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Why is a Marketing Plan Crucial for Residential Leasing?

"For Rent" real estate sign in front of a row of townhouse apartments with balconies and garage doors.

In today’s competitive real estate market, having a strong marketing strategy is essential for attracting and retaining tenants. In this article, we’ll explore the key benefits of elevating your marketing strategy for residential leasing.

Brand Recognition 

A well-designed website and marketing plan not only contribute to brand recognition but also allow your residential building to stand out from the competition. A well-executed website can help you put your best foot forward and bring your building to life in a prospective tenant’s mind. By featuring photos and floorplans of your building and available units, potential clients know exactly what to expect before they step in the door, allowing them to determine if the building may be the right choice for their lifestyle. 

In this day and age, featuring a “Now Leasing” sign on the front of your building can only get you so far, despite being effective at grabbing attention. A thorough marketing plan, on the other hand, can have significantly greater reach and help create brand recognition. Digital marketing such as social media, eblasts, and websites play a large role in not only leasing but also in introducing people to your building and creating a unique brand impression.   

Reach the Right Audience 

People are creatures of habit – They keep their commute the same, they check the same social media apps, and if they’re looking for a new apartment building, they may only visit the same listing website, hoping for the perfect building to appear. This can make it difficult to figure out the best way to reach a new potential tenant. If their typical routine doesn’t introduce them to your building, how are they going to learn about it?  

By creating a website optimized for search engines, adding your available suites on the most-used listing sites, and featuring your residential building on social media networks, you can reach new audiences to drive awareness and interest. Once potential tenants are aware of your building, the next step is demonstrating why your building outshines the competition. 

Help Your Residential Building Stand Out 

A well-established brand and website can help you stand out from other residential buildings in the area, making it more attractive to potential tenants and piquing their interest. Once people are on your website, that typically means they have some interest in the building. The next step is to show them why your building is the best fit for their lifestyle. Your website is your opportunity to show visitors what sets you apart from other apartments they may be looking at. Do you allow pets? Are there special amenities in the building like a gym or rooftop patio? Is it located in the heart of a bustling area or steps away from public transit routes?  

A modern, stylish living room featuring a light gray sofa with modern wall art and decorations. A white dog with brown and black markings is lounging on the sofa.

A well-branded website not only makes your building more appealing to a potential tenant, it also creates an atmosphere that people will want to live in. Click here for examples of residential building websites. 

Providing Essential Information to Potential Tenants 

One of the key benefits of having a website and marketing plan for your residential building is the opportunity to provide information to potential tenants. Sharing information about the building can help potential tenants determine if the building is the right fit for their lifestyle before they apply or book a tour. Not only does this save time and resources for everyone involved and simplify the leasing process, but it also helps tenants feel more confident in their decision to book a tour or apply. Some information to consider adding on a website includes: 

  • Floor plan options 
  • Building amenities 
  • Suite features 
  • Building rules 
  • Neighbourhood amenities 

By including the above information, potential tenants can determine if a building is the right fit for their lifestyle before they apply or book a tour. Not only does this save time and resources for everyone involved and simplify the leasing process, but it also helps tenants feel more confident in their decision to book a tour or apply.  

Not sure what information you should include on a website? You can start by thinking of the most frequently asked questions by potential tenants.  If the people who reach out have these questions, odds are other people will as well. With so many apartment options in the market, it can be overwhelming for someone who is looking for a new home. If they are unable to have their questions easily answered, there is a good chance they will move on to a different option that has the answers to their questions readily available.  

When it comes to providing information to tenants and the application process, it’s best to simplify everything as much as possible to create a seamless experience for prospective tenants. 

Simplify the Application Process with a Tenant Portal 

In today’s age of technology, most tenants prefer having the option of applying for an apartment online rather than phoning and submitting physical paperwork. Having one standardized application process ensures all required information is submitted at once, and no information is forgotten. This makes it easier to proceed with the leasing process quickly and effectively and prevents unnecessary back and forth between prospective tenants and the leasing team, which can be frustrating and time-consuming.  

Centralized resident portals can help simplify the application process for both the prospective renter and the leasing office team. Using a resident portal, leasing teams can easily convert leads into leases, and keep all application documents in one convenient platform. 

Implementing a centralized resident portal for your residential building and its website offers numerous additional benefits, including simplified tenant communication. These platforms’ innovative features allow you to send building-wide email updates, collect rent, and allow tenants to easily submit maintenance requests.  

The Benefits of In-House Marketing Services

It can be intimidating to take on an entire marketing plan for your residential building. Marketing is an ever-evolving field that is difficult to keep up with, and managing a website, social media content, newsletters, and lease-up campaigns can consume a lot of time – time that you need to keep your building running smoothly. Working with an in-house marketing team can take a lot off your to-do list, letting you focus on your building’s operations.  

When a property management team and marketing team work under the same roof, they are able to communicate in-person and easily collaborate on marketing initiatives. This collaboration not only improves efficiency and speed, but also allows the marketing team to thoroughly understand the marketing goals for your property. The same team that manages your property will be the same team that works with the marketing team, ensuring a smooth transition and sharing of important information. 

a group of 6 people sitting around a round table. They are smiling and look to be in the middle of a conversation.

Tailoring Marketing Strategies to Your Property 

Every residential building is unique and has different needs and goals. That’s why it’s important to receive customized marketing strategies based on your goals and priorities. A dedicated marketing team will work with you to create a marketing plan that will not only attract prospective tenants, but also market your residential building in a way that is effective and authentic. 

Whether you’re looking to attract young professionals, families, retirees, or anyone in between, a tailored marketing plan can effectively target your desired tenants and showcase your property in its best possible light. 

Elevate Your Leasing Strategy with a Marketing Plan

Having a robust marketing plan and website for your residential building is crucial for leasing success. By implementing a comprehensive marketing plan, you can attract more tenants and streamline the leasing process while maximizing your building’s potential. With in-house marketing services from Cushman & Wakefield | Stevenson, we make it easy to market your residential building and attract the right tenants.  

 

For more information about our services, check out cwstevenson.ca.  

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