Do You KNOW Your Marketing is Doing Its Job?
Updated: Jun 8
So, you might have noticed there's a lot going on in the news lately, including the SVB bank failure and the fastest pace of Federal Reserve interest rate hikes EVER! While the Fed may start decreasing the pace of interest rates this summer, it's too soon to tell how much impact this is going to have on real estate prices and deal volume and what the Fed will do in the future.
Because we can't know the unknowable, here at Regency we are keeping focused on what we CAN control - operating our properties. Today I want to tell you about a new process we've implemented that has been helping us improve our marketing efforts.
We've started doing a thorough "marketing audit" for each of our properties to make sure our marketing is doing its job.
When you improve marketing, you attract more prospects to your property. This helps increase demand which can help drive up occupancy and rent levels - key components of hitting our business plan targets.
When our team conducts a marketing audit, here are the key things we look for:
What marketing sources are we using, and does each online source have an appealing write up with all our property information? Are the pictures attractive and up to date?
Is our onsite team receiving the leads from our marketing sources? Does every lead go to the right place so our team can follow up with them? Is it easy for a prospect to find information and apply for an apartment?
Do we have attractive printed marketing materials in the office as well? Have we branded the property and marketing with our logo? What can we still improve?
This "marketing audit" is an organized approach to maximize our marketing dollars, and it has already helped us identify issues and opportunities in marketing our properties to prospective residents.
We've found that taking a fine-tooth comb to our marketing approach has paid off and resulted in more leads, higher lease conversion rates, and happier new residents!