How Knowing Your Multifamily Property’s Neighborhood Gives You an Advantage

Modern Gem Design :: How Knowing Your Multifamily Property’s Neighborhood Gives You an Advantage

You may know the ins and out of your property but what about the neighborhood your property is in? While on-site amenities are nice, potential renters are also looking to see what the surrounding area has to offer. Is there close by shopping for convenience? Walking trails? Renters are looking for a property and location that fits both their lifestyle and personality. This means you can actually use your knowledge of the neighborhood to your advantage when marketing your multifamily property.

Know the Area

It’s important that your property manager and staff are all very familiar with the area whether they live there or not. When prospective residents come in for a visit and ask what the neighborhood is like, your staff should be able to easily answer any questions and provide suggestions. Is there close by transportation if needed? Restaurants and bars? Grocery stores? Gyms? Coffee shops? All of these things factor into a renter’s decision and you want to make sure your staff can not only sell your property but also the neighborhood.

They should also know the area’s demographic trends. Is the area downtown with a lot of young professionals or out in the suburbs with more young families? This can also be a selling point for future residents that are not from the area so they make sure they are living in a neighborhood that fits their lifestyle.

Make Necessary Updates to Fit the Neighborhood

Depending on what you find when it comes to demographic research and trends, you may need to make some updates to your property. Are you noticing a lot more gyms and healthy restaurants popping up in the neighborhood? This may be a sign that people in your area are focusing more on health and you can tailor your property updates and renovations to fit that. Or maybe you notice more families touring your property and moving to the area. That may be an indicator that it’s time to upgrade your playground and add other family friendly amenities. Paying attention to what is happening in your neighborhood is a good indication on the types on upgrades you your put your focus on to attract your ideal tenants.

Get Involved in the Community

A great way to get to know your property’s neighborhood better, as well as market it, is to get involved in the community. Whether it’s encouraging staff members to get involved or you do it as a team, this is a great way to get to know the people in your community. This in turn will also potentially introduce your property to those in the community and help spread the word about your staff and your property.

Update your Marketing

Last but not least, once you get to know your property like the back of your hand and you make any necessary renovations, it’s time to update your marketing. You’ll obviously want to highlight the changes you’ve made but you’ll also want to highlight any particular hot spots in the neighborhood that your ideal renter’s would be interested. While saying close to grocery stores and shopping is great, highlighting specific hot spots will help draw in more people. Whether you do so with photos, a map of the surrounding area, or in your copy, it’s important to make sure renters know what they’re getting from both your property and your neighborhood.

If you need help with renovation suggestions based on your area, contact us today to schedule a consultation!