Strategies and Mindset to Protect Your Multifamily Marketing Against the Recession – Multifamily Real Estate News
At some point over the next year or two, the United States will likely experience a recession, a word that is sure to send shivers down the spine of anyone involved in multifamily marketing. Trying to get people to spend their money on a particular property can be difficult, especially at a time when most are rightly reluctant to do so.
However, even in a downturn, a strong, recession-proof marketing strategy can make all the difference in retaining residents and attracting new ones. So how can players in the multifamily industry best improve their marketing?
Optimized automation: do more with less
Some see a potential slowdown not so much as a burden, but as an opportunity for multifamily marketers to build their skills. Sean Landsberg, Senior Vice President of Operations, Residential Dasmen, takes such a view. “I’m thinking about maximizing our performance in today’s market,” he said. “How can I get more, better-qualified leads by spending less money?”
For Landsberg, a large part of this is due to the optimization of automation. Dasmen Residential uses Meet Elise, an AI-powered chatbot that can communicate with potential residents in real time. “It’s amazing how someone can email our property at 4am on a Saturday, and by 4:02 they get an extremely detailed response targeting any question they asked,” Landsberg said. .
In an age of instant communication and the often just-in-time nature of doing business, the use of such software makes a big difference in maintaining a strong reputation for reliable communications and, therefore, resilience. marketing. “Using AI-based software really helps us get there,” Landsberg added.
Ellen Thompson, CEO of a multi-family digital marketing and rental automation company Resaping, accept. “If you have a chatbot, you can convert 38% more leads,” she said. “It makes sense: people want to communicate with the chatbot and find out (and) schedule a visit right away. It’s not about getting leads, it’s about converting them.
Strengthen your Google business profile and social media presence
Another important way to stay relevant is to have a wide range of positive reviews and details about a property. “People are spending more time looking for an apartment before they start reaching out to communities,” Thompson said. “Along the way, they will see (your) reviews and reputation signals.”
An important starting point is the Google Business profile. According to Thompson, 60% of organic traffic comes from there. The reasons for this are manifold, from Google’s dominant market share, its strong performance as a business driver compared to other advertising channels, the inexpensive and accessible nature of the platform and the fact that much of the SEO is curated specifically with Google in mind.
Landsberg also considers actively monitoring and improving a Google Business Profile to be one of the fastest things a manager looking to boost their marketing can do. “In today’s market, something as simple as increasing your Google Rating (will) have a lot more people seeing your ad and being a lot more likely to fill out a contact form,” he said. .
Beyond Google, a Healthy and Profitable Social Media Presence and Advertising Landscape is just as importantespecially an understanding of the specific sites prospects may visit.
According to Landsberg, there’s value for both high-profile web listings and leveraging free listings and websites such as Bing, Yelp, rentpath.com and apartmentratings.com. Cast a wide net drives more engagement, and ensuring the network is strong across all of its nodes is paramount to maximizing a company’s engagement.
Followed reviews take center stage
Ensuring your community rating is up is another important part of a resilient marketing program. “If you’re at 3.1 (stars) and everyone else is at 4.1, you might lose leads,” Thompson said.
Landsberg has adopted a strategic understanding of when residents should be asked to write a review. “Target and ask for reviews at the right time, after someone moves in or when a maintenance request is complete, when they’re probably happiest,” he said. The Dasmen Residential team has automated this process using software that prompts for an assessment when moving in or completing a work order.
Beyond digital: meet people where they are
It can be tempting for marketers to think they’re done once they’ve created a multi-family business profile or garnered lots of positive reviews, but it’s important not to get complacent.
“Things that may have worked before 2020 may not work as the economy, the market and the perspective of tenants change,” Noah Echols, senior vice president of marketing and customer experience, a company multi-family investment and property management company based in Atlanta. CARROLL, said. “The game of marketing is figuring out where to push and pull based on where your audience is and where your segmentation is going.”
Barbara Savona, CEO of a multi-family apartment marketing, consulting and advertising solutions company Sprouting Marketing accepted. “The best marketers adapt to what’s happening in the moment in a super authentic way, adapting marketing to meet the consumer where they are in life,” she said. Savona sees the kind of multifamily marketing that can ride out a recession on a case-by-case basis; what may greatly boost one company’s performance during one recession may not work for another.
Yet the focus should be on the very people who are being marketed. “Eighty-two percent of people want to associate a face with a brand,” Savona said. “Have an understanding of how to speak to each group. For some, you might have a dedicated social media team. For others, you might want to double down on customer service. Which have the biggest impact on your bottom line? »
The ability to distinguish itself not just as a brand, but as a service that can connect with residents on a more personal level will significantly boost their trust.
“Separate yourself from the peloton,” Savona said.
Read the November 2022 issue of MHN.