Multifamily 2.0: Strategic Marketing and Professional Leasing

The real estate industry, particularly the multifamily sector, is transforming significantly before our eyes.

For years, a prevailing legacy mindset suggested that renters would come if the price was right, which meant marketing efforts found little space on most project proformas.

However, this perspective is outdated and detrimental in today's competitive market.

Effective marketing and a professional leasing approach are not mere enhancements to the traditional real estate model but indispensable strategies for maximizing NOI and immediate ROI.

Let's explore that thinking more and examine a few angles of attack.

"If you build it, they will (not) come."

As far back as I can recall, the multifamily space has operated under the assumption that success hinged primarily on pricing according to market conditions.

However, this approach underestimates the critical role of marketing and fails to recognize the complexity of modern renter behavior.

Remember: the most successful businesses, regardless of industry, understand that building a brand and generating demand is key to attracting and retaining customers—or, in this case, residents.

If you aren't generating demand, no one is.

Announcing Projects (With a Strategy)

A comprehensive go-to-market (GTM) strategy crafted by a creative marketing agency is a powerful tool today.

Strong GTM campaigns go beyond advertising available units; it's about creating brand experiences that resonate with potential renters. Its purpose is to drive awareness and generate demand – not simply develop pretty swag. (We love designing beautiful swag, by the way!)

This distinction is crucial in setting a property apart in a crowded market.

Marketing should not operate in isolation but as part of a coordinated effort with sales teams (see below) to ensure a seamless transition from interest to lease.

Marketing and Leasing Team Synergy

The relationship between marketing and leasing is akin to that of a relay race, where marketing's role is to build momentum and generate leads, and the leasing team's job is to carry this momentum across the finish line by converting leads into leases.

If your company struggles with framing this challenge, copy and paste that previous statement into your company Slack channel.

Marketing and leasing being kept to their own lanes demands a shift in perspective, recognizing that leasing agents are essentially sales professionals. Their training, tools, and tactics must align with this reality to build confidence in potential residents and facilitate decision-making.

The leasing team is an extension of your marketing efforts.

The notion that friendly faces and great personalities suffice for a leasing team is, sadly, a misconception that often leads to failure.

While these qualities are undoubtedly beneficial, they must be complemented by professional sales training and strategies designed to close deals effectively.

Imagine a rock-solid GTM strategy, started early and often, that dovetails with a leasing team trained in sales!

The integration of marketing efforts with a skilled leasing team can significantly accelerate lease-up periods and enhance overall property performance.

It's a path to more NOI and a path to more immediate ROI in your marketing investments.

Leverage Marketing, Then Leasing

A common concern among developers and property owners is the perceived cost of hiring a full-fledged leasing team early in the development process.

"We don't want/need renter nurturing because we won't have a team hired to handle that." Of course, this assumes a full leasing team is needed to run nurture campaigns, and really, I couldn't be further from the truth.

This mindset overlooks the efficiency and cost-effectiveness of leveraging marketing strategies and tools before a leasing team is up to speed.

Nurture and retargeting campaigns allow for cultivating potential renters' interest well in advance, reducing the need for an immediate on-site leasing presence, and truly, without the need for their ongoing touch early in a project's life cycle.

Not to be overlooked, the idea of fractional, on-demand leasing services has emerged as a solution to the traditional challenges of staffing and expense management.

This model enables access to professional leasing expertise precisely when needed, without the burden of long-term staffing costs, aligning expenses more closely with the property's leasing cycle and financial objectives.

Has your team considered on-demand leasing services?

The Future of Marketing + Leasing Teams

If it isn't clear already, outdated practices can no longer pave the path to great success in multifamily projects.

The integration of strategic marketing with specialized leasing expertise represents a forward-thinking approach that aligns with the demands of today's market.

Developers and owners that embrace this synergy will unlock new levels of efficiency, effectiveness, and profitability in their projects.

In real-time, they will be redefining the landscape of multifamily leasing.

The evolution from a singular price-focused strategy to one that values brand, experience, and professional salesmanship marks the dawn of a new era that promises greater rewards for those willing to innovate and invest early in GTM strategies.