An empty apartment is a loss. Property managers would do everything in their power to avoid this situation. The idea is to get the maximum number of potential tenants for a property, i.e. increase demand. In the digital age, property marketing has gone beyond printing brochures and putting notices. But, marketing doesn’t end with digital media either. You want to cover a variety of communication mediums to expand the reach of your advertisements and get responses. The audience is varied and hence the channels, as well as the presentation of the message, should be varied as well. At the same it is necessary to understand that not all channels would yield results and considering that there will be money put into it, it is better to strategize on which channels to use and which to avoid. There are 4 key factors for communication: purpose, audience, message, & medium. The communication is considered successful when the desired feedback is generated. Consider this a broad guideline philosophy in your attempt to find the right tenants for your property.
Once you have clarity on the property, you would want to understand the type of audience you would be targeting. This depends on the property price, size, number of rooms, location, locality etc. Based on these facts you would want to select a target group by age, income, and lifestyle. You would definitely advertise the amenities, but people are more likely to value matters concerning lifestyle. You should target audiences that are already inclined to the kind of lifestyle that your property has to offer. Each and every aspect of the neighbourhood is a selling point. This data becomes the reference point for the entire marketing campaign. As much as possible, you must try to reach the direct decision makers in the audience. That should be the first priority. The second objective is to reach an audience who influence the decision makers. This is where your targeting should stop. Instead of going further expanding the scope of the audience, it is wise to put more efforts into penetrating a maximum number of audience members falling in the aforementioned categories.
Unless you are advertising for a bulk of properties, television, radio and newspaper ads are merely waste of money. Surely it would generate a lot of queries but lack audience targeting. Adequate v can be generated from other mediums without being heavy on your pockets. That does not mean that you should avoid traditional media altogether. There are quite a number of ways that you can more efficiently utilize the traditional media. The most obvious one is newspaper classifieds, something that people usually refer to when they are looking for a place to buy or rent. It is one of the most reliable mediums for property advertisement. You can also deal with newspaper distribution and vendors and have flyers delivered to localities similar to your property. Another important place to target is the commercial building near the property.
The digital media is the most potent and controlled form of communication today. It is widely and variedly segmented and hence gives very specific audience targeting. Start with putting your listing on as many property websites as you can. You can refer our article on drafting a property listing to learn more. Next is social media. You can hold a permanent account by your or company’s name to put out all the listings, which is beneficial in the long run, or you can create a new account for each property, not advisable. Use clear images and attractive headlines to get the attention of the audience. Platforms such as Facebook, Google +, Tumblr etc. have groups and categories to better aid your reach. Facebook has many groups concerning local listing which you may join and advertise your property. You can create image collage highlighting various features of a property and you can also advertise various features separately. Amenities such as swimming pools, indoor games etc. can be advertised in a special lifestyle or sport-related groups as well. The targeting should be specific, yet widespread. Whatsapp messages & Email marketing are also very specific mediums for targeting and generate more queries than social media. Digital media required more efforts on your part, but is inexpensive and gathers tremendous responses.
The oldest form of marketing is still one of the most potent tactics available. You can network with agents and provide incentives for sending potential tenants your way. Similarly, you can also avail the aid of communities and groups that are relevant to your property, either by proximity, similarity, or lifestyle. You can ask previous tenants to write reviews for you to support your credibility. The more people you get talking for you, the less effort you would have to put in.
Your planning for marketing should begin way before you have to rent out a property. You can prepare data on email addresses, phone numbers, community contacts etc. This gives you a directory of highly responsive communication points to lift off your marketing efforts. As mentioned before you may also create an active digital community even when you don’t have properties to advertise. This would give you an already prepared platform with a relevant audience. Similarly, you can deepen your relationships with the community around the property and they would be helpful when you need to spread the word. If you have a significant number of properties in a specific community you go as far as sponsoring community activities to popularize your brand. These steps would significantly ease your efforts when you actually have to market your properties.