5 Marketing Ideas for Your 2021 Apartment Lease-Up
by McKenna Hogan, on Feb 11, 2021 8:30:00 AM
Currently have an apartment in development this year? Take a look below for 5 marketing ideas for apartment lease-up in 2021 that will help you exceed pre-leasing goals.
1. Jump on the tech trend
As a direct result of the ongoing pandemic, technology in real estate is finally receiving the attention it deserves.
According to Amy Tucker of RAM Partners LLC, technology such as 3D renderings helped exceed pre-leasing goals of their apartment development, The Collins, during its lease-up.
Reaching 53% units leased before their grand opening, Tucker states that 3D renderings for The Collins actually increased the interest level of prospects searching locally—even more so than the photography of their competitors.
Aside from excitement about the amenities, the mere technology was enough to wow prospects into signing a lease.
Throughout the pre-leasing process, you can also leverage 3D floor plans, virtual staging, a virtual tour, or even a virtual reality experience.
Providing tools that can show renters all about your community, can do wonders for gaining trust as well as increasing awareness of your brand new apartment community.
2. Promote apartment touring options
Right now, one of the most important characteristics of a business has to be social awareness. And with social awareness comes the incorporation of touring options to cater to each individual's needs.
For apartment developments, hard hat tours of the property under construction are known to be pretty common. Unfortunately, not all renters are comfortable going to a site in person to tour the property.
Providing alternatives to this method, such as a virtual tour, videos, or drone footage, can be an excellent first step in guaranteeing your property is being seen by everyone, even when hard hat tours aren’t possible.
Not only will prospects appreciate this, but you’ll also get more eyes on your soon-to-be apartment community.
3. Bump up your "extras"
In conjunction with point number one, amenities have been proven to make or break renters’ decisions.
In fact, data shows that renters not only prioritize amenities, they also prefer a specific type: common areas.
Even though the ongoing pandemic has encouraged safe practices in public spaces, and even avoiding them altogether, apartment renters still desire community-based spaces where they can work and socialize.
Below are a list of common apartment amenity trends to add to your lease-up marketing ideas.
- A rooftop area with fire pits, a grilling area, a pool, etc.
- Partnering with local restaurants or stores
- Having a dedicated space for delivery pickup
- A fully-stacked clubhouse
- A space for people to work from home
- Tech or gaming zones
With many restaurants and entertainment businesses closing down - possibly for good - renters are really searching for a safe but fun way to interact with others.
By having and promoting these extras as a marketing idea for apartment lease-up, you’ll without a doubt stand out among competition, while also boosting interest immensely.
4. Offer incentives with a referral program
As a brand new apartment community, the first thing you’re going to want to do is get the word out about what you have to offer.
While social media and digital tools are excellent in kick-starting this, it’s also great to have personal recommendations—especially since you won’t have any tenant reviews yet.
As a means of spreading the word about your apartment development, as well as increasing the chance of converting leads, creating a referral program is a perfect marketing idea for apartment lease-up in 2021.
To initiate this strategy, all you have to do is promote the incentive program through your website, social channels, ILS, etc., and then continue to keep track and follow-up with any inquiries.
This is not only beneficial for lease-up, but it also provides the opportunity to create a transparent and trustworthy relationship with renters.
5. Consider hosting a (virtual) grand opening
All of the benefits with none of the concerns. Get to know your renters - and let them get to know you - by hosting a virtual grand opening for your apartment development.
Take a look below for a few benefits of a virtual grand opening.
- Prospects can have friends join virtually who may garner interest as well
- You get the opportunity to promote your brand
- You can get to know renters on a personal level safely
- You may get some ideas of how to improve your new apartment community
- You can show off your digital tools by hosting a guided virtual tour
The best part of a virtual grand opening is getting to know and communicate with all of your renters and potential prospects to finally establish your community.
And to top it off, it's safe and it's informative for everyone involved!
It all comes down to catering to your renters' needs
Apartment renting right now can be a bit scary without the right information—especially for a community you can’t yet visit.
What consumers are looking for most of all is a safe and smart investment. Take some time to put yourself in renters’ shoes, and show them you care by showing up and listening to their wants and needs.