Why invest in remarketing campaigns?

Authentic had a hand in more than 20 lease-ups throughout 2023. We walked away with many specific observations about what worked well and less well.

If last year was any indication, we strongly feel every property needs to invest in remarketing tactics. When deployed well, we’ve seen nurturing renters move the needle significantly on every project is was a part of.

The first thing to acknowledge is that for any go-to-market strategy, we always recommend that a property invest in a diversified set of marketing channels, with remarketing campaigns being one of those channels. 

Here's why:

• You can target interested buyers: Remarketing campaigns target individuals who have previously engaged with your brand, likely because they are interested in the property. This strategy helps nurture highly qualified prospects and increases the chances of conversion.
• You mitigate risk: Market conditions can impact different marketing channels. Re-allocating ad budgets to better-performing channels, such as remarketing campaigns, helps adapt to changes and mitigate risks associated with factors like seasonality, local competition, or economic shifts.
• You can improve ROI on ad spend: Remarketing campaigns offer a cost-effective way to convert existing leads compared to generating entirely new ones. This maximizes the value of leads already in the pipeline and reduces the overall cost per conversion.
• You offer better customer experience: Residents often engage with a property's brand multiple times before leasing. Remarketing campaigns contribute positively to this journey by reinforcing the property's unique features and addressing potential residents' specific needs, thereby creating a better overall experience.
• You increase the personalization aspect: Remarketing campaigns leverage engagement data to tailor content based on individual preferences, such as preferred floor plans or move-in dates. This personalized approach increases the chances of conversion by catering to specific needs.

For the sake of simplicity, I’ve also drilled down to a handful of big takeaways for your consideration.

While there isn’t necessarily a one-size-fits-all approach (meaning you should explore your angle, creative, and tactics on each project), there are undoubtedly key themes to keep top of mind as you move through the process.

Let’s jump in.

Launch your interest list as early as possible.

I consistently write on LinkedIn about building an interest list from day one, and there’s a huge reason why: nurturing renters builds momentum for your property month-over-month.

In fact, the earlier you do this, the less you'll need to rely on a marketing partner to drive leads later in the game.

Directing interested renters to a landing page as soon as possible and then delivering content to that list immediately is a surefire way to build traction early.

Growing momentum, building traction, and meeting your renters where they are at Day 0 is critical to a strong lease-up.

Ensure your creative aligns with your brand.

Hands down, the worst update a renter could receive is a plain text, unthoughtful, ugly email from your leasing team!

Double-check that your marketing and design partner aligns your brand and property aesthetic with the campaign template you will use to send project updates.

Should you skip this step, you risk renters feeling like you don't take them seriously, and thus, why should they seriously consider you?

It makes a lot of sense when you step back.

Invest in a thoughtful brand, website, and campaign updates. Everything is connected, so don’t forget about the art of email design.

Set a schedule and stick to it through stabilization.

An important reminder is that scheduling matters.

Maybe not to you personally (ha!), but it certainly does to a prospect expecting to hear from you semi-regularly.

If you can't send an exciting update email 1x/month, how can a renter expect you to fix their broken toilet? I’m joking a bit here, but not at the same time.

Rhythmically delivering property updates allows the renter to (if even subconsciously) come to expect a consistent stream of information.

And what that really means is that they can count on you to communicate with them long-term. You build in reliability.

How many other properties can they say that about? Likely next to none.

Educate and align your leasing team.

By far, the biggest failure and hurdle we see is a leasing team brought in late in the game without a clue about what's been going on.

If the leasing team drops the ball, it won't matter how amazing the lead generation (paid or organic) is going.

Take steps to make sure your team knows where renter information is kept and get your sales and qualification steps in order. When that falls apart, even the best lead engine and beautiful building won't be able to prevent setbacks.

If you need help in this department, ask your marketing partner about a leasing consultation to better define (and align) expectations.

This is a huge step in the buyer journey, and we can’t emphasize it enough!

Segment and reuse your targeting list for other properties.

Imagine you’ve reached stabilization and are feeling great.

Success!

So, you decide to delete your email campaigns, disengage from your marketing partner, and think it's all over.

(Cringe!)

Don’t forget: you just spent 6-10 months investing in this list, and you don’t want to throw all of that away without a second thought.

Who ended up renting?

Who else might still be looking?

Move your renters to a new list and reintroduce yourself to the rest. You'll be surprised at who else is interested, why, and for what.

Just because this lease-up is done doesn't mean the list is done.

Keep segmenting.

Invest in Communication

At the end of the day, investing in a campaign that focuses on nurturing renters is an investment in communication.

You’re deciding that communication matters and that you care about providing renters with timely, important, and meaningful updates.

Remember, this group of people may choose to live their lives each day at your property, so investing in them only makes sense before they invest in you.

After all, if you don’t do it, someone else will.