How to Market Single Family Apartments With a Small Budget?

Property owners and managers these days have to involve themselves in a fair share of marketing activities to reach out to prospective buyers and/or tenants. Some owners and managers have a lot of money to burn and have the luxury of splurging when it comes to apartment marketing. However, many others don't have the luxury of spending big on marketing, and they often wonder how to get their message across effectively.

If you are one of those property owners or managers who are wondering how to get the best out of marketing your apartment on a small budget, read on. In this post, we'll take you through some inexpensive yet effective apartment marketing ideas that will help you to compete with the people who invest tons of money into marketing their single family properties. So, without any further delay, let's get started!

Create a website

Making websites was once expensive, but those days are long gone. Nowadays, you can create a website for your single family apartment within a matter of minutes. However, what's more important than creating a website is optimizing it. Here's how you can optimize your single-family property website:

• Make it easy for end-users to navigate
• Ensure that its layout is visually appealing
• Optimize it for mobile devices, as most internet users rely on their mobile devices to access websites these days

While you can put a lot of money into creating a website, there are plenty of inexpensive tools you can also consider. For instance, Wix is a website-creation platform through which you can access free and paid options.

Word-of-mouth marketing

Creating residential referral programs is one of the best old-school ways to market single-family apartments. Here's how they work - your existing tenants refer your property to their family and friends. It might come as a surprise to you, but the fact is that these programs work because they operate on trust.

However, you can't expect your existing tenants to promote your property just like that. If you want them to refer your property within their respective circles, you have to offer them some reward or incentive. Even a slight discount on their existing rent would work. If you have money to spend, you could also offer them cash bonuses.

Take to social media

This goes without saying - social media platforms are among the most effective marketing tools right now. If you aren't promoting your property on platforms like Instagram and Facebook, you better get started immediately. You can build awareness regarding your property and entice buyers and/or tenants through a combination of text, images, and video content.

Again, you can choose to keep things simple and affordable by making the most of the free features available across these platforms. Or you can invest in ads to target your audience based on profession, zip code, and more. You can also create catchy and memorable apartment marketing slogans and use them on social media to develop a brand identity.

Capture high-quality photographs and videos

There's nothing quite like high-quality photography and videography when it comes to capturing the attention of your target audience. These days, even mid-range smartphones come armed with multiple cameras that you can experiment with to get detailed photographs and immersive videos.

However, if you truly want your images and videos to be of stellar quality, it's best to get them captured by a professional. Be on the lookout for professional photographers and videographers who offer their services at affordable rates without compromising on quality.

Develop lease renewal strategies based on your peak season

Apartment lease-up marketing ideas have gained ground recently, which isn't surprising. For property owners and managers operating in markets with peak and off-seasons, these ideas can drive results and guarantee financial success.

The best way to incorporate these ideas is to develop and fine-tune a strategy and then, of course, implement it. Lease renewal strategies are typically based on the expiration date of the existing leases. Ideally, it would be best to start your marketing efforts around two months before the upcoming season.

Collaborate with businesses in your community

Restaurants and other local shops in the vicinity of your single-family apartment can be of huge help in terms of promoting your property. For this to work, you need to approach the shop owners and tell them that you want to collaborate with them. A successful collaboration will yield business benefits for both you and the shop owners you collaborate with.

For example, a collaboration with a popular restaurant in the local community will spread the word about the availability of your property among the restaurant's customers. In return, you can suggest your tenants to try out the delectable dishes served by the restaurant. By leveraging one another's customer base, you'll generate business for each other.

Take prospective tenants or buyers on a tour of your property through an app

Images and videos are great, but what's even better is a virtual tour, which can help your prospective buyers or tenants feel what your property is all about. There's a wide variety of virtual tour apps you can turn to for this purpose, which all have certain expected benefits to offer.

For starters, potential customers can access the virtual tour of your property at any time, as the tour will stay available round-the-clock. Then, there's the benefit of being able to embed the tour on your official website. Additionally, you can also send emails containing the tour to potential clients.

Encourage existing tenants to write online reviews

Most modern-day consumers turn to online reviews before buying a product or service, and the same goes for people looking for a property. That's why you must encourage your existing residents to write reviews about your property so potential leads have all the relevant information from the horse's mouth.

From Facebook to Google - whichever platform you're marketing your property on, ensure those platforms have reviews. Also, encourage residents to write honest reviews instead of exaggerating things. This will provide clarity to future buyers and/or tenants, allowing them to make the best decision based on their interests.

Advertise your property on radio

There was once a time when radio was the most potent marketing platform. Now, the marketing power of radio has dwindled in front of juggernauts like social media. However, it still holds some potential. The best part is that getting an ad on the radio is quite affordable. So, if you're on a budget, you should consider purchasing a radio ad.

It's important to remember that radio ads tend to be crisp and concise. So, don't be too elaborate with your messaging. More often than not, it's direct messaging that rules on radio. Of course, include at least one call-to-action message.

Conclusion

So, these were some of the best ways to market single-family apartments on a budget. Of course, you can choose not to explore all these avenues and only adopt a few ways depending on how small your budget is.

ExactEstate is a company that specializes in single-family property management software. So, if you want to experience the benefits that ExactEstate's property management software has to offer, take a demo.