The Marketing Funnel for Multifamily Explained
As a multifamily professional you’re probably already utilizing a marketing funnel (even if you don’t know it). We are sure you’re expected to fill empty units month after month on a shoestring budget. That’s why understanding and optimizing your marketing funnel can help stretch your marketing dollars significantly. We will be breaking down the key steps of the marketing funnel as it pertains to the multifamily industry. So, it's time to get strategic and increase your ROI while making you look like an MVP.
Marketing Funnel Explained
The marketing funnel is more than a cone shaped visual tool, it’s a model that describes the various stages of the renters’ journey. It’s the process of turning prospective renters into actual renters, from discovering your property online to signing a lease in your office. Knowing how potential renters are engaging with your property helps you discover what’s working versus what areas need improvement. You don’t want to blindly throw marketing dollars at the wrong channels in hopes of boosting your occupancy level. That’s why you need a ‘start to finish’ strategy in order to ensure better results.
Awareness: Top of the Funnel
The goal of the the awareness stage is to cast a wide net and filter out unqualified or uninterested prospects. This is where you would advertise to a broad audience; think Google searches for “apartments in Phoenix”. The top of the funnel is intended to make sure potential renters are aware of your property and it’s amenities. You can boost awareness through Local SEO, pay-per-click campaigns, content marketing, and email marketing. The wider the net the more fish you can catch.
Interest/Decision: Middle of the Funnel
Now that potential renters are aware of your property, what’s next? For the renter, this is the research phase. Renters are spending more time than ever researching your property online, reading reviews, comparing prices and scoping amenities. This is where the funnel narrows, filtering out unqualified prospects.
Having a user-friendly website with high quality photos and videos can help your property stand out. By using Google Analytics reports, you can view every step that potential renters takes as they explored your website. This is where you can see what pages are performing well and what pages may be need to tinkered with. Proper adjustments can help renters make a final decision.
As the potential renter moves further down the funnel, your chance of gaining a new tenant increases, it’s decision time. These prospects are now aware of your property and you have piqued their interest. Keep in mind that a prospect filling out an application for an apartment does not mean you’re in the clear. Renters often visit 5-7 different properties before signing a lease. Remarketing is key in keeping your property top of mind. Try running display ads targeting your website visitors or sending a personalized text message to sway that potential tenant. The more exposure prospects have with your property, the more likely they are to schedule a tour.
Action: Bottom of the Funnel
Now to the exciting part! The bottom of the funnel is where prospects turn into tenants. Renters are ready to sign a lease. Cha-ching! In most cases, prospects who have made it this far just need that final nudge - a compelling call-to-action (think about waiving an application fee or a discounted deposit) to push them over the hump. Access to e-applications and digital signature options allow tenants to sign the lease immediately after viewing, giving you the competitive edge over properties that are not as savvy. Also, consider extended hours for leasing agents during peak rental season. This is the time of year that the extra investment can really pay off.
Marketing success comes from not only getting someone's attention, but from keeping it throughout the entire funnel. If someone is vaguely aware of your community but doesn't lease from you, then all you've done is burned money raising awareness. Simply creating awareness is not enough, use your marketing dollars to shepherd people through the marketing funnel. With a strategic marketing funnel in place you will be filling those empty units in no time.
Just reach out, we can help you build out a strategic marketing funnel for your property for the coming season.