Trying to market your apartment for lease? Before you head to Craigslist, you’ll want to make sure you are doing all you can to generate the right traffic. Use the following tips to improve your marketing strategies.
1. Market in the Areas that Your Target Renter Frequents
Where does your target market spend their downtime? Do your research and compile a list of areas that your target market frequents. This list should include concert venues, ride-sharing apps (as well as the ride-sharing vehicles themselves), coffee shops, bike sharing stations, universities, movie theaters, and similar places.
The more areas you can place your advertisements, the more exposure your apartment will receive. Don’t hesitate to ask your friends and family for recommendations of places to market your apartment.
2. Update the Apartment’s Curb Appeal
When trying to attract renters to your apartment, consider the curb appeal. If prospective renters would rather keep driving past your property on their first visit, it’s time to do something to update the exterior of your apartment. Within the first five seconds of setting eyes on your property, a prospective renter will decide to rent or not to rent.
Begin to update your apartment’s curb appeal by giving it a fresh coat of paint. Choose a conservative color palette that is likely to appeal to the average renter. Once your apartment is newly painted, it’s time to add in the greenery. Bring in planters with seasonal plants and flowers to make the apartment look more appealing. While you’re still working on the outside, consider updating your current signage. This will make it easier for renters to find the apartment for the first time.
3. Collaborate with Local Merchants
Cross promotion is a helpful tool for finding new renters. Approach local merchants about advertising your apartment in exchange for you promoting their company to your tenants. Additionally, these local merchants typically encourage their employees to live closer to work. After establishing a mutually beneficial relationship with you, these local businesses will recommend your apartment to their staff. Consider offering to waive application fees for any references from these local businesses.
When advertising these businesses to your tenants, consider offering a gift card to these businesses as part of a new resident package. Additionally, think about hosting a welcome dinner with food items donated by a few local businesses.
4. Get Reacquainted with Current Residents
When was the last time you reached out to your residents? To encourage your residents to help promote your apartment, make a habit of sending the occasional thank you letter as a way to remind them that you are grateful for having them as tenants. When tenants feel comfortable with their apartment and landlord, they are more likely to refer friends and family. Another way to encourage your current tenants to promote your apartment is to create a referral incentive program. This program should offer tenants a bonus, discount or gift for each referral.
5. Host a Resident Event
A great way to market your apartment and promote resident retention is to host resident events. These events will help to build the apartment community and make residents feel at home. With frequent get-togethers like resident dinners and meet-and-greets, residents are more likely to stay on as tenants.
Moreover, these events serve as a chance for potential tenants to see what the apartment community is like. By having the opportunity to meet current tenants, these interested individuals will be more likely to sign on as residents.
6. Brand Your Apartment Property
Even with the most appealing apartment, you won’t be able to draw in as many tenants if your branding strategy is ineffective. The way you brand your apartment will set you apart from your competition, so be strategic. Consider offering certain things like pre-leasing, green living by way of recycling programs or even by offering free wi-fi.
As you improve your marketing strategies, you’ll find that you’re able to attract more interest in your apartment. Be sure to apply these six strategies when trying to lease your apartment.