So you have bought a new property of your own and wish to rent out your existing property so that it gives you steady monthly income; or you are a realtor and are desirous of showcasing your collection of multifamily residential complexes so that you attract prime customers to the spaces that you have at your disposal.
First things first, before we plunge right into the marketing strategies through which you can waltz into the minds of potential customers, let us first plan according to your target audience.
Let us start with the obvious chunk of people who might look for a place to rent or buy:
The general construct of a family consists of husband, wife and kids and in certain cases some members of the extended family; or it can be a couple who are looking forward to start a family.
If your space has two or more bedrooms with a decent or a swanky kitchen, then you are in the right position to target families to rent or sell your place.
If your space is in a multifamily residential area, then families would love you.
According to multifamily market research, families tend to feel more secure and receptive to the flats present in apartment buildings. They feel a good video from spacious areas where they can go for an evening stroll and their kids will have a safe environment to grow up in. They would also need parking space for their vehicles.
Some aspects surrounding giving your space to a family:
Families generally have a stable source of income so you will not have any difficulty when it comes to getting the down-payment or rent on time. In case of having families as renters, you are in for a long haul with them. You will get a steady source of monthly rent from them as they tend to settle down at a place so that their children could continue with the education and working members can continue with their office.
You might have to move out your furniture as families generally bring their own furniture.
If you have a space which flaunts two or more bedrooms, and is near a school or college and better still, situated near a super market or grocery market, your house is conducive to attract students who prefer to come in a flock of four to six to stay in a 2 BHK or 3 BHK house which proves to be economical for them.
Some aspects surrounding renting your place to students:
You might have to deal with mess as they do not bother much about maintaining cleanliness. They tend to flit between attending classes, doing home works and hanging out with friends.
Some days your place might look like multi-seated hostel especially during parties, sleepovers and group studies. You might not have to worry much about the rent and up-keeping of the house as the
parents of the students generally take responsibility for paying the rent on time and compensating for any damages caused by their wards.
Your apartment space might be conducive for renting it out to the young single professionals, if:
It is a one bedroom or a two bedroom space. Generally young professionals are in a position to pay for renting a whole room for themselves If your place is near offices or better still, at the intersection of major transport hub, so that it will be easier for the office goers to get their transport easily for their work place.
Now coming to some key aspects surrounding renting your space to young professionals:
It might not be long term as youngsters fresh into their jobs tend to switch if they get better opportunities. You can get handsome profits by renting out your space as places near office locality or if they are equipped with god transportation system have high market rate. The young professionals are also in a position to pay the amount as they are working.
In some scenarios you will see that your space fulfills the criteria or check lists of more than one of the categories mentioned above. So now that you have identified your target audience, you will have to make a marketing strategy in order to attract your target customers. According to the need areas mentioned under each category, you can highlight those aspects and create a plan which is tailor made to attract your desired target audience.
Now as any other realtor or real estate agent, you are listing your properties under various uncountable property search websites and applications. They are effective, no doubt about it. After all, one of the first steps that the potential customer takes is to search up his or her dream property in online mediums. The customer might see your advertisement or miss it. You might of course indulge in other conventional stuff like distributing flyers, putting up the To-Let sign outside your spaces and also spreading your birdies all over the town to whisper into the ears of any potential customer regarding the awesome properties which you have at your disposal.
Have you ever thought that you could do something more to generate the required buzz around your spaces! Have you ever thought that the so called strategies which you are resorting to for your real estate properties are the very strategies which are applied by your competitors and hence your awesome properties might get lost in the crowd of pictures flushed by your competitors in the market or internet! No worries now. Time to revamp your marketing strategies!
You have to come up with some alluring real estate marketing ideas to make you a favorite amongst the potential customers. Lo and Behold! Some of the real estate marketing ideas to bring you into the limelight:
Life Event Targeting:
Facebook is one place on Earth where you can post something sitting on one corner of your room which is present in some miniscule part of the Earth and the entire Universe comes to know about it. Any life event, be it your name day, graduation day, engagement, marriage, your silver jubilee or golden jubilee wedding anniversary will invoke a chain of sentiments among the public.
