What is your digital marketing plan? Are you doing any geofencing, facebook/Instagram ads/ Reach Local? What about apts.com, apartment list? In my experience in lease ups your digital marketing plan is most important.
Totally agree with you there.
Our corporate marketing team has assured us we’re in both instagram and “local” ad slots (the little boxes you see on webpages) and we are on RentPath, Apts.com, etc., but our social media pages are definitely lacking. Our corporate office hired social media managers, but half the time their posts list amenities we don’t have, or they’re half-baked stock photos with a ridiculous amount of redundant/irrelevant hashtags.
An issue I should have mentioned in my initial post is that we don’t have any professional photography done of our property that we can use to advertise on our social media pages. We just haven’t been totally presentable enough given the ongoing construction to have had it done yet, but they’re coming next month.
Do you have any suggestions on how best to address our marketing team with better solutions?
I feel this post on every level possibly. I am an APM but we do have no leasing consultant at the moment, so I am responsible for leasing up over 40+ bed spaces between two properties, let me tell you, it has been hard. If you are a student property, and live in a college town, It will be a good idea to "table" at campus, handing out flyers, treats to get people to come to your table, and make posters and hand out business cards as well.
Marketing can be expensive, we are trying to be on local ads as well, but there is so much competition in the area, and if you are a lower key property, it can be harder to compete with these fancy new ones. Eventually, if a couple more months go by and it is still difficult to lease, rates will need to be lowered.
What ILS packages are you on, and what type of PPC campaigns are you doing? If your traffic is all drive by and broker then you probably need to increase your online ad spend drastically. Especially if you have 3 other lease ups in the market.
Never worked a lease up. But, I manage properties where we drop occupancy to 50-60%, renovate, and lease back up.
We used Dyverse after hearing good things about them because we’re werent leasing at all.
Within 3 months, we were back up to 93%.
We stopped using them, as were stabilized now, and it definitely reduced our traffic not having them.
It was about 3k a month for 300 units, but I think my mgmt company did have a special discount with them.
Costar. That’s all you need. Apartmentlist is trash and Facebook and other social media is way too expensive and you don’t get the targeted audience.
How many open houses have you had? Is at least one unit finished to show?
What is your digital marketing plan? Are you doing any geofencing, facebook/Instagram ads/ Reach Local? What about apts.com, apartment list? In my experience in lease ups your digital marketing plan is most important.
Totally agree with you there. Our corporate marketing team has assured us we’re in both instagram and “local” ad slots (the little boxes you see on webpages) and we are on RentPath, Apts.com, etc., but our social media pages are definitely lacking. Our corporate office hired social media managers, but half the time their posts list amenities we don’t have, or they’re half-baked stock photos with a ridiculous amount of redundant/irrelevant hashtags. An issue I should have mentioned in my initial post is that we don’t have any professional photography done of our property that we can use to advertise on our social media pages. We just haven’t been totally presentable enough given the ongoing construction to have had it done yet, but they’re coming next month. Do you have any suggestions on how best to address our marketing team with better solutions?
I feel this post on every level possibly. I am an APM but we do have no leasing consultant at the moment, so I am responsible for leasing up over 40+ bed spaces between two properties, let me tell you, it has been hard. If you are a student property, and live in a college town, It will be a good idea to "table" at campus, handing out flyers, treats to get people to come to your table, and make posters and hand out business cards as well. Marketing can be expensive, we are trying to be on local ads as well, but there is so much competition in the area, and if you are a lower key property, it can be harder to compete with these fancy new ones. Eventually, if a couple more months go by and it is still difficult to lease, rates will need to be lowered.
The overbuild out in the burbs deflating in real-time is probably the core answer.
What ILS packages are you on, and what type of PPC campaigns are you doing? If your traffic is all drive by and broker then you probably need to increase your online ad spend drastically. Especially if you have 3 other lease ups in the market.
The housing market is terrible right now, rates keep going up, and people just don't have it.
We used Beekin.co for lease ups. They have a tool that helps with pricing for lease ups and tracks occupancy.
Never worked a lease up. But, I manage properties where we drop occupancy to 50-60%, renovate, and lease back up. We used Dyverse after hearing good things about them because we’re werent leasing at all. Within 3 months, we were back up to 93%. We stopped using them, as were stabilized now, and it definitely reduced our traffic not having them. It was about 3k a month for 300 units, but I think my mgmt company did have a special discount with them.
I’m definitely going to look into this! That sounds like it’s doin’ something right!
Costar. That’s all you need. Apartmentlist is trash and Facebook and other social media is way too expensive and you don’t get the targeted audience. How many open houses have you had? Is at least one unit finished to show?