Maximizing Multifamily Leases through Smarter Marketing
Some 80% of apartment residents say they visited a property website before renting and most Millennials are laser-focused on location, amenities, lifestyle, pricing and ease of doing business.
PORTLAND, OR—Knowing how to reach the important demographic of 73 million Millennials, the largest US renting segment, is vital. This generation is a well-informed, Internet-savvy group of consumers who value flexibility and mobility.
When it comes to renting, they are laser-focused on location, amenities, lifestyle, pricing and ease of doing business which is easily achieved via a variety of digital marketing tactics. Specifically, 80% of apartment residents say they visited a property website before renting–and more than 33% of today’s renters only visit one property before signing a lease, indicating that many have made their decision almost completely online, according to a recent National Multifamily Housing Council/NMHC renter preferences survey.
This means multifamily operators need a highly visible online presence and an accessible leasing process, says David Roussain, chief marketing officer of Bend, OR-based G5, a real estate marketing optimization firm. A mobile-first, location-specific digital strategy that incorporates social media, digital advertising and a conversion-optimized website is key for today’s multifamily owner/operator.
“With 97% of Millennials using a smartphone regularly, mobile-first isn’t optional,” Roussain tells GlobeSt.com. “Plus, as local search continues to grow in importance, a location-specific digital marketing strategy will help a property show up in search results when prospects are searching for an apartment nearby.”
Roussain says to design a mobile-responsive website optimized for fast page-load speeds and increased search presence. Organic search is the best way to gain leads at a low cost. Search algorithms have changed, placing more weight in location rather than branded name searches.
“One easy way multifamily operators can establish a location-specific digital strategy is by claiming their Google My Business listing,” Roussain tells GlobeSt.com. “This should include a description of their property with website link, photos, phone number, address, hours and reviews.”
The next way to get quality leads is by creating a social media and online review strategy. Millennials are more likely to use social media daily than other generations, so having a strong social media strategy is important.
A few ideas to consider:
Property pages: With a global audience of 2.4 billion users, Facebook is the best social media channel for engaging a multifamily audience, followed by Instagram. To reach the Millennial market, consider having property pages on both Facebook and Instagram so prospects can get a feel for the community through content and photos.
Social media ads: These ads are a good way to generate brand awareness because multifamily operators can target nearby renters. Digital advertising helps fill the gaps in lead generation efforts and drives prospects down the conversion funnel. It’s also easy to dial spend up or down to align with each property’s needs, Roussain says.
Online reviews: According to HubSpot, 70% of US consumers consult reviews and opinions before purchasing and of this group, 81% were categorized as Millennials. Positive reviews on Google, Yelp and Facebook improve a property’s visibility, so encourage happy customers to share experiences. It’s also important to respond quickly to bad reviews. Whether positive or negative, reviews directly impact local search ranking.
Finally, create seamless experiences. Once a prospect lands on a website, multifamily operators must make it easy for them to convert on their terms.
“Not everyone wants to call–some just want to schedule a tour or talk to a bot,” Roussain tells GlobeSt.com. “Provide a user experience designed to convert visitors into tours or inquiries by incorporating some key features into your website.”
Website Features:
Simple navigation: Data shows that 78% of users want to find what they’re looking for on a website within one to two clicks. Simplify navigation so prospects can find what they need easily and quickly.
Self-scheduling tools: Allowing prospects to schedule tours 24/7/365 ensures opportunities aren’t missed after hours. A self-scheduling tool allows a property to convert tours automatically without manual follow-ups, confirmation reminders or human interaction.
Chatbots: According to NMHC, nearly 50% of renters say they would use a chatbot during the leasing process to help answer questions. Chatbots help qualify leads, which allows front-office staff to focus on those with a higher intent-to-rent.
Meeting Millennials online and making the lead-to-lease process as seamless and convenient as possible will convert more prospects into renters in this Millennial-driven market.