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November 2016 — Multifamily Properties Quarterly — Page 25
T he national vacancy rate has
risen the last four consecutive
quarters. Most everyone who
follows the apartment con-
struction boom realized there
would be oversupply at some point
and that even hot markets like Denver
would soften. One common solution
owners use to address this issue is to
offer concessions, price breaks or other
promotional benefits, but this cre-
ates a downward spiral. Owners and
operators should look to newmarket-
ing techniques that can attract more
attention and better convert potential
renters.
The first question owners must ask
is, how do we attract more people? In
short, by using local searches, digital
outreach and signage.
Use local search engine optimization
and digital marketing tactics to enable
more people to find you online. SEO
is not just typing in an address, add-
ing some buzzwords and, badda-bing,
your No. 1 on the rankings. It’s about
understanding the property, the area
where it’s located and what people are
searching for. This is where national
leasing platforms fall short because
they don’t know or take the time to
understand these key elements.
Max Flats apartments in Fort Collins
opened with a number of competi-
tors in the area. Instead of using that
national platform that types in “Apart-
ments in Fort Collins,” they targeted
nearby locations, large shopping areas
and other regional search terms that
people commonly used.
“We really focused on the local
search terms that people were actu-
ally looking for near Max Flats,” said
Kate Baker, director of marketing and
communications.
“This wider tactical
effort created better
results and shot us
up to No. 1 above
our competition in
many key Google
rankings.”
Additionally, digital
display advertising
is in a much better
place than it was 10
years ago when too
many companies
were selling “1 million clicks” for a
nickel. The best advertising plans are
looking at the end goals to achieve
specific objectives, such as rental
contracts. Once these objectives are
established, the advertising can better
target the audience from geo-targeting,
content, native advertising and geo-
fencing to find people who have vis-
ited a specific location.
Brokers and leasing managers alike
will tell you curb appeal is one of the
most important assets for a property.
This starts with the property branding
and signage, so owners need to make
sure these elements fit with the 21st
century and provide a positive reflec-
tion on what’s inside.
The second question owners should
ask is, how do we better connect with
people?
Each year video increases in popular-
ity, and it’s more widely used than ever
thanks to faster download speed and
more viewing devices. The best thing
about video is that it provides the per-
fect medium to tell your story.
“I cannot talk to all my potential
customers,” said Clem Rinehart of
TreeHouse Development. “So video
provides me the next best thing to
showcase our property and have peo-
ple hear what makes our development
so special.”
TreeHouse’s S*Park development
debuted with an immediate 20 percent
conversion rate and thousands on the
“interested list.”
“Video was a big part of the conver-
sation with so many people looking
Doug Backman
Principal, DB
Marketing, Denver
Management
Blu Harbor, DB Marketing
Create professionally designed maps that show where your property is in relation to
regional highlights and roads, like this Northern California community did.