Pre-leasing is an important step in moving forward with any new development, whether it's a residential or commercial property. You need excellent marketing strategy to pursue and secure tenants. When this doesn't happen, you may not reach the necessary occupancy numbers and could face major problems down the line. Make sure you have a successful lease-up by following these helpful tips.
- Follow up on renter leads: Having a specific process in place to capitalize on leads is critical. A marketing plan that uses consistent email, sms and social media follow-up ensures that prospective renters don't forget about what your new development can offer.
- Feature the property in advertisements: Hooking potential renters in the first place is a key element for securing tenants. Of course, you should list the property on popular sites like Kijiji and Rent Board, but moving beyond that can help you reach new markets. Digital PPC (pay-per-click) ads are a popular option for targeting very specific demographics.
- Create and maintain a property-focused website: When you've got a tenant interested, don't lose them with a confusing or dysfunctional website. Dedicate an individual site or page to the property that includes stunning photos and descriptions of the property's benefits. A virtual tour of the property and a model unit can also be helpful. Then, seal the deal by collecting the visitor's contact info.
- Get out into the community: Holding events at public spaces, restaurants, hotels and conference centers means you'll have the chance to meet potential renters face to face. You can build anticipation for the development's opening by creating a memorable presentation.
- Consider how the property benefits the renter: This is a tried-and-true strategy because it works. Don't just tell the potential tenant about the features-tell them how these features benefit them. In other words, don't just say the unit has X bedrooms or Y square footage. Tell them how the unit will make their lives better. Focus on convenience, aesthetics and value.
- Always be evaluating amenities: You may think a pool is enough on its own to attract renters. Think again! You need to tailor your amenities to the specific demographic of renter you're trying to appeal to. For example, for some people, proximity to parking is very important. Collect information from tenants after they've signed a lease to figure out which amenities were most crucial to their decision.
- Never forget to communicate: A top reason why new developments don't hit their numbers is because management fails to communicate with potential renters. Don't let them forget about your shiny new development. Have a structured process for following up with every sales lead.
If you have questions about how to best plan a marketing strategy for your new residential or commercial development, then Imperial Properties can help. Imperial Properties has developed a strong reputation for sound, effective condominium, residential and commercial property management. We offer unparalleled management expertise as well as exceptional customer service, knowledge, efficiency and cost effectiveness to serve our diverse client base. Contact us today to learn more about what we can do for you.