If we delve deep into what goes around during a life event, you will realize that there is a lot of content consumption and purchase decisions involved. This is the perfect platform to advertise your offerings as the minds of the people will be inclined towards purchasing the products and services which will follow in that individual’s life event.
For example, if a person will be graduating recently and is about to start a new job, then he or she is a perfect customer to be targeted for your apartment under the category of students or young single professionals. You can advertise the availability of 2 BHK flats near to the transport hub at a reasonable rate.
If the life event states that the person is getting married or maybe having a baby shower, then you, as a realtor, can advertise the family spaces that you have at your disposal which is available in multifamily residential areas, where the newly married couple can start their new life or new born baby can grow up in a healthy environment.
If there is a life event which says Moved to ABC place, that would be like serving you a customer right on a platter. You can target your apartment advertisements to this new customer who needs a space to start a new life at a new place.
Facebook insights can help you zero down to the profiles and type of consumers who are viewing the life event and are associating themselves with that life event. Facebook analytics helps you reach out and make a tailor made plan for your target audience. It helps in having a focused marketing plan in place and gives you a broader understanding of what your consumer wants. Facebook also helps in zeroing down to the target audience as they provide multiple steps or layers within a life event, like whether the person is a new graduate, or for how long the person has been working. For example, started working in XYZ Company from DD/MM/YYYY’.
So accordingly, you can put that person under a particular category of your target audience and push your products and services towards him or her.
Under Google ads, only 3 classifications of life events are available:
Google Ads employ powerful tools to analyze a virtual visitor’s behavior through Google Analytics, by tracking the websites that he or she is visiting, the videos viewed in YouTube, etc. This gives you an idea regarding the wants and tastes of the consumers.
Yes, there is a new kid in the block which you didn’t think of probably. You will be surprised to know how Pinterest plays a crucial role in reaching out to target audience through ins’. Currently Pinterest flaunts an active user base of 250 million, having over 175 million pins. Pinterest helps you to target your crowd through keywords, interests, etc. Once you surf through the interests and the occasions inned’ by Pinterest, you will get an idea of what your target crowd wants. This is a potential tool to reach out to a wider audience.
Population size in the location
When you have to select your target audience, you have to look into these major aspects:
Have you ever wondered why population size in the location is being targeted?
It is because your advertisement and your reach depend on the population size. Larger the population more should be the segmentation and reach. If you are dealing with a small crowd, it is understandable that the number of segmentations will be less.
Retarget Web Viewers with Property Images
Sometimes when you shop or rather should it be termed as window shop’ in any e-commerce website and leave the site without buying; or you have added something to your cart but left the site without purchasing them, you must have received some kind of mails or reminders from the e-commerce site. You will find a message like “you have left something in your cart” or “our cart misses you”. This is called re-marketing within your target audience. It is much easier, convenient and fruitful to get back to the target crowd who has taken the pains to spend some time looking through your offerings and even expressed interest in them rather than focusing on first time crowd.
Many a times you would be wondering, that despite having a good number of audience coming and viewing your property listing in web, there is not much buzz or interest around it. Did they not like your property? Are they still undecided whether they want this property or not? Honestly you cannot blame our virtual guests to have glanced at your listing and move on to the next. Nowadays customers are so spoilt for choices that even if they are looking at the product or Service of the Year’, they will still keep on surfing to look for more choices. In these scenarios, it will stand you in good stead to remind your web visitors how your property is just the right choice for them.
So here is what happens:
You can rig your website so that your visitors can be tracked.
When a person visits your website, a cookie gets attached to the visitor which is like a tracking device. This cookie tracks the website to which the viewer is visiting or the videos it is consuming. This cookie will then drive the pictures and the information of your website wherever the visitor goes virtually.
So when your visitor will be surfing some other website, he or she will end up viewing your property listing information and pictures. These kinds of reminders invoke the same emotional sentiment which the visitor felt for the first time after viewing your listing. This creates reinforcement in the minds of the viewers and they end up believing that they should look no further and zero in on your property.
Hold an SMS campaign
The fastest, easiest, most convenient and impactful way of marketing will be by sending SMS to your crowd. I will run out of adjectives if I can emphasize how fruitful SMS marketing is. When the virtual visitors go through your website and check out the listings, they can get your contact number, address and other miscellaneous information so that they can get in touch with you in case they reach a decision.
