When it comes to new apartment construction, there are no signs of the industry stalling anytime soon. With construction at a 10-year high, property managers and marketing directors are looking for ways to successfully institute a credible presence – and increase occupancy rates – in uncommonly saturated markets.
For apartment lease-ups, this process can be convoluted thanks to the sheer number of stakeholders involved: architects, construction teams, developers, property management teams, and even residents.
We’ve put together a 5-step lease-up marketing plan to take any clutter out of the process and as a guide toward favorable results.
1. Establish a strong identity.
There are many steps developers will take to create a strong identity. Here are a few of the items you’ll want to address during this process:
· Community name. What are you going to call this development? You want something unique, but still simple enough to pronounce. At the very least, Google potential names to avoid duplicating a nearby community within your sub-market.
· Website name. You’ll want a simple domain name that makes it easy for people to find. Avoid hyphens and try to keep .com as the extension.
Also, consider how Google does its rankings. The domain OrlandoApartments.com is clearly about Orlando apartments and, as such, will rank high in search results when searching for apartment communities there. Compare this to LiveAtAva.com – could it be a townhome, senior living, or even a mobile home?
Many developers are moving to a model that looks like this:
[Community name] + apts.com
In other words, you might have something like Eastbrook10Apts.com.
· Logo. How do you want people to think of your development? Modern? Luxury? What will be on the monument sign? Your logo design should captivate how you want your brand to look and feel. The logo is not like a brochure or banner that can be discarded down the road to start over – you are hatching the tone for the overall brand.
· Brand concept, look, and graphics. This will also tie in with your logo/ID and acts as a marketing blueprint for the property. It is aiding the cohesiveness of all of the materials and collateral that is generated for marketing. The color palette, style guide, typography, and brand book can all be included here.
· Renderings. You presumably have an exterior rendering for your new community, but what about unit and amenity renderings? You should heavily weigh both and also make sure your exterior rendering is up to standards in terms of quality.
2. Driving interest to the property.
Now that you’ve designed an identity for the property, you’ll want to start stimulating interest in the apartment community. Use tools like a “waiting list” website, email marketing campaigns, Google AdWords, construction banners, and signs that indicate “coming soon” or “now leasing,” social media strategies, and virtual reality tours.
3. Pre-opening activities.
A few weeks before your grand opening is the time to create and launch your full website, with all the features, you’ll need to capture leads and interact with your residents. Need a website, consider Market Apartments or Resident 360.
Of course, you’ll also need to continue (and even ramp up) your email marketing efforts. Every person who gave you their email is someone who might want to live in your new community. Just because they didn’t sign a lease now doesn’t mean they won’t in the future.
You can invite people to grand opening events, share photos and videos about the community, and promote any select move-in offers that you might have on your property.
Now is also the time to create more offline marketing materials, like brochures, business cards, flyers, and giveaways such as branded water bottles or t-shirts with your logo.
It’s a good idea to start searching for local business partnerships for your launch parties. You can create connections with local businesses, which may attract more residents or offer exclusive perks to existing ones later down the line.
4. The Grand Opening.
After the opening, you can start to sell the living experience of your community. You can do this in a few ways. For instance, many developers and their marketing teams will take high-quality photos of the living areas, and any other amenities you think will trigger potential residents. You want them to see these pictures and be able to envision themselves and their families there, cooking in the kitchen or hanging out by the pool. Get photos of neighborhood hotspots to show off your property’s location.
Another strategy is to gather testimonials. Ask residents when they’re handed their keys, “Why did you choose to lease here.” The answer to that one question will make a perfect testimonial. Stay proactive – your on-site teams should continuously be on the lookout for new review opportunities.
5. Ongoing marketing and monitoring.
Now that the community is open, your marketing needs to continue so you can maintain your occupancy goals. A few things to consider:
· Keep Communication Open. Your brand, website, and social media channels should all communicate a similar message about why your community is unique; this will appeal to new residents while keeping your current residents happy and in-the-know.
· Optimize AdWords for Better Results. You can use a more aggressive approach when you need to fill vacancies and then dial back as necessary. Keep an eye on results or hire an agency to help you manage campaigns for optimal effectiveness.
· Monitor Your Online Reviews. Google, Facebook, and Yelp are some of the first reviews that will pop up as prospective residents look into your development. Create a plan to manage them now instead of waiting until there’s a problem. Responding to negative reviews can help you to earn trust and turn negative situations into positives.
As you can see, there are a ton of moving parts when it comes to a new apartment lease-up. You may want to contemplate working with a company that can help layout and manage a step-by-step plan, including establishing an apartment lease-up schedule tailored uniquely for your community.