Marketing in any field is crucial for connecting with the target audience and delivering the pieces of information that they need. The same principle applies to real estate marketing. In order to generate more leads for your property management business, your marketing strategy needs to be on point.
A property management plan is a written guideline that real estate managers use to market their properties. It lets them reach a larger audience, generate more leads, sign more profitable leases, and ultimately, generate more income.
But how do you set up a property marketing plan that works? Here’s everything you need to know.
Who is the target market for this property?
The first thing to ask yourself is who you’re trying to market the property to. After all, how can you develop an effective marketing plan if you don’t know who you are wanting to sign the lease. Think about your ideal tenant and what characteristics they exhibit. To identify a target audience, you can look at their location, age, income, industry, experience, interests, hobbies, etc. However, your identifying strategy is only limited by your creativity.
We are not looking to discriminate against anyone. Think about how the IPOD was originally advertised. They showed hip young adults grooving around to the music. Does this mean they did not sell IPODs to anyone over the age of 30? The complete opposite. Be sure to review your training on discrimination and rules and regulation in your area.
Identifying your target market is especially important if the property is new in the market or has had little marketing in the past. It’s crucial for property managers to clearly define and detail their target audience. Be specific. Doing so will grant you a better insight into how you need to develop your strategy and how you’re doing to approach it.
Where does your target market look for information?
To land the best lease deals for your properties, you need to make sure you’re visible to your audience when they’re looking to relocate. If your prospective clients are not aware of your building, the chances they are going to lease from you are extremely low.
Research where your target audience is mostly looking for property and put out your listings there. Are they hiring a broker or looking on their own. Are they looking on Zillow? Loopnet / CoStar? MLS? Search which online platforms are the most popular among customers of your targeted groups.
What benefits does your property provide them over the competition?
Setting yourself apart from the competition is an essential step of any marketing strategy — and the same goes for property marketing. Take your time and research what your competitors are doing; what’s working for them and what’s not. If needed, don’t shy away from adopting chunks of their strategy.
Look at your proposition from an unbiased eye and define what your property offers that others don’t. Remember, it is important to not be biased towards your offerings if you want to excel at this step; you need to look at the situation from an outsider’s perspective. Some negatives can be turned into a positive if presented appropriately. Near a noisy and busy street? Great visibility! Older property in need of a remodel? That just means it's a classic design, perhaps even vintage.
A solid marketing strategy is everything that stands between a mediocre and a great business — and property management businesses are no exception. It is important, as a property manager, to learn how to adapt to a given circumstance and develop effective property marketing plans for it.
Once you have answered the above questions, the best places to advertise and how to present your property should rise to the surface. Once you have crafted a successful marketing plan and have prospects calling, see the tenants needs assessment for next steps! Have more tips on creating a great Property Marketing Plan? Leave it in the comments below!
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