In highly competitive areas, coming up with marketing ideas for your apartment building can be tough. It can be twice as hard for landlords that both own and manage the property.
In order to find quality renters, willing to sign your lease, you need to stay one step ahead of your competitors. This means not only utilizing old, traditional marketing strategies but also digital marketing strategies.
Below are the top seven marketing ideas to get the best renters in the door, with a check in hand…
1. Offer The First Month (or Two) Free
This can attract people to come look at the apartment and get them to make an impulse decision. While you may lose out on the first months rent, it can be easily regained over the course of twelve months, or for however long they rent the apartment.
2. Create a Referral Program
The best way to get people into the door and looking at open apartments is by having their friends and/or family tell them to go. This is how a referral program works. Offer tenants of the current building a $100, $200, or even $300 referral fee if someone they know signs a lease.
This saves you the time and money of finding and vetting potential renters.
3. Offer Current Residents Free T-Shirts With The Apartment Name
Buying custom t-shirts in bulk with your name and logo is a relatively cheap way to get free advertising for your building.
4. Create a Virtual Tour of Your Apartment
Most people research potential apartments online prior to deciding to set up a time to see it in person. It is crucial that they see everything that your building has to offer. This is where a “virtual tour” comes in. It is very simple for a web developer to create a photo or video tour of your property, similar to Google Street view.
5. Offer Something Your Competitors Don’t Have
This can be as simple as a grill in the backyard or as big as an entertainment center. Do something that helps potential renters perceive your apartment as having more value than your competitors.
6. Determine Who Your Target Demographic Is
It is important to understand who your perfect renter is. Why? It makes marketing a much easier process.
If you own a luxury apartment building, your marketing strategy would differ much from that of a small, six apartment building.
7. Choose a Property Management Company That Matches Your Apartment
Property management companies represent your building to potential renters. It is imperative that they match the look and feel of your building.
Many property management companies also spend a lot of time on marketing and branding. This can make finding new renters much easier for you.