Quality over Quantity: Use Real-Time Pricing and Availability to Pre-Qualify Leads
In the early days of digital advertising, marketers relied on what little data they had to measure campaign performance: click-through-rate (CTR). For competitive industries like multifamily, low CTR could be mistaken as a warning sign of a slow leasing period, limited ad reach, and poor performance. However, it’s no longer so black and white. With AI-powered data insights and messaging, ad performance is focused on delivering quality leads over quantity.Now, you can base your ad data on relevant traffic, not sheer volume.
Better data and more efficient marketing tools put your ads in front of your ideal audience. One tool to help gain better efficiency in digital advertising is Real-Time Pricing and Availability from G5. We populate your digital advertising campaigns with real-time inventory through your property management system. The benefits? You can use this to self-qualify prospects before they click through your ad.
Accurate Messaging to the Right Audience
Whether you have vacant studios or three bedroom apartments, you can use ad copy to advertise just the units you need filled. Real-time pricing updates will automatically pull-in price-points to filter out prospects who are looking for specific price ranges that may not fit your property and/or availability. This does more than pre-qualify leads, it also tells you exactly which floor plans and price ranges are most attractive to your digital audience.
Real-Time Updates: An On/Off Switch for Digital Ads
Real-time updates give you control to better manage your campaign budget by automatically turning ads off or on based on your actual inventory supply. Put simply, you only pay to advertise exactly which units and price points you need to fill. This method of campaign targeting works for both you and your customer. It also improves sales cycle efficiency by pre-qualifying leads based on current pricing and inventory.
Once a floor plan or price range is full, you can disable that ad option and turn on a new ad for the next campaign focus – a major efficiency gain. Previously, this would have taken days as it is a very manual process requiring human input to make it happen.
Use Inventory Data to Supplement Revenue Management Strategy
Accurate pricing and availability updates serve another purpose for multifamily owners and operators. It can be used to supplement your revenue management strategy, particularly when raising rents with the goal to increase occupancy. Given how competitive the multifamily industry currently is, it may be tempting to maintain or decrease rent to avoid vacancy. However, this philosophy does not necessarily result in rent growth.
If you are currently 90-95 percent occupied, you may feel like you have to weigh the option of rent growth versus higher occupancy. By coupling real-time pricing and availability digital advertising with increased rents, you can proactively solicit apartments to prospects that meet your community’s qualifications. Ultimately, this will not only maintain your occupancy, but increase your NOI as well.
Increase Marketing and Team Efficiency with G5
G5 is the leader in real estate marketing and offers a complete range of digital solutions for multifamily communities. We utilize innovative, AI-backed technologies, including real-time pricing and availability for digital advertising, to amplify your impact.
Accurate updates to your digital advertising campaigns will increase your overall sales efficiency. Another way to increase efficiency? A more aligned sales and marketing team partnership and knowing how to attract leads that will maximize revenue. Download G5’s Impact of Bad Leads eBook to learn more.