Why don’t you up your marketing ante and help your potential customers reach their decision faster! You can reach out to your target audience and sweep them right at the doorstep of your space. You can send them a message enumerating the specifications of your property, listed according to their needs. Remember the categories of target audience and their needs mentioned above! Your message needs to have just the right and crisp content to allure the customers.
Moreover, chances are high that the SMS you send to your potential customers will be checked within no time. It is like a sure shot way to reach out to your customers- few folks might not have an android phone which supports internet messages, few folks might not have their data pack switched on 24*7, but there is no escape from an SMS. Every basic handset supports this feature. The average time within which a person can access phone and view the message lies between 5 minutes to 10 minutes.
In case of emails or other application notifications, the customer might have the habit of switching off his or her data pack for all you know. There are chances that the customer will not even glance at the mails which will gather dust in the spam folder.
Go for the Value Proposition rather than the obvious; A large spacious 2 BHK flat, with swanky kitchen, large dining hall available immediately. If you are planning to market your spaces in this manner, we don’t know how effective that would be. Again, my question to you is what is something different that you are offering to your customers from your competitors?
Instead you need to target your audience based on the value proposition that you can offer and also hit the right emotional quotient to make them feel, That’s the house I have been looking for.
A spacious 3BHK flat situated very near to the major super market of the locality, having a bus stop 10 minutes away from your place. A big airy verandah from where you can view the beautiful sunrise. Did you know that your complex is also equipped with health centre to take care of your fitness?
Within this marketing message you have enlisted the entire gamut of value proposition that you can offer to families (airy verandah, spacious, health centre), young professionals (they can split the rent and live 3 people at a time and also the fact that bus stop is 10 minutes from their place).
Know thy neighbor, Love thy neighborhood.
It is not just the four walls of the house that interests a prospective buyer. It is the entire set of paraphernalia which comes with the house both internal and external that attracts a buyer. If you sell a first class plush space in a trouble prone zone with shady people living around, of course you will not get a prospective buyer even if you give it away at a dirt cheap rate.
Take your prospective buyers on a tour of the neighborhood, enlighten them about the people living around, the population of the locality, what all aspects and facilities the locality can offer- maybe a good music and dance centre where your kids can learn these art forms, or a fancy restaurant where you can already imagine having dinner with your family.
This is one of the reasons that multifamily residential complex has many takers as they feel assured that apart from the house, they will get a decent and familial neighborhood. Once your customer comes to love the locality and the population mix in it, half your job is done. Make them visualize the apartment as their home.
Take a videographer with you.
Give your customers a nice informative tour of the house. Rather than focusing on showing how fancy or conducive the house is to your demographic audience, tell them what they can potentially do at each part of the house.
To endorse the space to family:
This gorgeous cozy drawing and dining room will serve as the perfect setting to entertain your friends over dinner or your cousins for your birthday party.
This large bedroom will serve as a comfortable haven for you.
To endorse it to young professional or a student:
Look here, this house is equipped with central cooling and heating system, water purifier and what’s more! I can see the supermarket and the bus stop within my line of sight from the verandah.
So you must have got the drift by now! More you make your customers feel that they are already living in that house through your imagination, more the customers will feel inclined to have your space, because, well, they have already lived in that house through your eyes, words and in their mind.
Real Estate Newsletter
Well anything which gets you noticed in a positive way is worth a try.
A real estate newsletter is one of the safest and the best bets to get you and your properties noticed. If you can manage to write a suave newsletter with dollops of value proposition written about each of the properties available round the corner together with some alluring pictures, voila, you can sweep your consumers right in with smartly crafted real estate newsletter.
These are some of the carefully laid out insights, reasoning and data facts which have been enumerated to back up the claim that the above mentioned real estate marketing ideas have a lot of weight around them and will prove to be beneficial once you get it implemented.
Real Estate has always been a golden pot with steaming profits and amazing future prospects, but it is a very tiring business where you have to be on a look out for prospective clients who need your help to give them a shelter. Get these marketing strategies implemented and go grab your customers and house them in your space.