Using Social Media to Market your Multi-Family Property

Modern Gem Design :: Using Social Media to Market Your Multi-Family Property

In our last blog we talked all about how tech can help make your multi-family property more accessible in a digitally-driven world and today we’re going to take that a step further. Not only does having a strong web presence allow you to reach a wider audience and streamline your renter process, but you also have the opportunity to seek out your target audience directly! When you think about your website, people are generally landing on it from search results, your social media channels or word of mouth -- generally they’re coming to you. On the flipside, social media actually allows you to flip that concept on its side and allow you to seek out and engage directly with your target audience. Social media is so much more than just posting an update here or there and it has a lot of potential when it comes to targeting your audience when done strategically. Here are some tips to make it work for you.

Using Social Media to Network with Your Target Audience

As we mentioned, posting content that is relevant is one part of your social media strategy (and an important one too) but that’s not it! Something a lot of people miss out on with their strategies is actually engaging with others and if you’re just talking to yourself then social media isn’t all that social. So what should you do?

  • Join local Facebook groups: A great way to get in touch with people you think would be interested in renting at your property is going where they are active on social media. One great place to connect is Facebook Groups. There are groups for just about everything and a lot created around local communities. You’ll have to join these from a personal account, so before you start make sure your account is professional and representative of your property. Once you join, you’ll be able to engage with others posts and in conversation around local happenings. Plus, when people post that they are looking for a new place to live or recommendations, you will be able to chime in and let them know about your property.
  • Explore Instagram Hashtags: When you’re looking to network with locals, another way you can seek them out is by monitoring local hashtags. Instagram offers a great feature where you can also follow hashtags now too. Select a handful that are relevant to your audience and then take some time each day to look through them, engage on others’ content and follow others when you’d like to make a connection.

The thing to remember when using social media as a networking tool is that this component is focused on creating relationships. These efforts are more focused on being informational and engaging with others rather than spamming others with ads for your property. This is all about long-term success and increasing your awareness from all angles.

Creating Approachable Content

When it comes to the content on your social media, strive to create content that is educational, interesting and approachable. As we talked about above, when it comes to monitoring hashtags, make sure you’re also optimizing your content by using applicable hashtags that people might use to find your account. People want to connect with other people on social media so make sure your posts are personable! When you highlight new upgrades, don’t just post a photo of them. Showcase someone enjoying them or provide a real-life example on why the feature is so great in the caption. You can also use video content to your benefit by:

  • Doing full walkthroughs of new units available
  • Interviewing the lease managers on the process or their favorite things about the property
  • Showcasing community events
  • Highlighting new amenities and upgrades

We’ve talked about how important it is to showcase that your property provides more than just a home, but a community and your social media is the perfect place to do so.

Give Them a Reason to Follow You

Another important thing to consider when it comes to your networking or content strategy is to make sure you give others an ongoing reason to follow you. You want more than just people to find your accounts when they are looking for a new place to live. Instead, you want appeal to people who are looking for a new place to live, your current tenants, plus those who may want to live at your property in the future. It’s all about finding a balance and a great way to do that is mix up your content. Instead of just posting about your property, try showcasing different articles about things going on in your city, top picks for restaurants and bars, or even local history. By mixing up your content your social media footprint will be more than just a marketing tool, it will be about being an influential voice and valued part of the community. As you increase your community and influence, you also expand the awareness of your property which can also benefit your bottom line which is a win win if you ask us.

Part II: 3 Tips for Completing Your Multifamily Property's Rebrand

In Part I of this blog series, we addressed some of the signs that you might want to consider rebranding you new multifamily property including:

  • Your multifamily property currently doesn't have an identity
  • You want to improve the previous poor reputation
  • You are planning on renovating or adding amenities to your property
  • Your revenue isn’t where you want it to be and you want to attract a higher price point
  • You’re losing tenants to nearby competition

Now that you’ve decided it’s time to rebrand, we’re sharing our top tips to make your property image overhaul a smooth and successful process.

Know your community’s strengths and define your target market

Your community’s strengths are essentially what makes your property unique compared to your competition. Maybe your property has a perfect location or you offer amenities that other nearby properties do not. Whatever it is, knowing your property’s unique value proposition is paramount when it comes to rebranding and appealing to your target market.

Similarly, you’ll want to consider who you are targeting with your new property image. Young professionals? Families? Students? By defining your market, you can build your new brand with this audience in mind. Not only will this help with your new marketing plan but this will also help when it comes to renovations.

