The real estate market is booming, with projected revenues reaching over $613 billion by 2023. As a property management company, it's crucial to have effective digital marketing strategies in place to attract high-quality residents and fill your communities quickly.
In this article, we will explore the top seven digital marketing strategies specifically tailored for property management companies. By implementing these strategies, you can attract and engage rent-ready residents for your properties, ultimately achieving a high return on investment (ROI).
The Role of Digital Marketing in the Real Estate Industry
Digital marketing plays a vital role in the real estate industry. It involves promoting your properties through online channels such as social media platforms, websites, blogs, email, and digital ads. Compared to traditional marketing methods like television or magazine ads, online marketing allows you to reach a larger audience more effectively.
With 5.18 billion internet users and 4.8 billion social media users worldwide as of April 2023, not focusing on digital marketing means leaving potential traffic and money on the table. So, let's dive into the benefits online marketing can offer your property management company.
The Benefits of Digital Marketing for Property Management Companies
Digital marketing is essential for all industries, and the real estate sector is no exception. Here are some of the main benefits it can offer your property management company:
1. Higher ROI
Online marketing often offers a higher return on investment compared to offline marketing channels like print ads and direct mail. Digital marketing strategies such as content marketing, social media marketing, and digital property management ads can reach a large audience with a modest budget. For example, email marketing alone generates an average of $36 for every $1 spent.
2. Enter New Markets
Online marketing allows you to reach new markets and target future residents you wouldn't have been able to reach otherwise. By running geo-targeted ads on social channels like Facebook and Instagram, you can reach users in new areas that match your company's target audience criteria.
3. Easy Measurement
Online marketing provides real-time insights into metrics such as conversion rates, website visits, and engagement. This makes it easier to measure results and key performance indicators (KPIs). With this data, you can make informed decisions, refine your marketing strategies, and maximize your results.
4. Get to Know Your Customers
Digital marketing tools like Google Analytics provide valuable insights into your customers' online behavior, preferences, and more. By understanding your customers better, you can create marketing materials specifically catered to their needs, increasing the likelihood of them choosing your properties over competitors.
5. Reach Prospects Throughout Their Journey
Digital marketing allows you to reach potential residents at various stages of their rental journey. Not everyone may be ready to rent immediately, but by creating touchpoints through valuable content, social media engagement, and retargeting ads, you can ensure your brand is top of mind when they are ready to make a decision.
Now that we understand the benefits of digital marketing for property management companies, let's explore the top seven strategies you can start implementing right away.
1. Audit your current marketing strategy
Regularly evaluating your marketing strategy is essential to increase your property's occupancy and overall business performance. Conducting audits allows you to identify gaps, assess your lead sources, and make necessary improvements. By documenting your marketing processes and summarizing your current performance, you'll have a clear roadmap to success.
2. Leverage content to increase website traffic
Creating SEO-optimized content is crucial for attracting online traffic that can convert into new residents. By using location-specific keywords on your website pages and publishing highly informative blog posts, you can make it easier for your target market to find you. Additionally, setting up a Google Business Profile improves your local SEO performance and increases your visibility in search results.
3. Automate lead generation processes
In today's fast-paced world, immediate responses and easy access to information are vital. Automating lead nurturing and lead-to-tour conversion processes can significantly improve your conversion rates. Tools like Elise AI, Hyly AI, and PERQ can help manage conversations, schedule apartment tours, and streamline your operations, ensuring you provide excellent customer service and quick responses.
4. Create targeted ads
Digital ads on platforms like Facebook, Instagram, YouTube, and Google Ads are highly effective for generating leads. By targeting people actively searching for properties, you can increase your chances of converting them into new residents. Consider running ads to "lookalike audiences" or retargeting ads to engage with your warm audience and increase visibility.
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5. Build an online reputation through social media
Social media channels provide an excellent opportunity to showcase your community's lifestyle and attract potential residents. By posting lifestyle content such as community events, local attractions, resident testimonials, and design inspiration, you can make your community an attractive choice for prospective residents. Good customer service and engagement are crucial to establish a positive reputation on social media.
6. Remarket vacant units
Remarketing involves re-engaging with leads who have shown interest in your properties. By following up with leads who haven't responded and revisiting "old" leads, you can increase your chances of converting them into new residents. These warm leads are already familiar with your property, making them more likely to consider renting with you.
7. Leverage reputable partners for more leads
Listing your available properties on real estate sites like Realtor.com can significantly expand your reach and attract rent-ready residents. By partnering with reputable listing sites, you can increase visibility and receive quality leads. Realtor.com delivers 1.8 million monthly leads to its partners, making it easier for you to fill vacant units and increase high-quality traffic to your website.
How to Create a Digital Property Marketing Plan
While each strategy mentioned above is effective on its own, incorporating them into a comprehensive digital marketing plan can yield even better results. Follow these steps to set up your digital marketing plan:
- Identify your ideal resident and determine the social platforms they use most frequently.
- Determine your budget for digital marketing and advertising.
- Incorporate a mix of paid and organic marketing strategies for optimal results.
- Find reputable partners, such as listing sites, to reach a wider audience.
- Focus on marketing to both "old" and "new" leads by implementing retargeting strategies.
Partner with Realtor.com for Quality Leads
To ensure you don't miss out on high-quality residents, it's crucial to have robust marketing strategies in place. By partnering with Realtor.com, you can receive daily quality leads, empowering you to grow your company and achieve higher profits. Contact our team today to get started and enhance your property management digital marketing efforts.
Remember, effective digital marketing can be a game-changer for property management companies. By implementing these strategies and continuously evaluating and refining your approach, you can attract and engage rent-ready residents, fill your communities faster, and maximize your returns on investment.
