We almost don’t want to admit it, but the multifamily rental sector is booming. In the United States aloneCBRE expects demand in 2022 to exceed 2021 volumes, which themselves set new records.
Although it might seem strange in the current economic climate, there are lots of reasons why theUS multifamily market is performing so well and investors are looking to make the most of this growth.
But after securing what you might think are the hardest parts - investment capital and rental stock - they’re now facing a new challenge: how do you market multifamily properties?
1. Shout about your technology
Could you imagine using traditional media to advertise a multifamily building as easily as we can today? Even Don Draper, the fictional 1960s advertising genius, would struggle to be seen in 450 places at once. And judging from the suits, his services came at a premium!
There’s no doubt that the internet is now the most powerful tool for multifamily marketing.
Most agents love that pre-recorded viewings and virtual tours are the new normal after Covid-19. They open up the market and are a huge help for residents moving to a new city, state, or country, as well as reducing operational costs.
Short-term residents don’t just prefer a digital experience, they expect it. That’s why 24/7 digital communications are the first point of contact for every Staykeepers guest – delivering the ‘app’ experience.
Although on-the-ground operations are an essential element behind the scenes, this mobile-first, personalized approach is much more attractive toshort-term guests. It also frees everyone from the restrictions of office hours, agent availability, traffic, and more.
When it comes to multifamily marketing, property owners shouldn’t be afraid to shout about the latest property technology - prospective residents are looking for it.
2. Know your market every day
One thing that property experts have always prided themselves on is location selection. They know that it can make or break even the highest-quality units. But to maximize return, understanding how that market changes is just as important.
Concerts, events, sports matches, and festivals; these are just some of the events that can affect the market. South by SouthWest (SXSW) Festival, for example, is an Austin property owner’s dream.
But what about the lesser-known moments that can lower market rates? And how do you know what rate to offer to avoid missing out on revenue?
Having always-on market analysis is key, with artificial intelligence now able to monitor prices and market fluctuations in real-time, adjusting autonomously.
This lets portfolio managers focus their efforts on location-specific marketing for those important events to maximize publicity, and returns.
3. Protect your multifamily community
While technology and market tactics change, a great experience is as important as it always was. And nothing ruins anylong-term or short-term stay like a bad neighbor.
That’s why guest vetting is so important – not just to protect the culture of the multifamily property, but also to ensure every payment is made on time and in full.
Security deposits, and the ability to collect additional fees when needed, are an integral part of the Staykeepers service, but luckily bad residents are a rarity. And on the flipside, you should nurture every relationship with good residents to encourage them to come back.
Far from ignoring this, we encourage our clients to do everything they can toretain their long-term residents, as well as enjoy the higher-yield returns of short-term stays.
This is where technology can help. With a digital post-check-out service, property owners can offer an end-to-end mobile experience which also collects valuable feedback.
These are just a few of the ways in which property owners can market their multifamily propositions to grab attention and maximize their returns.