned media gives businesses the distinct advantage of carefully crafting and strategically curating all content and messaging. This makes it the best place to spell out the narrative of your brand. Although your digital outreach should have multiple arms, consider establishing links to drive all traffic to your website. By making your website the hub of your online marketing efforts, you can also make it the heart of your brand. Using finely honed text as well as collaborative graphics, pictures, and videos, you have the power to tell your brand story on your website with absolute freedom and precision. Consider environmental branding and signage with care Just like your logo, the promotional and identifying signage that you display on-site goes a long way toward defining your residential property development in the hearts and minds of your consumer base. But signs and banners are just one component of the larger marketing category of environmental branding. Briefly defined, “environmental branding “ refers to all efforts to represent brand values and communicate brand narratives on company grounds and within the brick-and-mortar environment. In the multifamily residential housing sector, environmental branding is a key driver of both resident loyalty and on-site sales conversions. Use your property grounds as an opportunity to tell the story of your brand, whatever it happens to be. From the color of your interior walls to the types of refreshments in your sales office lobby, everything you do and say on-site reflects upon the power and quality of your brand. Secure quality professional marketing assistance If you want to learn more about the benefits of real estate branding that tells a compelling story, contact a representative of Bigeye today. This innovative marketing agency has the knowledge and skill to develop a brand narrative for your multifamily property development that captures its unique spirit and remains consistent across all marketing channels.
Why You Should Craft a Longer Media Plan for Senior Living Communities
The unique values and sensitivities of the senior living sector require a specific media outreach and marketing plan with a decidedly long-term approach. Short-term vs. long-term marketing approaches As defined by the independent news source Business 2 Community, the fundamental difference between shorter and longer outreach/marketing plans is goal orientation. Put simply, a shorter plan will seek short-term results, while a longer plan will seek long-term results. From effectively managing costs to meeting immediate business demands, the short-term marketing approach certainly presents many distinct benefits. The value of long-term marketing, however, simply cannot be underestimated. This is true in all industries and market sectors, but it is particularly true in the world of senior living. Although it requires a bit of patience, a longer media plan for your senior living community will gradually build the brand credibility and trust factor that you need in order to attract a loyal consumer base. Key long-term strategies for senior living marketing Seniors and their families are not generally quick to place their faith in any random living facility. It takes a bit of time to establish trust and build confidence in this particular business sector. In light of this fact, senior living community owners would be wise to concentrate on the following long-term marketing elements: 1. Branding From Coca-Cola to Apple, the brands that we love the most share one thing in common: familiarity. By building brand awareness and recognition over time, a company can firmly establish a positive reputation. This is particularly important in senior living and other business sectors that provide essential, sensitive, and/or emotionally charged services. To find true and lasting success with your senior living, you must take care to build your brand across a full spectrum of media channels from print to broadcast to digital. 2. Content Marketing A key component of brand-building in the digital realm is content marketing. By maintaining a current blog and offering downloadable informative content online, your senior living community can both attract new clients and strengthen relationships with existing clients. Just maintain consistent branding elements (logo, slogan, etc.) on all content marketing outreach and make sure that all content marketing connects to a central pillar page that represents your brand with strategic precision. 3. SEO Another long-term marketing strategy that is absolutely vital to senior living community owners is search engine optimization. Better known by its acronym, SEO, search engine optimization is a specialized and time-consuming process that improves your company’s overall ranking on Google and other popular search engines. In short, when someone in your area searches for a senior living community online, you want yours to be among the first that appear at the very top of the page. SEO is your ticket to this type of immediate visibility. 4. Consumer Reviews Another great way to generate credibility over the long haul is to accumulate positive online reviews. In addition to building a good reputation on independent consumer rating sites such as Caring.com and SeniorHousing.net, you should consider posting positive reviews on your official website and/or social media pages. Go beyond reviews from current and former residents by adding reviews from family members and loved ones. For more information If you have further questions about the value of a long-term media plan for your senior living community, contact a skilled and knowledgeable senior living marketing professional at Bigeye today. Bigeye has a state-of-the-art approach to good, old-fashioned credibility building that is perfect for the senior living sector.
How to Strategically Target Students for Your Apartment Community
Students have long been a key driver in the rental real estate sector, but how do you reach out to this crucial consumer demographic through an effective marketing campaign? Why should you target students? The very thought of renting to college students strikes fear in the hearts of some apartment community owners. The international real estate firm Joe Fairless acknowledges that student-focused rental properties “may end up with messes, parties, and careless behavior,” but this detracts little from the awesome power of the student demographic in the apartment complex sector. Because students are often far from home while attending college, they must find temporary housing either on campus or off. And as the price tag on dorm living continues to rise, more and more students are turning to off-campus apartments. Other benefits of specifically targeting college student renters include predictable periods of annual tenant changeover and frequent upfront rental payments from parents/guarantors. Tips for reaching out to college students Here are just a few things to keep in mind when targeting college student populations with your apartment community marketing campaign. 1. Consider Price and Value First and Foremost On the subject of cost, Multifamily Executive Magazine quotes Campus Advantage COO Scott Duckett, who points to the fact that many students grew up during the Great Recession. “That turned them into more cost-conscious consumers,” he says. Whatever the reason, today’s college students are more price-conscious than ever before. However, apartment marketers would be wise to keep class differences firmly in mind as well. In short, different students will have different lifestyle expectations, but they will all want to get the most apartment value for their buck. 2. Remember the Importance of Location Is your apartment community close to campus? Is it close to public transportation or trendy shops, bars, or entertainment options? Students often get around on foot, so be sure to highlight location in your marketing materials. 3. Mitigate the Risk of Property Damage Because student renters are typically less fussy than other consumer demographics, they may be perfectly satiated with older appliances and more basic decor. This can significantly reduce your overhead costs. To help protect your property, be sure to collect a reasonable deposit and clearly explain your deposit policy to every tenant. 4. Offer Key Amenities Basic and practical amenities such as fast Internet and dedicated parking spaces may be deal-makers for some students. Other perks that commonly attract students range from on-site fitness centers to secure bicycle storage. 5. Take Advantage of On-Campus Advertising Depending on the specific policies of the colleges/universities near your property, you may be able to advertise on-campus and/or on official college/university websites. This is a great way to specifically target your consumer base and save big on your overall marketing costs. 6. Focus on Social Media Multifamily Executive Magazine echoes countless researchers in declaring social media the absolute best place to reach the modern-day student. Not only do students use social media heavily, but they tend to respond positively to social media marketing. For more information If you want to learn more about the value of college student renters and how best to target them in the consumer marketplace, contact a skilled and knowledgeable apartment marketing and property development marketing professional at Bigeye today. A foreword-thinking agency with an eye on the future, Bigeye has a proven ability to connect with students of all ages.