Marketing Your New Building

Yup. It's going to cost you.

Marketing our new, beautiful building requires a strategic approach. We've just branded it, and next week, we’ll discuss how to lease it. But for now, let’s focus specifically on marketing.

There’s been a significant shift in the industry over the past twenty years.

When I was regularly searching for apartments two decades ago, the process involved checking newspapers, maybe Craigslist, and using local brokers or leasing agents. It was common to spend a day or two visiting multiple apartments, learning about their amenities, costs, and so on. This process has changed dramatically. The Internet is now the primary and most effective way to market apartments for lease. With everyone on smartphones and online, having a strong online presence is crucial.

So…a $500 website from your cousin Carl won’t cut it.

We’re talking about spending $5,000 to $10,000 on a website that showcases your property effectively.

Given today’s 24/7 news cycle and hyper-connected world, prospective tenants are making quick decisions based on the information that is most readily available.

From talking with prospective tenants during leasing tours, my lease-up team knows that when folks are searching for apartments, they take a scatter-shot approach and search for deals before they search for neighborhoods. They pull up every apartment in Minneapolis, for example, or every new building. They compare them against each other. What are the rents? What are the amenities? What does the lobby look like? How cool is the community room?

And then, finally…

Where is it?

What amenities are nearby?

Developers these days are competing website against website, so your website has to be kick-ass.

It should include tabs for floor plans, building renderings, amenities, and local attractions. High-quality images and interactive 3D models give prospective tenants a better sense of the space. You want them to be able to click on each floor and unit to see detailed information, including rent, floor plan, and available dates. Highlight all the features your building offers, such as a gym, pool, community rooms, and pet-friendly areas, with photos and descriptions. Create a map showing nearby restaurants, parks, public transit, and other points of interest to help potential tenants visualize their new neighborhood.

And it goes without saying that all of the above requires a real estate-focused marketing firm to create and manage your website. They should understand how to make stunning real estate websites that attract and retain potential renters.

Driving traffic to your website is the next step, and Google SEO spend is the most critical aspect of your marketing strategy. Depending on the size of your project, plan to allocate $3,000 to $7,000 a month for Google SEO during the lease-up period. This spend ensures your building appears at the top of search results when someone searches for apartments in your area. Work with your marketing firm to identify and invest in high-performing keywords such as “Minneapolis apartments,” “new apartments in [city],” and “luxury apartments [city].” Implement a comprehensive SEO strategy that includes content marketing (blogs, articles about local events, and guides to the neighborhood), backlink building, and on-page SEO (optimizing titles, descriptions, and tags).

Utilizing online listing services (ILSs) is also essential. Ensure your property is listed on Apartments.com, one of the largest and most popular apartment listing services, with high-quality photos, detailed descriptions, and up-to-date availability. CoStar is another significant player in the apartment listing space, providing comprehensive property information and analytics, which can attract serious renters and real estate professionals. Zillow, known primarily for home buying, also has a substantial rental audience. Listing here can increase your visibility. Regularly update your listings on these platforms, including virtual tours, tenant reviews, and detailed property descriptions to stand out.

Social media plays a crucial role in awareness building. Use platforms like Instagram, Facebook, and TikTok to showcase your building’s unique features and community events. Share high-quality photos and videos of the building, units, and amenities on Instagram, using stories and reels to provide quick tours and highlight events. Create short, engaging videos on TikTok that showcase the lifestyle your building offers, highlighting unique aspects like pet-friendly areas or rooftop views. On Facebook, create a page for your building where you can post updates, host virtual events, and engage with potential tenants.

And, of course, despite my emphasis on digital strategies, going old-school still has its place. Use large banners on the side of the building with a simple message and your website URL. This helps drive local traffic to your site. Place a prominent banner that says “Leasing Now” with your website URL to catch the eye of passersby and direct them to your site for more information.

At the end of the day, your Google SEO spend will drive 80-90% of your leases during the lease-up period. People will search terms, and find your listing and be directed to your website. So focus your attention (and dollars) there. Ensure you have a robust online marketing machine in place to drive leads to your website and convert them into tenants.

Peace,