We promise we won’t judge… but do you know what geofencing is? If you consider yourself an expert, skip ahead to the tips for geofencing in multifamily section below.

But if you are curious about geofencing and want to learn more about this emerging multifamily marketing trend, read on! By the end of this article, you’ll understand why so many multifamily marketers utilize geofencing, and you will probably want to get started yourself.

What is geofencing?

Geofencing is a virtual boundary created around a real-world geographic location. It uses GPS, cellular data, or Wi-Fi to trigger a pre-programmed action (like displaying an ad) when a mobile device enters or exits a designated physical location or area.

Emerging marketing trend in 2024

When Rent. published the Ready. Set. Rent. Report 2024 findings included that nearly half of multifamily marketers are considering testing mobile advertising, such as geofencing. Curious to know why?

Importance of geofencing in multifamily marketing

In such a competitive leasing landscape, it is more important than ever to reach the right renter first. RentTarget. Geofencing sends targeted ads to potential renters who are in a specific area and have indicated that they are actively looking for their next home.

For example, let’s say an apartment community is located near a commuter bus stop. The apartment community wants to target these commuters and encourage them to consider renting one of their units. The property would work with Rent. to set up geofencing ads that would display on the mobile devices of commuters who are using that bus stop and actively looking for their next home. Only Rent. can do this because of our proprietary first-party data.

First-party data and geofencing

First-party data is the most accurate, trustworthy data because an organization collects it directly through its channels. The entire Rent. platform, including RentTarget. Geofencing, is powered by first-party data from the Rent. Network, which includes Rent.com, Rentals.com, Apartmentguide, and Redfin, one of the largest real estate listing platforms in the country. This enables all Rent. solutions, including RentTarget. Geofencing, to reach the specific subset of prospective renters who are actively searching for their next home.

Tips for Geofencing in multifamily marketing

Our number 1 tip for geofencing? Use RentTarget. Geofencing because of proprietary first-party data. But we have other tips too.

  1. Define your target area: Determine the specific geographic area you want to target with your geofencing campaign. This could be around your property, competitor properties, or areas and establishments where your target audience spends time.
  2. Understand your audience: Research your target audience to understand their demographics, interests, and behaviors. This will help you create more relevant and effective geofencing campaigns that generate qualified leads that turn to leases.
  3. Create compelling ads: Develop creative and compelling ads that will resonate with your target audience. Consider using location-specific messaging or offers to make your ads more relevant.
  4. Track and measure results: Use analytics tools like RentHQ. to track the performance of your geofencing campaigns and measure key metrics such as impressions, clicks, and conversions. This will help you understand what’s working and make optimizations as needed.
  5. Integrate with other marketing channels: Consider integrating your geofencing campaigns with other marketing channels such as social media, email, and search advertising to create a cohesive and comprehensive marketing strategy.

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#Geofencing
#Marketing Technology
#First Party Data