The most critical time for a new multifamily housing complex is the lease-up period. This is a make or break time when you either hit your occupancy numbers or you don't. Establishing a distinctive, high-quality brand and attracting renters isn't an easy task, but it is an important one. If you want to lock down renters for a new development early on, it's important to follow the steps below.
These days, the most likely first interaction with a potential renter is going to happen online. This means that having a visually appealing, inviting and easy-to-navigate website is more important than ever before. Making it clear how renters can take the next step is vital. Include persuasive calls to action throughout your website to make sure no one is confused about how to get on board, and why.
Know your benefits cold
The old saying about highlighting benefits instead of features is a cliché because it's true. In every interaction with a potential tenant, you need to be showing them exactly how becoming part of this multifamily community will improve their life. How will the floor plan make their everyday life easier or more enjoyable? Why should they care about having a clubhouse? You need to convey these benefits in every tour and advertisement, and all over your website.
Use a range of advertising
Relying on popular rental sites like Kijiji and Walkscore isn't going to be enough. Pay-per-click advertising can be an effective way to reach your target audience, as these will be people who are already looking for something like your complex. You also may want to try advertising at local restaurants and coffee shops where you think your target demographic might hang out.
Follow-up on leads
It's not enough that someone's signed up for your waitlist. Gain traction by encouraging them to follow you on Twitter or like your page on Facebook. Make sure that your marketing strategy keeps them engaged at each step of the process, with the final step being a signed lease.
Be flexible with amenities
Is there anything your complex is lacking that everyone else seems to have? For example, if all of your competitors in the same general location and price range have a gym and you don't, your community is going to appear less appealing. Look at what amenities you offer early on and stay flexible to provide additional amenities based on demand.
Take feedback seriously
Talk with potential tenants about what they see. Is there any aspect of the floor plan that they just can't stand? Do they think the pricing is fair? Incorporating feedback into your sales strategy and anticipating concerns will go a long way.
When it comes to property management, you don't need to go it alone. Imperial Properties is here with expert advice and guidance for special projects, day-to-day operations and everything in between. We've established a strong reputation throughout Western Canada for providing effective condominium and multifamily property management services. Contact us today to learn more about how we can help you.