How to Market Multifamily Apartments With a Small Budget

Looking to quickly find suitable renters for your multifamily apartment? Multifamily apartments are a great investment for people looking for a steady stream of income. The key to success, however, is marketing them effectively. The goal of marketing multifamily apartments is to attract potential residents by providing them with information about the features and benefits of the property.

However, if you are worried about the cost of multifamily apartment marketing, this write-up is for you.

The good news is that the demand for multifamily apartments was strong in 2021 and is expected to stay robust through to 2023.

There are many ways to market multifamily apartments without spending a lot of money.

Smart tips for marketing multifamily apartments on a small budget

There are many low-cost or free ways to market multifamily apartments. While we have listed multiple apartment marketing ideas, you will need to tailor them to suit your budget and marketing goals. Here are the top 11 ways to market multifamily apartments on a small budget.

Identify your target audience

The first thing to consider when marketing multifamily apartments is your target audience. Knowing your target audience will help you decide on the marketing strategy, the tone, style, and content of your marketing messages. For example, if your target audience is families with children, then it would make sense to highlight schools nearby or how close the property is to family-friendly amenities.

Some factors to consider when marketing for working professionals are the surrounding amenities and how far the community is from employment opportunities.

Define your targets by demographics (age, income, location, etc.) and psychographics (lifestyle, values, interests).

Think about:

• Who do you want to live on your property - (working professionals, students, families)?
• What do they want from their living space?
• What would be their age bracket and monthly income?
• What is their typical budget when it comes to apartment rentals?

Gather the tools and resources you need

Before going ahead with the other ways to market your multifamily apartment, it is important to take stock of your budget, resources, and tools. Since you need to focus on marketing your vacant property, you will need all the smart tools you can get to organize your property management tasks. Investing in an automated property management system will help you streamline your maintenance, task delegation, workflow, and collaboration. This will give you more time to refine your marketing strategy.

Understand your competitors

Finding out what your competitors are doing will help you understand what marketing tactics work best for this segment and which ones to avoid.

Hire professional photographers

Professional photographs of your multifamily property are the best way to ensure your prospects know what to expect from your property. Tiling, furniture, high-quality appliances, cleanliness, and beautiful surroundings are some details that professional photos can showcase to impress your targets.

Create a website

If you are just starting to market your apartments, then the best thing that you can do is to create a website for your property. A website will allow you to post pictures of your apartment units and information about them. You can also post important facts about living in the apartment complex, such as how much rent is or what amenities are included with the unit.

You can leverage free website-building tools such as Google, WordPress, or Wix. Many of these offer drag-and-drop features and professional-looking templates that you can use to create captivating web pages that showcase your property.

Use the right keywords

Keywords are vital for acing your multifamily apartments' marketing strategy. Using the keywords that your prospects are using to look for rental properties in your area will help you rank higher and be found on Google and other search engines. Use these keywords in your website, flyers, social media ads, and apartment marketing slogans.

Local keywords and phrases are those that contain location-specific words. For example, if your multifamily property is in Alpharetta, GA, you can use these keywords:

• Downtown Alpharetta Apartments
• Apartments for Rent in Alpharetta
• Specific Zip Codes in Alpharetta
• Multifamily Apartments For Rent in Alpharetta

Consider a virtual tour

Virtual tours have become the norm in the real estate industry. By creating an interactive 360-degree virtual tour, you can attract prospective renters in distant locations, apart from creating an immersive experience.

A 360-degree tour is an immersive experience that allows potential tenants to explore your complex as if they were there in person. It gives them a sense of the layout, the amenities, and the surrounding neighborhood. This is also a great way of ensuring your multifamily apartment stands out from the competition.

Leverage social media

You can also try using social media advertising or creating videos about your apartment community and post them on your Instagram, YouTube, or Facebook accounts.

One way to get more people to notice your multifamily apartment advertisements on social media is to boost them. You can expect to pay anywhere from 20 cents to $2 on platforms such as Instagram for each click on your ad.

An easy way to keep track of all your leads and website visits is to use property management marketing software specifically designed for property owners.

Host an open house

To promote your open house, make use of offline and online advertising. For online promotions, leverage Facebook Events and post an attractive cover photo, and boost it with Facebook Ads for more exposure. Combine this with direct mail marketing materials such as flyers, posters, or brochures to reach more prospects.

Reward referrals

Referral programs are one of the most effective, low-cost ways to market multifamily apartments. Offer your existing tenants an attractive incentive such as cash bonuses or rental discounts to refer a friend. Studies show that 83 percent of Americans rely on recommendations from their friends or family to make a purchase.

Advertise on free sites

To keep your marketing cost low, you can advertise on free or low-cost ad sites such as Craiglist or community boards.

Partner with local businesses

Partner with shops or restaurants in your area that can give out flyers with purchases or orders. Check with them if they can share the information about your offers or discounts (such as zero rent for the first month).

Screen your prospects

Once you have a list of prospects, the next step is to convert them into renters. When you are on a limited budget, it is important to avoid the risks of property damage and evictions down the road. This is why investing in a smart Online Tenant Screening tool is vital.

For instance, ExactEstate's built-in Tenant Screening helps you identify and manage high-quality leads and quickly convert them into tenants.

Get ahead with smart property management tools

Multifamily apartments can be a great investment, but they can be difficult to market without a large budget. This article provides tips on how to market multifamily apartments on a small budget and other apartment lease up marketing ideas. One of the best ways to market multifamily apartments is by using property management software.

ExactEstate offers a variety of customizable property management software that can help multifamily property managers improve efficiency and fill vacant properties faster. Get in touch with us today to get a quote.