Multifamily marketing involves developing and implementing a marketing plan for multifamily properties like condominiums, townhouses and apartment buildings. As Kanat Sultanbekov mentions, the goal of multifamily marketing is to magnetize potential tenants and retain the current ones, as well as build a positive reputation for the property. A comprehensive multifamily marketing plan usually includes both online and offline marketing strategies.
Kanat Sultanbekov underlines multifamily property marketing tips
The priority of all multifamily property owner or manager must be to fill all residential units with dependable tenants, and keep them satisfied in order to lower turnover. Marketing plays a vital role in attracting tenants by creating awareness and interest in the property. It also helps in retaining tenants by communicating the benefits and value of living in the property in an effective manner.
Here are a few tips for marketing multifamily properties:
- Hire professional photographers: High quality pictures of multifamily properties are required to effectively showcase them to prospective tenants. Multifamily property managers should hire professional photographers to click these images, as they can capture the properties in the most aesthetically appealing and enticing manner. These images can subsequently be published on the website and social media profiles of the property to attract more tenants.
- Have a website: A website is among the most important marketing elements that a multifamily property manager must prioritize. A multifamily property website should be informative, easy to navigate as well as have an attractive and responsive design. The website must also be optimized to work perfectly on varying devices.
- Invest in paid advertising on social media platforms: People of all ages and backgrounds are on social media today. Hence, creating social media profiles for a multifamily property would be among the most efficient and budget friendly ways to reach prospective tenants. Many social media platforms also offer hyper-specific targeting tools, allowing property managers to target specific professions and zip codes. Social media can also be used to provide updates about the property to the existing tenants and keep them engaged.
- Buy radio ads: Even though radio is not as popular as it used to be, for many they still are an important source of information. Buying radio ads can increase traffic to the website, and help get more tenants. Property managers need to make sure that their messaging on radio ads is precise, simple and ends with a call to action. This would help the listeners to take the required step towards buying or renting the property.
As Kanat Sultanbekov says, in addition to the tips mentioned above, setting up a residential referral program would also be a good way to attract more tenants to a multifamily property. This would encourage the existing tenants to recommend the multifamily property to their relatives and acquaintances. To execute such a program, one has to provide the existing tenants with incentives, such as cash rewards or rent reductions. Incorporating a residential referral program into multifamily marketing plan is vital as word-of-mouth marketing is one of the most impactful approaches for getting more tenants or property buyers.
