webinar
Apartments.com
How Properties Under 50 Units Can Boost ROI
If you own or operate a property with fewer than 50 units, what can you do to boost your occupancy rate and bottom line? Apartments.com’s Ame Gilbert shared tips for these properties in a recent webinar, highlighting key challenges faced by this segment of the multifamily industry.
For advertising, think year-round
Why advertise online if you don’t have a vacancy? Increased awareness can establish a wait list and reduce vacancy loss, Gilbert explained.
“The next time you get an unexpected move-out, you don’t have to go back to the drawing board,” she said.
As occupancy rates increase, properties are better positioned to raise their rent, boosting their overall revenue. For properties under 50 units, vacancy losses can have a much larger impact than on multifamily communities with many more overall units. These vacancy losses can add up to thousands of dollars more than the cost of advertising.
Go where the renters are
Today’s renters go online when they’re looking for a place to rent, Gilbert said. This applies both to local renters as well as those searching outside your market.
About 40 percent of renters on Apartments.com search from out of town, Gilbert said.
“To reach these renters, you have to be where they are: online,” she said.
In their search, renters expect a user-friendly experience with detailed information about the property, available units, and neighborhood. Renters aren’t just looking for a place to rent but a home to live in.
“They want to get a sense of what their life will be like,” Gilbert said.
And 82 percent of renters, according to a recent survey by Apartments.com, want to see photos of the individual units.
Resources and tools to streamline your business
What can you do to meet renter expectations and improve your operational efficiency? Gilbert highlighted a variety of useful tools, from rent comparables to lead detail reports, that can help you gain a deeper understanding of the local competition, price your available units appropriately, and identify your properties’ top sources of traffic.
She also broke down the different types of media that renters use to evaluate their next place to rent. 3D virtual tours, for example, offer renters the ability to see apartments from afar — and explore how their furniture will fit in the space.
The importance of being proactive
A proactive advertising strategy is about more than just filling vacancies as they come up. This future-oriented approach can strengthen your properties overall.
“A business that takes a proactive advertising strategy is a stronger business in the long run,” Gilbert said, “with higher occupancy, greater revenue, and a better reputation among renters.”
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