(Read Part 1 here)

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As we explored in the first installment, even though the peak leasing season is slowing down, there’s still a consistent flow of renters searching for new homes, often in a crunch to find their next place. These renters are often more eager to find a place quickly. By keeping your marketing channels active, you can ensure your property is prepared to attract potential residents and meet occupancy demands.

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Here are a few more areas of focus to clean up during these slower months that may just help you meet or exceed leasing goals. After evaluating each of these silos, it’s absolutely crucial to measure these efforts in order to plan for the ramp-up in 2025.

How is Your Online Reputation Management System?

Are you featuring resident feedback in the form of reviews? If not, you should be! Just be sure the reviews are up to date. Go ahead and refresh any reviews with new reviews that are no more than three months old, if possible. Don’t have fresh reviews to use? Now is a great time to request additional reviews from current residents.

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The viewpoints of strangers are more valuable than those of friends and families when it comes to apartment hunting, with 84% of prospects using reviews as a guide compared to just 62% asking family and friends, according to data by Rent. Prospects are more likely to peruse the reviews of a community, see what works and what doesn’t and gain an understanding of how management handles this input. A poor review isn’t a problem unless it hasn’t been addressed by management or it continues to be a theme throughout the reviews over time. Staying on top of reviews and responses is vital to digital marketing. Equally as important is to ensure you are constantly gaining new, fresh reviews. Both of these can be accomplished by utilizing third-party reputation management systems.

What About Hyper-Targeted Geofencing and Digital Display?

Implementing a successful digital marketing campaign means reaching the target audience effectively and generating qualified leads. While these two channels have different approaches, their goal is the same — to reach the people most likely to rent from a community. Both of these types of marketing campaigns are great for both gaining interest in your property, as well as retargeting people who have viewed your property (either via your property website, social channels or via a partnership with a 3rd-party such as an ILS) to help run a hyper-targeted campaign. 

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That Call Could Be Your Next Resident!

Even in the slower season, (is there a slow season?) the leasing office is often stretched. That coupled with the renter’s expectation of immediate response - 24/7, makes it almost impossible to keep up. According to Rent. lead nurture data, multifamily professionals report that only 50%  of phone leads get responded to within a few hours and 16% of leads are missed entirely. But with today’s technology, there are ways to help ensure the property team’s time is focused on the things that really need their attention and AI technology can handle a lot of the rest. No matter what time of day, or night. AI can even help schedule a tour directly with the potential resident. Renters are finding their next place more quickly than anticipated, so a missed call that takes 24 - 48 hours to return could mean the difference between a lead and lease.  

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Check the Scoreboard:  What is really working? 

When crafting a successful marketing campaign, it's not just about creating engaging content and reaching your target audience; it's also about measuring your efforts to ensure they're driving the desired results. Some marketing efforts are about driving awareness, some are about closing leads. Both will have very different KPIs to measure their success. The KPIs will vary by the campaign but could include leads, visits to the website, leases or tours booked. It’s important to align with your team on the intent of each marketing effort before you launch. Align on the appropriate KPIs based on intent and align on what would be “good” performance - before you launch.  

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A well-structured measurement plan is crucial for understanding how your marketing activities contribute to your overall business goals. This involves implementing proper tagging on your website and tracking key metrics such as click-through rates, conversions, and time on site. Additionally, attribution modeling helps you determine which marketing channels are most effective in driving customer acquisition and retention, allowing you to optimize your strategy and maximize your return on investment.

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Prioritize online reputation management and consider implementing AI technology to streamline operations and enhance customer service. By optimizing your marketing efforts, you can attract motivated renters and maintain a high occupancy rate throughout the year.

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This article was originally published on Multifamily Insiders on November 7, 2024.