Because of the decline in single-family homeowners since the recession in 2008, the majority of the population are now renting, not buying. In order to extend resident lifetime value past the initial 12-month commitment and lock in long-term tenants, it is crucial for multifamily developers and leasing teams to build an emotional connection with prospective renters.
As the multifamily housing industry continues to change, we find new challenges in marketing to prospective tenants. Millennials seek out enticing amenities and look for a sense of belonging when searching for apartments. Unfortunately, many people move from property to property after their initial lease term ends. Because of this, it is crucial for developers and leasing teams to engage prospective tenants as if they were selling long-term homes. Here’s how to win over, and lock in, long-term residents for multifamily residential properties.
Give The Freedom Of Customization
It’s easy to stay detached from an apartment home when you can’t customize your space. Beige walls all start to blend together when you’ve moved from apartment to apartment, year after year. Providing a customizable feature, like offering to paint an accent wall prior to your new tenants move-in day, can transform a space from blah to bold. Apartments are also becoming more pet-friendly, offering features like pet washing stations and private yards. This creates the emotional draw of a sense of home, with spaces that our furry friends can enjoy.
Create A Community
Leasing offices are no longer the place tenants visit only on tours and move-in day. Providing your residents with unmatched amenities and community events is the key to creating long-term loyalty. Features like event spaces and game rooms give renters the opportunity to host large gatherings, just steps away from home. The memories made during resident and private events will keep residents coming back again and again.
Hire A Professional Photographer
As more “luxury” properties enter the space, it is crucial to ensure that your marketing efforts are emphasizing the cozy and familiar home your community can offer. The first impression of your property starts with your website—so use stunning and professional imagery on your site to entice users. Because your website is often the initial point of contact for scheduling tours and getting in touch, it is crucial to ensure your site is mobile friendly, as apartment searchers may sometimes be searching while on the go. Interactive content will increase users’ time on site—so incorporate a virtual tour to market to out-of-town prospects who might not be able to see the apartment in person. This will make that decision process much easier, as the residents can really get a feel for the space.
Make The Most Out Of Your Content
Hiring a professional photographer is hugely beneficial for multifamily properties, and staging a unit with furniture allows residents to visualize life in their new home. While professional images are of course great for your website and Google listings, they can also be used in social and display banners, helping create more engaging content. In today’s world, it is so important to be active on social media—very active. Show off your community, post fun pics from resident events, and host photo contests to boast the incredible experience of what it’s truly like to live at your property. This will help future residents believe that they’ve found the sense of community that they are longing for.
Spread The Word
Online reviews build the credibility of your property and help renters make decisions about potential future homes. When a tenant renews their lease, landlords should take notice and reach out requesting a review. What better time to get positive feedback than from someone who chose to stay another year?
These are all simple ways to improve the impact you make on potential and current residents which will encourage them to make long-term commitments to your property. In addition to your leasing tactics, our real estate team here at Wpromote can take your digital marketing to the next level through our vasty array of services. Contact us to get started today!