Change of Management? Here’s How to Show the Value of Apartments.com

Your multifamily property was recently acquired by a new owner or management company. And with new ownership come new decisions.

Some changes might include freshening up the building with new paint colors or rebranding the community under a different name. But what about when new management replaces your tried-and-true marketing strategy?

As someone who’s seen your property through good times and tough times, you know that advertising on Apartments.com brings you the kind of high-quality leads you just can’t get anywhere else. But maybe your new management isn’t onboard yet.

Here’s how to make the case.

 

Understand the company’s priorities

Who makes the marketing decisions in your company? You’ll want to know who determines which marketing sources to use. Identify the person or people you need to convince, and gather information about what’s motivating them. Is cost reduction a top goal for new management? Maybe it’s improving your return on investment (ROI).

For over three-quarters of multifamily decision-makers, meeting or exceeding occupancy goals is a top marketing objective, according to a recent survey on advertising strategy.

Pay attention to how your company’s decision-makers communicate and what their rationale is. When you know what’s driving leadership, it’s easier for you to speak to their concerns and objectives.

 

Make it personal

As an onsite staff member, you bring a different perspective to the leasing process than someone who doesn’t have your hands-on experience at the property. So give the decision-makers a glimpse into your day-to-day.

For example, what does leasing efficiency mean on the ground? How much time does it take to field and convert leads? What happens when you have to answer basic questions about your properties and available units? What tasks and responsible are you unable to complete when you’re dealing with low-quality leads?

 

 

When you’re actively following up on leads day after day, you can’t afford to waste time on leads that aren’t viable. Highlight the efficiency that you and your colleagues gain from having an effective advertising strategy.

 

Show your work

The numbers don’t lie. When you can show data on the numbers of leads and leases coming from advertising sources like Apartments.com, this can help build an objective case for success. This can be especially effective when you’re talking to decision-makers who rely on data to develop their strategy.

If you have access to this information, cite numbers to show that your previous advertising strategy under Apartments.com helped drive lead-to-lease conversion.

For example, 88 percent of renters who scheduled a tour at Willow Bridge and 80 percent of those who completed an application had previously visited Apartments.com.

What if you don’t have access to this kind of data? Think about other data points you can gather, such as the examples of recent residents who moved in after seeing the property on Apartments.com or the conversations you have with prospective residents touring your property. How many times do you hear, “I saw you on Apartments.com” from renters who end up becoming your next residents?

 

Anticipate concerns

Be ready to answer common objections, like the following:

  • We need to cut costs.
  • Our vacancy isn’t high enough to justify it.
  • We’re investing in our website and search.
  • We’re trying a new approach.
  • Lead volume is too low.

You’ll want to acknowledge the importance of these objections. And relying on your own experience, you can point to the specifics for your own property.

For example, you may want to share your experience with sudden move-outs at the property and how long they take to fill — with and without an established advertising strategy.

You can also share what prospective residents tell you when they contact you for a tour or during the lease-signing process. How did they find your community and website, and was Apartments.com part of that process?

Most properties consider cost-cutting an important tool, especially when renter demand is low. And after an acquisition, your property’s new management is likely eager to generate returns on their investment. But when cost cutting targets a tool that brings in new residents, this attempt to increase revenue can be counterproductive.

 

Demonstrate partnership

In the end, it’s the marketing decision-makers at your company who will develop the advertising strategy for your property. Whether they follow your recommendations or take a different route, build a positive relationship, and show that you’re there to support the goals of the new ownership.

By sharing your experience from the front lines of leasing, you may plant the seed to inspire a new perspective.

 

Explore advertising best practices

For other resources on advertising your property effective, check out these tips:

 

Other resources for change of management

Did you know that Apartments.com offers other tools that can support your property through a transition in management?

Oftentimes, properties will roll out new software or policies to align with the goals of the new management. How can you easily communicate these changes to your residents? Templates from MyMedia, a resource library available from Apartments.com, can make the transition easier. Whether you’re promoting a new community portal or alerting residents to changes in amenity hours, it’s easy to create beautiful, customized emails and flyers.

And, to maintain your online reputation through the changes, the Social & Reputation Suite can help. We’ll monitor and respond to residents’ reviews, ensure your branding and business details are accurate and consistent across the web, and more.

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