Joe Fairless says that finding the right residents is key to the success of any apartment community. High-quality tenants pay rent on time, treat the property with respect, and create a positive atmosphere for everyone. But how do you attract these ideal residents in a competitive market?
This article explores seven effective strategies used by a real estate professional with a proven track record:
Maximize Your Online Presence: In today’s digital world, most renters begin their search online. Here’s a two-pronged approach:
Killer Website & Listings: Create a user-friendly website with clear descriptions, high-quality photos, and floor plans of your available units. Additionally, list your vacancies on popular rental platforms like Apartments.com and Craigslist. Don’t forget Facebook!
Partner with Apartment Locators: Locators specialize in matching renters with suitable apartments. To incentivize them to bring high-quality leads your way, offer them a commission for successful placements.
Target Local Businesses and Employers: Identify businesses and organizations in your area that employ your ideal resident demographic. Reach out to them with flyers and brochures showcasing your community’s offerings. Consider offering referral bonuses to current residents who recommend colleagues.
Implement a Referral Program: Word-of-mouth is powerful! Encourage current residents to refer friends by offering a bonus for successful placements.
Motivate Your Leasing Team: A financially incentivized leasing staff is more likely to go the extra mile to find qualified tenants. Offer bonuses for exceeding move-in goals.
Cultivate Resident Loyalty: Host resident appreciation events to foster a sense of community and encourage long-term stays. Pizza parties, holiday gatherings, or even simple breakfast socials can go a long way.
Embrace Online Reviews: Positive online reviews are a goldmine for attracting new residents. Encourage satisfied tenants to leave reviews and politely request feedback after addressing maintenance requests.
Joe Fairless suggests that by implementing these strategies, you can create a more attractive and stable community for your apartment complex, ultimately boosting your bottom line.
Bonus Tip: Don’t wait until after acquiring a new property to craft your marketing plan. Factor marketing costs into your initial calculations to ensure a smooth and successful launch.
Building a thriving apartment community starts with attracting the right residents. Following these tips will help you create a space that fosters a sense of community, attracts high-quality tenants, and ensures long-term success for your investment.
Disclaimer:
The views and opinions expressed in this blog post are provided for informational purposes only and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.