(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
NEW YORK CITY-Every multifamily developer wants to put together the best apartment buildings, entice tenants to desirable neighborhoods and then lease up each and every open space before going on to build more. Such is the nature of the business. However, the olden days of taking out advertising space in newspapers is long past. Even Craigslist can be a ghost town nowadays for the hottest multifamily rentals. So what is the best way to start courting tenants?
Simple: look at social media.
A few months back, Globest.com reported on 365 Connect and its foray into the world of social media. The company used the then-brand-new platform to market multifamily properties, letting client images speak for themselves. Now, Forbes is reporting that Pinterest is the third largest social network – just behind Facebook and Twitter – and a recent article on the site nodded to figures released in February 2012, it had more than 10 million monthly unique visitors.
So how are other multifamily developers and leasing agents using the site?
Kathleen Scott, Rockrose Development’s vice president of marketing and leasing indicates that their social media team has brought the creative to the commercial real estate industry. “For example,” she says, “We have a segment on apartment design and we found that it has drawn a lot of attention.”
Additionally, she explains that unique interior setups seem to fare well amongst the heavily female-skewed Pinterest audience. “In the first month we’ve had 31 followers and we’ve had 20 repins of photos.”
But where does all this pinning and oogling lead?
“We’re connecting to potential customers,” she says. “Someone may not be searching for an apartment now, but they might have a friend who is. They can refer it over to [their friend.” She adds, “We had one person that came in [because of Pinterest] and visited and signed and was approved in Long Island City.”
Not only does the social media platform help get leases signed, but it lets multifamily companies establish relationships and an identity with potential tenants – something that can definitely be helpful in enticing individuals to move into properties around which they already feel comfortable. Social media “gives us a presence in the neighborhood we’re doing business in,” says Scott. “Another goal is to keep that presence there – to engage with people out there looking for apartments.”
Rockrose Development is not the only company utilizing Pinterest as a newfound marketing tool. There is of course the aforementioned 365 Connect, but also Lennar – who wouldn’t comment for the article – and a handful of others that quickly appear once a user searches for “multifamily.” While every multifamily developer, broker or leasing agent may not yet be using the platform, Rockrose and others certainly present a glimpse into the future of multifamily and social media. And it seems to involve a lot of pinning.
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