There’s a lot to consider when it comes to marketing plans for a property management business. According to the US news, “the average real estate market life cycle—involving a pendulum swing from a seller market to a buyer market and back again—is 10 – 16 years.” From 2016 – 2018, multifamily property construction increased by 21%, shifting the market toward rentals. And because of COVID-19 and remote work, many employees are less concerned about their residential location.
With new trends, an ever-changing housing market, and a long list of other responsibilities you have on your plate, it can be difficult to know where to start or what to prioritize in a marketing plan. That’s why we’ve compiled some best practices to help you attract, engage, and convert leads for your property management company. Read on to discover 8 property management marketing tips you can implement and see results from right away.
1. Segment your target audience
Renters are part of a unique demographic. The better you understand your target audience, the more effective your marketing will be. Who are you trying to attract? Who is likely to live in the properties you manage? What are their goals, interests, or expectations? Researching demographics such as age, gender, or occupation will help you get inside the minds of your buyers and adjust your marketing tactics accordingly.
69% of millennial renters, for example, indicate they will always rent because they cannot afford to buy a home. 40% of millennial renters say they’ll always rent because they enjoy the flexibility and the lack of maintenance associated with home ownership. Knowing this type of background information will help you know how and where to market your properties.
In another case, if you manage apartments for student housing, sponsoring a tailgate before a college football game would be a fitting way to market your brand and attract tenants. But if you manage duplexes in retirement communities, Tik Tok is not going to be the platform to reach your target audience. Curate your strategy to resonate with your target market, and the results will be well worth your efforts.
2. Improve your ranking with Google reviews
Many (if not most) housing searches begin online. See that your property management company ranks well by optimizing your Google Business Profile listing. Begin by searching Google for your property management business. If you’re already listed in the Google Map Pack, verify your business and update information including your hours, phone number, address, services, and website. If your location is not listed, create a listing.
Consider enabling the click-to-message feature through Apple Business Chat or Google Messages. Tenants will be able to text your landline to view availability, request quotes, set up appointments, or ask questions. You can even automate bots to answer FAQs that come in after business hours. 9 out of 10 customers prefer to interact with brands via text anyway—it’s personal, quick, and convenient.
The main factors in your search ranking are the quality, quantity, and frequency of your reviews through Google Business Profile. Begin sending tenants review requests via text to increase your reviews and boost your prominence in local searches. With an updated listing, increased reviews, and convenient messaging features, your ranking will improve, and tenants can find you and convert with fewer obstacles.
3. Close the informational gap with custom content
You can already anticipate the types of questions property owners or future tenants will seek from your management company. Simplify their search with readily available information on your website, Google Business Profile listing, and social media pages—especially with information about your properties for rent. Transparency is key in all of your marketing efforts.
Educate your prospects with unmistakable clarity about the services you provide and how you do business. Organize your website and social media pages to stand out as an area of local authority and expertise. Create relevant content in videos, infographics, listicles, how-to guides, blog posts, and podcasts that can be shared on social media to attract property owners and tenants. Focus your content around information that your audience needs—address common pain points you can alleviate, what you need to know before signing a lease, information about your properties, or other helpful housing tips. Keep in mind that content marketing actually generates 3x as many leads as traditional marketing and costs 62% less.
4. Collaborate with other local businesses
In a variety of ways, you don’t have to do all of your own marketing. Think of the many services that contribute to property management (and vice versa)—cleaning services, maintenance companies, real estate agencies, attorneys, and more. Consider forming affiliations with relevant local businesses that would help direct qualified leads your way. This might include sending business cards, sharing promotional literature, or teaming up for a social media giveaway in the community.
5. Implement a referral program and ask for feedback
After the internet, family and friends are the most popular resource for recommendations; 91% of consumers consult family and friends when researching new products or services. Referrals are being made anyways—you might as well put a system into place that rewards tenants (and your business) for doing so.
After you decide on the parameters of your referral program (how many referrals, on what channels, etc.) and choose a reward (perhaps an Amazon gift card or a better parking spot), inform your tenants via text, email, or in person. If you’re not getting referrals from your current tenants, ask for feedback to discover why.
6. Pay for advertising
Paid ads can be a beneficial supplement to the organic advertising you’re doing through content marketing, online reviews, referral programs, and your Google Business Profile listing. Consider the places your target audience frequents and run your ads there—this could include Google Ads, Spotify, Youtube, Instagram, Facebook, Pinterest, Twitter, Pandora, podcasts, local television stations, billboards in your area, local newspapers, direct-mail, and more.
Some of the benefits to paid ads are the specific demographics you can target, as well as the fact that, in many cases, you only pay for what works—the ads people click on, interact with, or choose not to skip. Create ad campaigns around specific calls to action such as booking an appointment, scheduling an apartment tour, visiting your website, or signing up for a newsletter. Each platform will provide analytics on how your ad is performing, so you’ll know what’s working and what could improve.
7. Perfect offline interactions
A standout in-person experience will greatly aid the digital marketing efforts you’re making. In fact, no amount of marketing can take the place of positive experiences with your brand offline. As tenants are drawn in through the conversion funnel, moving from digital to in-person interactions, do everything you can to match the online and offline experience with your brand.
After tenants see your quick response times via text or the helpful content you provide, match that expectation for excellence with friendly and professional employees to provide tours, answer questions, and add the personal touch your tenants will be looking for before converting.
Create an office environment that welcomes guests when they come in for tours or to sign a lease. Have amenities like complimentary snacks, strong wifi, and a comfortable lounge area to demonstrate how you put tenants first and strive to make their lives better and more convenient. These types of interactions send the message early on to tenants that this is how you do business now and after they convert. This matters because 80% of property managers are involved in maintenance, rent and fee collections, leases, inspections, and advertising.
With a little training of your staff, common interactions like apartment inspections, lease renewals, or maintenance requests can transform from annoyances to something your tenants look forward to because of your friendly and attentive staff.
8. Utilize social media
Be seen on the platforms your target audience is already using. If you don’t have a business page or presence on social media today, consider starting with Facebook and Instagram. You can create business profiles on both platforms and start engaging with your target audience. Other platforms to consider include Twitter, YouTube, Tik Tok, and Pinterest.
Your social media content should be a mix of brand awareness, value-based messaging, and authority building/credibility. Create content that will teach your followers about your property and brand, how you can help them, and third-party testimonials that back up your word. Collecting testimonials from previous tenants is great content that should be visible in your social media presence.
Consider also sharing rental listings, videos of your property, infographics that teach different topics relevant to your brand and target tenant, and articles written by your team or another business that offer value to your followers.
And don’t forget to utilize Facebook Marketplace. You can list rentals directly on the Facebook app, right in the section potential tenants will be looking for new places to live.
Take the next step for your marketing strategy. Access even more tips for your property management company in our complete guide, How to Win Customers and Influence People.