Discover Your Story

Multifamily Marketing Edition

By Erica Rascón on Apr 7, 2016 in Marketing

Do you offer spacious one, two, and three bedroom apartments in a desirable neighborhood? Maybe you offer spa-like amenities, too. Guess what? The same things could be said about dozens of other properties in your area. To set your property apart from the competition, you must first learn to develop the marketing story of your community.

First and foremost, consumers are emotional decision makers. (In most cases, logic is what we use to validate a decision that we’ve already made with our emotions.) Psychology Today reports that emotions are what push consumers toward action. When you want a prospect to take a site tour, sign a lease, or make a referral, you must trigger their positive emotions.

By discovering the story of your community and using it in your marketing campaigns, you give prospects the opportunity to forge an emotional connection with your property. This emotional connection will add perceived value to your units. It may sound odd but you can use emotions to fill vacancies!

Yet before you begin to daydream about a waitlist, you must first develop your story. The five tips below will help you create the foundation for a strong marketing story.

1. Explore your history. Take a moment to learn about the history of your neighborhood. It may be interesting to know who first settled in the area. Another point of interest could be what industry or what person is responsible for kick-starting commerce and development in your neighborhood. You may or may not chose to integrate this information into your marketing story but the background information may prove useful during property tours.
2. Examine your demographic. Who makes up the bulk of your community? What are the best attributes of this group? Every group has positive features, even rowdy students. (They’re a vibrant, outgoing social group, aren’t they?) Part of your story is highlighting what makes your current residents interesting and engaging.
3. Know your competition. What do the communities around you lack? What are some of the top complaints about the communities in your area? If you shine in these areas, highlight them–without bashing the competition. About 63 percent of consumers use the internet for comparison shopping. When prospects see that you answer needs that are unmet by other communities, they will take note.
4. Gather supporting evidence. Your residents can help tell the story. Their reviews, images, and anecdotes will confirm your story in the minds of prospects. If you’re in need of fresh reviews, consider hosting a raffle in exchange for resident reviews and personal stories. Opt for video when possible.
5. Be authentic. All aspects of your story, including your resident reviews, must be honest and accurate. Your story can’t be fiction! Your prospects will see right through it the second that they step onto the property or read online reviews on third party sites. As you develop your story, remain genuine and balanced.

Once you’ve unveiled the story of your community, you’re ready to relate that story to your prospects. Revisit The Balance Sheet in upcoming weeks for tips on How to Tell Your Story: Multi-family Marketing Edition.