5 Tips for Increasing Occupancy Rates at Your Apartment Complex
Aug 24, 2015
5 Simple Ideas to Increase Your Occupancy Rates and Increase Net Operating Income at Your Apartment Complex
Austin, Texas: We sell a ton of imprinted gifts to apartment complexes so we wanted to lend our expertise in discussing 5 proven strategies to increase apartment occupancy rates.
These steps can all be used in conjunction with one another to help market your apartment complex and to be seen in a more favorable light.
5 Proven Strategies to Increase Apartment Occupancy Rates:
1) Create a Referral Program: Your current tenants are the easiest way to reach new ones. Favorable word of mouth is more believable than any other form of marketing, so why not offer your tenants an incentive to refer one of their friends?
Referral incentives can ranger from monetary rewards to a nice branded gift or even a local restaurant gift card.
Test a variety of options and see which works best for your market.
2) Increase Your Mobile Presence: More people are searching on their mobile devices than ever before and that percentage is growing exponentially each year. Be sure your marketing and branding efforts are reaching the mobile market.
Be sure your website is created or modified to fit email browsers. If you make it difficult for your target audience to find or contact you, they will click onto another apartment property in 3 seconds.
We just spent tens of thousands of dollars converting our own website, GeekTechBranding.com to be responsive to any browser–so it looks good on any device. It has been worth every penny so far!
3) Encourage Pre-Payments of Several Months (or a Semester in Advance): We have many apartment complexes that encourage a semester in pre-paid rent by offering gifts such as imprinted Bluetooth speakers or imprinted selfie sticks. We have found that these pre-paid incentives work best in college markets. Again, test, test, test to see what works best for you.
4) Reward Realtors and Apartment Locators: People are still using apartment locators and realtors to help them find properties so reach out to these professionals and present yourself to the ones in your area. Bring high-end imprinted gifts that will be used and appreciated, such as branded power chargers and even imprinted logo messenger bags –which will keep your name in front of these referrers all year long.
5) Improve and Increase Your Social Media Visibility and Presence: People are using Twitter, Instagram, Facebook, Periscope and other forms of social media at increasing rates– so be present where they are looking, when they are looking.
You can easily run target Facebook ads in your target audience and reach your specific demographics. Same holds true for many of the other social media sites. The nice thing about social media advertising is that it can only be used when and if you need it — and can be stopped and started any time.
In addition to your social media advertising, be sure your social media presence on Facebook and Twitter (and any other sites) is updated constantly. Encourage responses and feedback and reply to them immediately. This shows that your are responsive to your tenants and prospective tenants, as well.
Post updates that are of benefit to your tenants– activities in your community, coupons from nearby retailers and restaurants, ideas, tips and more. Post fun pictures from your property. Have contests. Encourage the sharing of photos on your site.
Following these five steps can help you to quickly increase your apartment occupancy rate, as well as increase your ROI.
Get started right away and track your results. Be flexible and be willing to try new ideas out.
Monitor what works best for you – and continue trying new ideas.