Cosmetic repairs are important in rebranding your multifamily property

Most rebranding projects also include some renovations. This will ultimately help attract more future tenants in renting out units of your multifamily property. To evaluate where your property needs the most updating, take a quick scan and evaluate what your target market values most. This will help guide your renovations. Typical renovations that are included in an image overhaul include:

  • Paint schemes (interior and exterior)
  • Clubhouses
  • Outdoor living space
  • Leasing center
  • Fitness center
  • Model units
  • Common areas
  • Business centers

Don’t forget your landscaping. While repainting the exterior of the property improves the overall impression of the property, you should never overlook your landscaping. Pair a freshly manicured lawn and beautiful landscaping with a new coat of exterior paint and your property will certainly stand out to future residents.

Hire experts to set your new brand up for success

There are a lot of moving pieces when it comes to an image overhaul so bringing on help to handle each of these pieces will not only alleviate some stress but also help set your new brand up for success. You’ll want to consider hiring:

  • A graphic designer to help with your new logo and marketing materials
  • A copywriter for your marketing materials and website copy
  • A photographer to take quality photos to show off all the new improvements you’ve made to the property
  • A design renovation firm to help coordinate all the renovations that need to be done

Hiring these professionals can help with some of the heavy lifting so that you can focus on getting the best ROI for your property.

If you’re looking for help with your property image overhaul, contact us today!

Part I: 5 Signs It Might Be A Good Idea to Rebrand Your Multifamily Property

Rebranding your recently purchased multifamily property can provide your property with a fresh start. It gives you the opportunity to evaluate what is working, what isn’t and make adjustments to your brand with your target audience in mind. By doing so, you are able to make a pivot in your current marketing strategy and promote your property in a new way to a completely new audience. But how do you know if rebranding is right for your property? We’re digging in and sharing five reasons it might be a good time to give your property a new look.

Your multifamily property currently doesn’t have an identity.

Can you easily provide an overview of your new property? Would you describe it as high-end, modern, traditional, resort-like? Even if you are able to identify key attributes how are they stacking up with your goals? Do you have a high vacancy rate? Are you attracting your ideal tenants? This is a good time to not only focus on defining your brand but also making sure that definition lines up with your goals. This will help you attract the type of residents that are perfect for your new community and help increase your bottom line!

You want to improve the previous poor reputation.

This is one of the biggest reason you’d want to consider a rebrand for your new property. There are numerous reasons the old owners may have had a less than favorable reputation and in the age of online reviews, it can be very difficult to save a property’s reputation. However, you don’t want this past reputation to hurt your property and rebranding provides you with the opportunity to create a new identity and reputation for your property. This also gives you a chance to improve upon any feedback from previous tenants if needed.

You are planning on renovating or adding amenities to your property.

There’s no better time to rebrand than if you are planning to renovate or adding new amenities. You’ll want to make sure these improvements are highlighted throughout your marketing materials to maximize the return on your investment. Renovations and upgraded amenities can help your property stand out to a new audience and by rebranding you are able to shine light on these upgrades. This will help reflect your new and improved property to attract new potential tenants while also keeping your current residents.

Your revenue isn’t where you want it to be and you want to attract a higher price point.

The reason you’re not attracting a higher price point is because your property isn’t reflecting that. Rebranding can help you craft your messaging and maximize the appeal of your property to your ideal tenants. Often, property owners put a lot of work into renovations and upgrading their properties, but fail to reflect those changes in their branding which doesn’t yield the results they are looking for. By rebranding and positioning your property with more of a sophisticated vibe, you’ll be able to attract that higher price point so ultimately, your revenue is exactly where you want it to be.

You’re losing tenants to nearby competition.

Creating a strong brand identity, especially in a competitive market, is extremely important. If you’re losing potential and current tenants to nearby communities, you’re going to want to take a hard look at your marketing and brand. Are you highlighting the value of your property? All of the amenities and upgrades? What is the competition doing or offering that your property isn’t? It may be time to make some adjustments to your brand identity based off what you find. First impressions matter, especially in a crowded market so it’s important that you stand out.

Looking for assistance with a rebrand for your property? Contact us for more info on how we may be able to help.

