Strategies And Mindsets For RecessionProofing Your Multifamily Marketing

In the next year or two, the US will likely experience a recession, a word that will send chills down the spine of anyone involved in multifamily marketing. It can be difficult for people to spend their money on a particular property, especially at a time when most people are reluctant to do so.

But even in recessions, a strong recession-resistant marketing strategy can work to retain the population and attract new residents. So how can players in the multifamily housing industry improve their marketing?

Automation Made Easy: Do More With Less

Some see the potential slowdown not so much as a burden as an opportunity for those working in multifamily marketing to improve their skills. Shaun Landsberg, senior vice president of operations at Dasmen Residential , agrees. "I am thinking of maximizing our performance in the market today," he said. "How can I get more and better companions for less money?"

For Landsberg, much of this is achieved through automation. Dasmen Residential uses Meet Elise, an AI-powered chatbot that can interact with potential tenants in real time. “It's amazing how someone can email our company at 4:02 a.m. on a Saturday, and by 4:02 a.m. get a very detailed answer to every question,” Landsberg said.

In the age of instant communication and the repetitive nature of business in a timely manner, the use of such software makes a huge difference in maintaining a reputation for reliable communication and thus marketing flexibility. "Using AI-based software really helps us achieve that," Landsberg added.

Elaine Thompson, CEO of Multi-Family Digital Marketing and Automated Rental Risbag, agrees . “If you have a chatbot, you can convert 38% more leads,” he said. “It makes sense: People want to connect with the chatbot and get to know them right away (and) arrange a visit. It's not about making them useful, it's about converting them.

Boost your Google Business Profile and Social Media Presence

An abundance of positive reviews and details about the property is another important way to stay relevant. “People spend more time looking for housing before they reach the communities,” Thompson said. "They see [your] ratings and reputation signals along the way."

An important starting point is the Google Business Profile. According to Thompson, 60% of organic traffic comes from there. The reasons for this are varied, from Google's dominant market share, its strong performance as a business engine compared to other advertising channels, the cheap and accessible nature of the platform, and the fact that a lot of SEO is specifically designed for Google. . .

Landsberg believes that actively monitoring and optimizing Google's business profile is one of the quickest things a manager can do to increase their marketing. "In today's market, something as simple as increasing your ranking on Google will make more people see your ad and are more likely to fill out a contact form," he said.

It is critical for Google to have a healthy and affordable presence in the social media and advertising landscape, especially understanding the specific websites that potential customers are most likely to visit.

According to Landsberg, it's helpful to use high-quality web listings, free listings, and sites like Bing, Yelp, rentpath.com, and apartmentratings.com. Launching a large network involves greater commitment, and ensuring that the network is robust across all its nodes is critical to maximizing business commitment.

The main concern is the number of stars

Making sure your community ranks well is another important part of a solid marketing program. “If you are 3.1 (star) and everyone else is 4.1, you may lose your advantage,” Thompson said.

Landsberg adopted a strategic understanding of when residents are asked to write a review. “Select reviews and ask for them at the right time when someone moves in or an interview application is filled out, when they are likely to be the happiest,” he said. The Dasmen Residential team has automated this process with software that requires review when a work order is changed or completed.

Beyond digital: meeting people wherever they are

It may be tempting for marketers to think they're done after creating a multifamily business profile or receiving a lot of positive reviews, but it's important not to get complacent.

“Things that worked before 2020 will not work as the economy, market and tenant perspective change, ” said Noah Echols, the company's senior vice president of marketing and customer experience. “The marketing game is figuring out where your audience is and where your segment is headed.”

Barbara Savona, CEO of Sprout Marketing , a multi-family home marketing, consulting and advertising firm, agrees. "The best marketers adapt in the most authentic way to what is happening and adapt their marketing to respond to the consumer in life," he said. Savona sees the kind of multi-family marketing that can prevent stagnation on a case-by-case basis; What might dramatically improve a company's performance during a recession may not work for another.

However, the focus should be on the people you are marketing to. "82% of people want to associate the face with a brand," Savona said. “Understand how to talk to each group. For some, you may have a dedicated social media team. For others, you may want to double your customer service. What is the biggest impact on your bottom line?”

Positioning yourself not only as a brand, but as a service that can interact with residents on a more personal level will greatly increase their trust.

"Separate yourself from the crowd," said Savona.

Read MHN November 2022.

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