Marketing Vacant Units

Apartments that miss leasing inquiries or wait too long for follow-up with prospective renters may be throwing away money. Multifamily call center data shows that more than half of email and text inquiries come in after business hours and conversion rates drop the longer it takes for the property to respond. Industry experts say that…

Many can agree that customer loyalty is the cornerstone of a successful business. Depending on the industry of interest, acquiring a new customer can cost a company five to 25 times more than retaining an existing one. Furthermore, according to research done by Frederick Reichheld of Bain & Company, increasing customer retention rates by 5 percent…

Like baseball has spring training and football has training camp, budgeting has its own preseason. It’s the time before the crunch that property managers and administrators prepare for planning the next year’s budget. Or at least they should be. Never mind the two-a-days, budgeting preparation shouldn’t be that exhausting. But advance preparation should be spent getting ready…

As a multifamily executive working in the Digital Age, you most likely invest in a website to help your apartment community attract potential renters, engage current residents, and execute an overall successful marketing strategy. But, with the demand for businesses to have an online presence becoming greater, competition is now steeper, making it more difficult for…

  Two-thirds of poor households in Detroit have annual income below $20,000 Developers might have little incentive to target the neediest households City is creating $250 million fund to maintain affordable units set to expire Detroit’s lack of affordable housing could become much worse in the next few years, and those most in need are…

The strong supply growth in most major markets is just another confirmation that multifamily construction financing is still a competitive environment. Underpinned by a variety of factors—such as availability of capital and a growing interest for urban core development—capital costs have started decreasing. Jonathan Lee, principal & managing director of George Smith Partners, provides more explanations…

In the multifamily industry, marketing and leasing are typically executed by two different teams from two different companies. With advancements in digital marketing and customer relationship management (CRM) tools, taking a lead through the sales funnel to a signed lease is much more effective when marketing and leasing are under the same roof. Multifamily developers…

A recent report revealed that modern marketers struggle to leverage all of a business’ accessible data into their respective marketing campaigns. If you’ve been in the trenches of big data yourself, it’s not hard to see why. Although big data has been the buzzword in our industry for years now, the oversaturation of it intimidates…

The more things stay the same in the multi-family real estate industry, the more things change. Marketing multi-family developments has always required an insightful, data-supported knowledge of the target audience and a strong commitment to serving their daily needs. While all those fundamentals still ring true, we are, however, seeing a shift among the largest…

America is aging, which explains why senior housing is the 2nd best investment sector out of 24 the Urban Land Institute identified in its 2019 Emerging Trends in Real Estate report (for the curious, fulfillment is first). U.S. Census statistics show all Baby Boomers will be over 65 by 2030, so senior housing’s investment potential makes sense. A…