Pipeline Management Strategies for Stabilized Multifamily Properties
Do your stabilized multifamily properties have a digital marketing strategy in place to maintain a steady pipeline of qualified renters? It’s not just lease-up assets and communities in saturated markets that need marketing to attract new residents. Stabilized properties need digital marketing to maintain a steady pipeline of qualified renters in order to maintain full occupancy.
Why Marketing s a Must for Stabilized Assets
Vacant units risk the impact of overexposure, which relates directly to why marketing is a must for stabilized assets. If a resident leaves your property unexpectedly, you lose money everyday that unit isn’t filled. For example, a two-bedroom apartment that leases for $1,500 per month can result in $9,000 in losses if it takes 6 months to fill. Digital marketing ensures you have the pipeline to turnover the apartment quickly.
How to Leverage Integrated Marketing to Build Pipeline
Integrated marketing should be used to build your pipeline over time. An integrated marketing plan includes an optimized website, digital ads, and AI-driven insights that help you manage your properties and uphold your reputation.
Drive Interest Organically with an Optimized Website
It’s no surprise that demand exists for apartment rentals. According to partnership data supplied to G5 by Google, in Q4 of 2018 multifamily search queries increased 3% year-over-year. Having an SEO-optimized website is the most cost-effective solution for collecting data and capitalizing on this demand.
Optimize your website for SEO and conversion by taking advantage of the following three tips:
- Update on-page SEO elements to generate better quality leads.
- Implement a location-specific digital strategy.
- Follow best practices for visual hierarchy to guide website visitors down the funnel to conversion.
By optimizing your website for SEO best practices, you give yourself more opportunities to meet users along the buyer’s journey. Having an optimized website helps your properties perform better in organic search results and drives brand awareness.
Appeal to Those Ready to Rent with Digital Ads
Organic search traffic accounts for the majority of your website visitors, but digital ads generate demand for those ready to rent. Data shows that 65 percent of people click on an ad when they are ready to make a purchase decision. Showing up when a user is ready to rent is essential to driving leads, filling your pipeline, and leasing units.
G5 Dynamic Ads integrate with your PMS and can be turned on or off based on floor plan availability. For example, when you know a unit will be available to rent, turn ads back on to build a pipeline of qualified prospects. Dynamic Ads also pull in the most up-to-date pricing to align with your revenue management strategy. This means you can fill vacant units for more than the previous tenant paid. These ads also update up to four times per day, allowing you to make adjustments as necessary.
Use AI-Driven Insights from Reviews to Proactively Manage Your Properties and Uphold Your Reputation
According to research from Bright Local, 85 percent of consumers trust online reviews as much as personal recommendations. One negative review can drive away as many as 30 potential leads. This drives focus to your brand’s reputation and what people are saying about your properties online.
G5 Reputation and Social Management utilizes a tool called Pulse, which uses sentiment analysis to monitor reviews for positive and negative trends. Leverage these findings to promote the positives and address the negatives with your onsite staff. Ensure that your team is on top of what’s being said about your properties and address concerns in order to drive qualified leads and fill your pipeline.
Maintain a Steady Pipeline of Qualified Renters
Stabilized properties, along with lease-up assets and communities in saturated markets, need to have a pipeline in place to quickly and easily fill vacant units. Digital marketing allows you to maintain a steady pipeline of qualified renters, preventing revenue losses when units suddenly become available. An optimized website, digital ads, and a reputation management strategy all help you fill your pipeline with qualified renters.
Download the NEW Multifamily State of the Industry report for the last half of 2019.