If you’re returning from the NAA Apartmentalize, you're likely buzzing with inspiration from the sessions, exhibitors, and meet and greets! But now that the suitcase is unpacked and the out-of-office message is turned off, many either roll up their sleeves and flesh out what they wrote in one of their ten new branded journal books, or reality hits, the wave of emails sinks in, and you back-pocket change for next year.
Sound familiar?
Taking a good, hard look at your GTM opportunities alone can be daunting. If you're thinking, "Where do I even start?" then you're in the right place. This week, we dig into the vital steps to get you started!
Let’s ditch the rose-colored glasses for a moment.
This is the time to be brutally honest and pragmatic, or revamping your strategy will be entirely ineffective. Start by comprehensively examining your current go to market. Identify what’s working and what isn’t.
Dive into your lease-up rates, revenue trends, site team feedback, lead generation, and resident retention metrics. This initial assessment will help you pinpoint areas that need the most attention.
Auditing your marketing collateral annually is crucial in an industry where new best practices emerge every few months.
Falling behind the curve makes your portfolio extremely vulnerable to underperforming compared to your competition in today's cutthroat market. Today’s prospective residents are brand-savvy, constantly online, and expect the highest-quality digital and physical content when shopping for apartment homes.
Though it may feel like this is the year to conserve spend, don't conserve it on revamping your marketing materials. Invest in custom user-friendly websites, virtual tours, floor plans, and engaging social media content. These branded efforts will make your properties more appealing and accessible and inevitably garner high praise and word of mouth among your neighbors.
If this all feels a bit too much for a small marketing team, consider entrusting the task to a well-versed creative partner in the multifamily industry!
You know what they say, "There's strength in numbers."
This is especially true when revamping your GTM strategy. Now that you've completed your strategy assessment and collateral audit, you can take the leap and assemble the troops.
Change can be slow in many corporations, but working for a small-to-mid-sized real estate firm means less red tape! Start by showing your team members your thorough audit and assessment, highlighting areas where you can take your next development to the next level in the coming quarter.
Propose S.M.A.R.T goals and achievable next steps, and walk away with clear next steps on when able to start the bidding process on outsourcing these GTM efforts.
This may seem like stating the obvious, but funny enough, it is one of the most common problems that multifamily operators and developers struggle with.
Effective lead generation and conversion are essential components of a successful GTM strategy. Ensure your marketing messaging is clear and compelling and that your site team’s lead nurturing process is timely, genuine, and efficient.
As much as the multifamily industry is loving AI-powered everything, do not fall into the trap of letting a virtual agent lead all of your communications. Striking the balance of human-led AI leasing can make all the difference in how prospects flow through the funnel.
Review your pricing and concession strategy to ensure it’s competitive with comparable neighboring developments. It's also crucial to understand what motivates a renter in your neighborhood to lease a new apartment home in your area.
The days of free robot vacuums and $100 Amazon gift cards are long gone.
Today, renters want one thing: concessions off their lease. Maybe it's three months of free parking or up to two months free on loss-leader homes, but keeping a finger on the pulse of what the people want is vital without giving the farm away.
Engagement with prospective residents should be highly personalized and consistent before, during, and after your revamped go-to-market plan is rolled out. Tailor your messaging and value proposition to address the wants and needs of your hot leads.
According to a recent study done by RentCafe, today's leads, on average, take about 37 days to convert. During this incubation period, it's crucial to keep them informed about your community's unique selling points, especially in comparison to neighboring properties.
Stay informed about market trends and competitor activities. Conduct market research regularly to understand shifts in tenant demographics, economic conditions, and new developments in your area, and ask your vendor partners and marketing team what they're seeing in their submarkets.
Being proactive and adaptable will help you maintain a competitive edge, and bringing in a diverse expert opinion will make your community stronger at the end of the lease-up!
Returning from NAA Apartmentalize, you’re equipped with innovative ideas and strategies. Being open to change on the marketing level is the first step to driving your properties forward. Implementing these steps will help you shed your outdated GTM strategy and embrace a more effective approach.
By staying attuned to market trends, modernizing your marketing efforts, and continually refining your leasing processes, you can ensure your properties remain competitive and appealing to prospective tenants.
Remember, Rome was not built in a day, and even small steps toward change and innovation can cause a chain reaction!
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