Applying marketing strategy to flexible stay properties

Our friends over at The Property Marketing Strategists have an insightful article on implementing marketing strategy within the property industry.

In this article we’re continuing the conversation around how marketing strategy applies to flexible stays within your multifamily and student housing properties.

Goals & Objectives

Your objective for flexible stays should be closely connected to your wider goals. At Staykeepers, we see five common objectives when speaking to property owners and operators:

1. Improve asset valuations

2. Increase building returns (higher rents)

3. Offset rising build and operational costs

4. Fill vacant apartments

5. Stabilize new developments - generating cash flow while long term tenants are secured

It’s important to nail these objectives before anything else, with each having unique strategies for flexible stays.

Strategies consider the below and more:

• Timeline - When will apartments be set live for flexible stays? For how long will they be used in this way?
• Furnishing - Based on the timeline, which is the best financial and operational approach to furnishing apartments?
• Apartment type - Which apartment type (studio, 1-bedroom etc) will provide great returns with flexible stays? This looks at current supply in the market, demand etc. 
• Apartment allocation - How many apartments are going to be allocated? Factors for this include the overall objective for flexible stays and local market analysis.

With so many elements affected by the flexible stays objective, it’s one of the first agenda points for our discussions with potential partners. The team can then make sure we’re crafting a bespoke strategy that achieves your targets.

Intentional Marketing

As much as your objectives and revenue is at the core of a flexible stays scheme, so is the experience for a guest. There are many reasons why multifamily and student housing properties are loved by guests, you can discover their point of view here.

And here are the answers to The Property Marketing Strategists’ questions:

• What do they value? Apartments located in areas ideal for work and/or leisure, with easy access to transportation and the ability to self cater during their stay. A major benefit over hotels!

• What do they expect? Quality accommodation with first-class customer service.

• What can they afford? This will vary based on the property location, type of apartment, and local guest demographics. You receive expected daily rates in the revenue projections provided by our team.

Product, Proposition, Differentiations & USPs

What sets your product apart and unique selling points are considered right from the start. This is crucial in understanding how your apartments will sell in the local market, and what daily prices you can achieve.

It’s also fundamental when marketing apartments. For 450+ marketing channels, our team includes proven copy methods to convert viewers into paid guests.

Specifically highlighting product benefits and features, agents are SEO (Search Engine Optimization) trained. Ensuring that listings are optimized for reach, ranking high in every marketing channel.

Audience Segmentation

Knowing your audience is crucial for the success of flexible stay schemes, which is why you receive a guest demographics breakdown in Staykeepers revenue projections.

Data Driven Actions

We love data. Both in the form of qualitative customer feedback, and quantitative in terms of revenue trends and marketing performance.

Staykeepers provide online revenue reporting, and the team highlights specific trends and analysis on how your apartments are performing in the local market.

And there are many ways behind the scenes we are making consistent data driven actions. For example, all listings on marketing channels are A/B tested to continue optimizing and improving results.

Customer Feedback

After every stay, our Guest Experience team reaches out to guests to discuss their stay and obtain qualitative feedback. We’re proud to maintain a 4.3 star rating across 10 countries.