3 multifamily marketing mistakes to avoid

Avoid These 3 Marketing Mistakes

Summer is a big deal when it comes to property marketing. We’re all out and about, often in new parts of our cities and even in new locations we may be eyeing a move to. Understandably, it’s a season of movement, exploration, and decision-making.

This is precisely why it matters all the more that your upcoming properties aren’t falling flat in the eyes of prospective renters.

In today’s edition, I want to cover a few critical not-to-overlooks to remember this summer within your marketing stack.

Avoid #1: Missing Construction Signage

I’m placing this first on the list because, in many respects, it’s the most important onsite activation that is often missed.

It doesn’t take a lot of effort to pass by properties under construction to find that signage is curiously absent.

What is this place?

What is coming with this property?

Would it make sense for me?

In the fall of 2022, I remember seeing a marketing professional, through a LinkedIn post, celebrating their onsite signage going up. It had giant, beautiful banners, well-branded and ready to go along the road.

It looked stunning! The problem?

That post was also celebrating fitness equipment being delivered because leasing was starting within a few weeks.

Yep, the property had been in construction mode for the better part of a year, in a populated area, with no signage, CTAs, or nurturing to speak of.

I was scratching my head because I knew they had easily missed hundreds of renters they could have nurtured up to and through that moment.

Instead, they were starting at 0 right before opening.

Avoid #2: No Google My Business Listing

Google places significant importance on your GMB listings from the very beginning. It views this listing as a place that reflects your activity and engagement levels well beyond a standard organic listing.

At a minimum, make sure you claim your listing, confirm it, and ensure all the basics are updated: name, address, phone, photos, etc.

Beyond that, keep your listing updated with property specifics like floor plans and your hours, even for holidays (thinking longer term).

Within GMB, Floorplans are considered Products.

Each floorplan can and should link directly to the related page on your website and, if desired, can contain UTM tracking in the URLs.

Two other essential must-haves to monitor:

• Reviews: Be sure you scan these often to ensure any review that comes through is tended to. Good or bad, reviews with no interaction will hurt your listing. You also lose the ability to control the narrative.
• Keywords: Just because this is a “listing” doesn’t mean keywords don’t matter. Keep your keywords consistent across your entire marketing stack, meaning both branded and non-branded words (or phrases) that align with your property.

Without control or oversight on your GMB listing, you leave much on the table regarding performance. Not to mention renters left in the dark.

Avoid #3: Concessions, Just Because

It’s not uncommon to have a slow leasing patch and think you need to revert to swift changes immediately.

Remember that there is always a macro-level story that goes with the micro-level details you monitor weekly and monthly.

For example, student housing leasing seasons aren’t aligned with a typical multifamily property. Different product types and different seasons. The same holds true for dips during expected hot leasing weeks.

Was there a holiday to consider?

Was the weather particularly good or bad recently?

What else is going on that may impact numbers short term?

Are paid channels changing? If so, why?

In my experience, the best in-house leasing teams or third-party leasing partners will know the lay of the land regarding comps. They should be able to provide insight and specifics to help with concession-related decisions.

Pull back the lens and get everything in front of you when in doubt.

Understand the season, understand the micro-conditions, review paid performance, and assess what else may be going on. Gather data about your competitors, and only then begin making informed decisions with each data point in front of you.

The worst thing you can do is have a poor stretch for leads over a few weeks and immediately offer significant concessions.

More often than not, it’s just one of your levers that needs adjusting–not endless free months of rent.