It’s hard to believe that the new year is just around the corner. With the end of the year nearly upon us, what does your marketing plan for 2025 look like? If you haven’t started on your advertising strategy yet, here’s why planning now is essential in gaining a competitive edge into the new year.
1. Renters are on the move
Your prospects are looking to choose their next rental home. In fact, 38 percent expect to move into a new rental residence by February, according to the latest Apartments.com survey of over 30,000 prospective renters. Turn these renters into your residents with a solid marketing plan that’s ready to launch as soon as the calendar resets.
2. Don’t fall behind the competition
Did you know that October is the most popular month for multifamily advertisers to begin planning their advertising budget for the next year? That’s according to a recent Apartments.com survey on multifamily advertising practices.
Over one in five multifamily decision-makers said they began planning their budgets in October, and nearly a third said that budgets are typically approved in December. Decision-makers who start planning in November make up 13 percent, or about one in eight.
A proactive marketing strategy can help you stay ahead. That includes setting your marketing goals, defining your channels, and determining your budget.
3. Secure buy-in from all stakeholders
It takes time to coordinate with other team members and decision-makers in your organization. And if you’re looking to making any significant changes to your marketing plan, it’s even more important to get started sooner rather than later.
Depending on your organizational structure and the types of properties you’re advertising, you may need to get approval from the property owner or make sure that members of your corporate leadership are on board. Plan for sufficient time to have these conversations and get everyone on the same page.
4. Allocate the appropriate budget
How much are you spending on marketing next year? Is your budget going up, going down, or staying the same? How many dollars are you allocating to each property and marketing channel?
Don’t wait to determine the answers to these questions and to build out your detailed marketing plan. Planning in advance can help you secure the funding you need. A proactive strategy can reduce the chance of losing out on funds that have been allocated to other goals and business areas.
5. Review and analyze past performance
Part of creating a successful marketing strategy is learning from what has and hasn’t worked. Set aside time to review past performance data.
To get a holistic view of your marketing hits and misses, gather input from a variety of sources. Talk to your leasing agents, property managers, and Apartments.com contacts to gather as much information as you can. Your Apartments.com representative can walk you through your latest lead performance reports, review your ad effectiveness, and discuss trends in your local market.
A good mix of qualitative and quantitative feedback can be essential to help you avoid missteps in the new year and build on your success.
Explore resources to help you plan
Working on your marketing plan? See what your peers are doing. Explore these resources to inform your strategy:
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