Kanat Sultanbekov Offers Top Tips for Effectively Marketing Multifamily Properties
In the intensely competitive real estate industry, marketing multifamily properties requires a thoughtfully designed marketing approach to draw quality tenants. As per Kanat Sultanbekov, with the rapidly growing number of investors in multifamily properties, distinguishing their property in the market through online presence, aligning the amenities with the preferences and requirements of occupants, and keeping tenants satisfied is all that makes it done. Therefore, instead of panicking, investors should make sure to follow certain proven ways to market their multifamily properties successfully.
- Know the Target Audience
Knowing about the target audience demographic, existing market landscape, and actions of rival groups is the first step for potential investors to devise their unique marketing plan. Depending on the audience is Gen Z, senior citizens, income groups, and the location of the property – their preferences are likely to vary. Bearing those factors in mind, tailor the multifamily marketing plan to harmonize their concerns and preferences.
- Identify the Unique Features
Before brainstorming the strategies, investors need to recognize specialties or features that make their property stand apart from the competitors. Does the multifamily property offer green features, expensive amenities, smart home technology, or state-of-the-art facilities? Make sure to highlight each selling point – which is likely to be the most influential marketing tool, while shaping a distinctive marketing plan. Doing so will help drive potential occupants who value such specific amenities, potentially leading to high occupancy rates.
- Optimize Digital Presence
When the world has gone digital, what could be a much better way than leveraging the power of an effective online presence to reach prospective tenants? Make sure to hire experts who can customize the corporate website impressing the target audience. Never forget to leverage local SEO strategies and keep on updating local listings so that the property gains enhanced visibility and thereby draws more prospective tenants. Also make the best use of Social Media for investors to showcase the amenities of the property through videos, images, sharing engaging content, and comments to attract quality leads.
- Harness Power of Listings
Websites focusing specifically on real estate are great platforms – bridging people on the quest for rental properties and property owners. Consider listing the property on popular sites to reach a wider audience. Make sure to hire photographers specializing in real estate photography as they can get amazing snapshots of the property from different viewpoints. The photos should be posted alongside precisely but catchy descriptions of the rental units, focusing on their amenities while positive reviews on them can be instrumental to bringing quality customers.
- Engage with the Audience
Undeniably, reviews play a central role in the decision-making process of prospective renters and lessees. Therefore responding to both positive and negative reviews is integral to showcase that the property owner values the feedback of residents and stays committed to addressing their issues( if any) right away. This will turn back with positive remarks and translate into an increased number of occupants.
- Host Virtual Open Houses
With the emergence of VR, for investors hosting an open house is a great and convenient marketing tool enabling prospective tenants to get immersed and navigate the ins and outs of property. Integrating virtual tours along with videos on social media and listing can boost the viewer’s experience as it facilitates them to envisage living in the property, says Kanat Sultanbekov.
- Initiate a Referral Program for Occupants
Happy occupants are possibly the most powerful marketers. So, initiating an incentive or reward-backed referral program can tempt the current occupants to recommend the multifamily property to their relations, friends, and associates, leading to more would-be tenants. Typically, the type of rewards may include discounts on rentals, gift cards, cash bonuses, etc.
Final Words
Optimizing tenants’ satisfaction is the key to attracting new occupants via their word-of-mouth referrals and positive reviews online. Therefore, stay protective to know their pain points and address the maintenance issues quickly, thereby fostering a sense of belonging. Effective marketing is not the end of the story however, retaining existing occupants and lessening tenant turnover is all that makes a multifamily business thrive.
