Multifamily Minute Reader Reflections: How Do You Market Multifamily?
We asked our 40,000+ readers how and where they advertise their properties' vacant units.Better Financing Starts with More Options$1.2M offered by a Bank at 6.0%$2M offered by an Agency at 5.6%$1M offered by a Credit Union at 5.1%Click Here to Get Quotes
In our Jan. 24 Multifamily Minute newsletter, we asked a simple question to our 40,000 readers: How do you market your vacant apartments?
It's an important question, but perhaps not as important as which method is the most effective. Every property requires a tailored approach to maximize its occupancy, but still: Looking at a larger sample of tactics can be a great way to measure how well your marketing strategies are working.
It's not surprising that online listing services — think Apartments.com, Rent.com, RentCafe, and many, many others — are the most commonly used. After all, if you Google "apartments for rent in [city]," these websites tend to be at the top of your search results.
But, as any search engine optimization expert will tell you, being high up in search results is only half the battle. Probably less than half.
So how else do our readers market their multifamily units? View the full results below.
Percent of Respondents
An online listing service
A property website
Signage or public bulletin boards
Of course, the above choices are far from the only options available when you're marketing a unit.
Our respondents provided a few other techniques they use in the survey. Here are a couple:
- Use a resident referral program: If one of your residents refers someone who signs a lease, they get a one-month discount on rent, or a big-screen TV, or…whatever works. This strategy may not yield great results if you don't have a good relationship with your residents, though.
- Leverage recruiters: If a major employer in your area is hiring people from out of town, those people will need housing. Why not build a relationship with local companies and their recruiters to fill an empty apartment?
It is essential to understand what your most effective technique is — but if you aren't trying everything, you may not know what could take your community's occupancy to the next level.
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Our Previous Survey
If you didn't see it, we asked our readers last week which approach to investing was best for them this year. Check out our analysis of the results.
What are the best strategies for marketing a multifamily property?
The best strategies for marketing a multifamily property depend on the goals of the investor. If the goal is to increase the return on investment (ROI), then the focus should be on finding ways to save on expenses and boosting resident retention. This could include offering incentives to current residents to renew their leases, or offering discounts to new residents. Additionally, investing in marketing campaigns to attract new residents, such as online advertising, can be beneficial.
If the goal is to sell the property, then the focus should be on creating a competitive listing and marketing it to potential buyers. This could include staging the property, creating a detailed listing, and using online and offline marketing channels to reach potential buyers. Additionally, working with a real estate agent who specializes in multifamily properties can be beneficial.
For more information, please see the following resources:
What are the most effective ways to reach potential tenants for a multifamily property?
The most effective ways to reach potential tenants for a multifamily property are to utilize online marketing, networking groups, and other methods. Utilizing a commercial/multifamily MLS and contacting commercial brokers are also effective ways to reach potential tenants. Additionally, building your own personal brand can be an incredibly effective way to create your own pipeline and have deals come to you. Writing a blog, particularly on a website like LinkedIn, starting a podcast, or creating a YouTube channel discussing your real estate experience, trends, tips, and your own unique viewpoints can demonstrate your expertise to others in the industry. If you get a large enough following, this could lead to readers telling you about great deals, or, at the very least, offering to meet with you and connect you with brokers, developers, investors, and others that may know where to get them.
For more information, please see this article.
What are the advantages of using digital marketing for multifamily properties?
The advantages of using digital marketing for multifamily properties include increased visibility, cost-effectiveness, and the ability to target specific audiences. Digital marketing can help you reach a larger audience than traditional marketing methods, and it can be more cost-effective since you don't have to pay for printing or other physical materials. Additionally, digital marketing allows you to target specific audiences, such as people in a certain geographic area or people with certain interests. This can help you reach the right people and increase your chances of success.
For more information, check out this article on the pros and cons of multifamily investing.
What are the most important elements to consider when creating a marketing plan for a multifamily property?
When creating a marketing plan for a multifamily property, the most important elements to consider are the type of marketing efforts you plan to use, how much you plan to spend, and what your expected/desired result is. According to this article, potential marketing efforts could include online paid advertising and social media, local radio and television ads, fliers, and sponsorships of local organizations and events. Additionally, for apartments geared toward college students, campus-wide promotions may also be ideal.
It is also important to consider the multifamily market you are investing in. According to this article, investors should scour multiple markets in multiple regions in search of the ideal environment to chase those original multifamily investment goals. Shopping around in different markets can help investors find a great deal.
What are the most successful methods for increasing occupancy rates in a multifamily property?
The most successful methods for increasing occupancy rates in a multifamily property are to improve the return on investment (ROI) of the property, find ways to save on expenses, and boost resident retention. Improving ROI can be done by increasing rent, finding efficiencies, and making residents feel at home. Increasing resident retention can be done by renovating the property and offering quality amenities to residents. This will generally allow you to charge higher rents and increase occupancy rates.
For more information, please see the following sources:
What are the best ways to measure the success of a multifamily property's marketing efforts?
The best way to measure the success of a multifamily property's marketing efforts is to look at the occupancy rate, rental rates, and tenant retention rate. These metrics will give you an indication of how successful your marketing efforts are in terms of attracting and retaining tenants. Additionally, you can look at the number of leads generated from your marketing efforts, as well as the cost per lead. This will help you determine the effectiveness of your marketing campaigns and whether or not they are worth the investment.
For more information on how to value a multifamily property, please see this article and this article.