Why You Might Want to Consider Rebranding Your Multifamily Property

While rebranding your property or properties may be a large undertaking with several moving pieces including the coordination of the marketing and management teams, it is also a great opportunity for you to create a fresh new look for your property that will not only help boost your bottom line but also gain trust with current residents. Why you might want to rebrand your multifamily property may vary, but the process and the factors to consider prior to starting this project are all similar. So we’re diving in to help you take a look at the entire process and where to start!

Real Life Scenario

You are a real estate investment company or a property management company that has just acquired a one off multifamily property or a portfolio of multifamily properties with a value add strategy in mind. The properties have been severely neglected. They have deferred maintenance and poor reputations within the submarket along with a negative online presence. The property has cannibalized units, poor management staff and previous owners that only had a budget to merely maintain the properties in decent condition.

This is a great scenario that illustrates the time when it may be a good idea to give your property an overall facelift. Rebranding can give you the opportunity to create a fresh perspective and provide more effective marketing opportunities while boosting your bottom line.

With a value added approach in mind, you must have adequate funds budgeted for capital improvements. Doing so should allow you to spend allocated dollars towards improving curb appeal, improving and/or adding key amenity areas and renovating the unit interiors. Being able to focus on getting the property properly staffed is key in getting the property back up and running smoothly, gaining trust from the residents while achieving and maintaining a consistent occupancy of 94-96%.

Define your Target Market

First and foremost, knowing your target market is key to determining the direction of our rebrand. Are they young professionals, families, students, seniors, pet-lovers?

Your target market will influence everything from your new property name to your logo to the color schemes and amenities you incorporate into your property.

Know your Community’s Strengths

Where is you community located? In the heart of the city? Near great schools or close to parks? You’ll want to make sure you highlight these strengths of your property’s location and community when marketing your rebranded property.

You’ll also want to highlight the key amenities you offer that will appeal to your target market. Do you have a rooftop pool? State of the art fitness center? Pet wash station and bark park?

Knowing your community’s strengths will help you highlight these key offerings in your new marketing strategy to appeal to your target market.

Create a New Community Name and New Logo

After determining your target market and your community’s strengths that will appeal to that market, you’ll want to create a new community name and logo. While this may seem daunting, it can actually be turned into a fun crowd-sourcing contest!  

For example, host a contest asking either current residents, property management staff or even both for their suggestions on a new property name with a prize of $200 cash or gift card. This will allow your community to get involved and invested in the new property identity so they are as excited as you for the new brand.

Encourage those brainstorming names to keep it simple and easy for most people to spell. Anything too complicated will make it hard for your target market to remember. You’ll also want to research the area for main street names or natural attractions that may coincide with the new community name.

Once you have names narrowed down, you’ll want to do a city search to make sure that name isn’t already take by another community in the area or there’s not another community with a similar name.

After finalizing the new community name, you’ll want to create a new logo to reflect the name and property identity. It all should flow and make sense for the property location, target market, and community strengths.

Update Marketing Materials

You’ll next want to update all your marketing materials to reflect the new branding. This includes all your brochures, letterhead, floor plans and even your online presence. This includes updating your website as well as your social media accounts.

When it comes to your website, you’ll want to make sure there is no overlap between your new URL and your old URL.

Update Signage with New Logo Design

Along with updating all your marketing materials, you’ll need to update your signage! This includes your monument sign(s), building signs, parking signs, exterior amenity signs, as well as any other signs on your property.

Two of our go-to firms to help with both your new logo and your signage are Fource Communications and Dodd Creative. Both of these are nationwide creative firms based in Dallas, TX and we’ve worked with both on several projects.

Dodd Creative actually created the Modern Gem Design logo and Fource Communications help with new logos and signage packages for most of the properties in our portfolio. Needless to say, we’d highly recommend them for any rebranding and signage needs.

Update your Community’s Amenities

And last but not least, you’ll want to finish off the property rebrand by updating your community’s amenities to reflect the new brand. This will include:

  • Exterior Paint
  • Clubhouse/Leasing Center
  • Business Center
  • Model Unit Furnishings/Artwork/Décor/Paint
  • Fitness Center
  • Pool Furniture

It’s important to note that while it is important to consider a rebrand if your property or properties need it, it is a long-term commitment that requires patience and perseverance. It requires a lot of coordination between various teams and moving pieces that need to work and flow together. It often takes about 12 – 18 months before the total transformation comes to fruition. However, at the completion of the property rebranding, you will have a fresh new look to help attract your target market and boost your bottom line.

If you are interested in rebranding your property or portfolio of properties and need some assistance, please contact us today to schedule a consultation.