In the next couple of years, the US may experience a recession, a word that will give chills to anyone involved in multi-family marketing. It can be difficult to get people to spend their money on a particular property, especially when most people don't want it.
However, even during recessions, a strong recession-proof marketing strategy can go a long way in maintaining population and attracting new residents. So how can multifamily industry players improve their marketing?
Improved automation. Do more with less
Some see the potential downturn as less of a burden for multifamily sellers as an opportunity to improve their skills. Shaun Landsberg, senior vice president of operations at Dasmen Residential , has a similar view. "I'm thinking about maximizing our performance in the market today," he said. "How can I get more qualified leads for less money?"
For Landsberg, this is largely thanks to improved automation. Dasmen Residential uses Meet Elise, an AI-based chatbot that can interact with potential residents in real time. "It's amazing how someone can email our property at 4 a.m. on a Saturday and get a very specific answer to any question they have by 4:02 a.m.," Landsberg said.
In the era of immediate and often just-in-time business, the use of such software makes a huge difference in maintaining a strong reputation for reliable communication and thus achieving marketing flexibility. "Using AI-based software really helps us do that," added Landsberg.
Elaine Thompson, CEO of multifamily rental automation and digital marketing firm Respage , agrees. "If you have a chatbot, you can convert 38% more customers," he said. "It makes sense. People want to interact with a chatbot and immediately discover (and) schedule a visit. It's not about getting leads, it's about converting them.
Boost your Google business profile and social media presence
Another important way to stay relevant is to get lots of positive reviews and property details. "People spend more time looking for housing before connecting with communities," Thompson said. "Then they will see his criticisms and signs of authority."
The Google Business Profile is an important starting point. According to Thomson, 60% of organic traffic comes from there. There are many reasons for this: Google's dominant market share, its high performance as a business engine compared to other advertising channels, the cheap and accessible nature of the platform, and the fact that most SEO is managed privately in a Google account.
Landsberg also says that monitoring and optimizing your business profile on Google is one of the fastest things a manager can do to boost their marketing. "In today's market, increasing your ranking on Google will increase the number of people who see your ad, who are more likely to fill out a contact form," he said.
In addition to Google, it is also important to have a healthy and profitable presence in the social media and advertising landscape, especially to understand the sites that potential customers will visit.
According to Landsberg, using premium web listings and free listings and sites like Bing, Yelp, rentpath.com and apartmentratings.com are valuable. Creating a wide network increases engagement, and ensuring network strength at all its nodes is critical to maximizing business engagement.
Subsequent revisions take center stage
Making sure your community stands out is another important part of a sustainable marketing plan. "If you're at 3.1 (stars) and everyone else is at 4.1, you can lose tracks," Thompson said.
Landsberg took a strategic approach when residents are asked to write an opinion. "Come in and ask for reviews at the right time, when someone moves into a home or a service request is filled, they're likely to be happiest," he said. The Dasmen Residential team has automated this process with software that requires evaluation at the end of a transfer or work order.
Beyond digital. People meet where they are
It can be tempting for marketers to think they're done after building a multi-family business profile or receiving lots of positive reviews, but it's important not to get complacent.
"Things that worked in 2020 may not work as the economy, market and tenant perspectives change," said Noah Echols, senior director of marketing and customer experience at CARROLL , an Atlanta-based real estate investment and management firm. vice president . "The marketing game is about knowing where to push and pull based on where your audience is and where your target is going."
Barbara Savona, CEO of Sprout Marketing , a multifamily condominium marketing, consulting and advertising firm, agrees. "The best marketers adapt hyper-realistically to what's happening in the moment, and personalize marketing to meet the consumers in their lives," he said. Savona sees the type of multi-family marketing that can overcome slack on a case-by-case basis; What may significantly improve one company's performance during a recession may not work for another.
However, attention should be paid to the people being marketed to. "82% of people want to associate their face with a brand," said Savona. "Understand how to speak to each group. For some, you might have a dedicated social media team. For others, you might double down on your customer service. What are the biggest influences on your bottom line?"
Differentiating yourself not just as a brand, but as a service that can connect with residents on a more personal level will greatly increase their trust.
"Stand out," Savona said.
Read the November 2022 MHN Magazine.