Finding new tenants, and quality tenants at that, is an ongoing challenge and concern for every multifamily manager/owner. The standard is to focus on marketing and curb appeal, and then sit back and hope for a steady flow of passers-by. But who says property management has to be so docile? Why not take a more direct and actionable approach to attracting the tenants you desire?
Here are a few suggestions:
Become a Host
When a real estate agent wants to market a property, a must-do on his or her list is an open house. There is a strategic plan, lots of marketing, invitations, and food and drinks that go into each event. Interested parties are ushered in to view all the property has to offer. So, why shouldn’t this be a strategy for multifamily management?
Simply set your date, send out invitations, talk about it on social media, post signs in and around the property, and know how you are going to move people through the grounds. Of course, it’s imperative that you also have at least a model unit to show as well as a property that is well maintained and ready for recruiting.
Go to the Goods
In addition to bringing the tenants to you, it’s also a wise idea to consider going to them. Just think of the places you might most likely be able to find people in search of a rental. Colleges are a good place to start. Laundromats, schools, and grocery stores may also offer bulletin boards and similar platforms where you can advertise. Yet another idea is to make a list of the employers in your area. Producing fliers, mailers, email campaigns, and like to be distributed to local employees through approved partnerships with these employers is a great way to reach the local market.
Find Complements
If you’ve ever studied marketing, you know the rationale behind leveraging complements. Yet, even if you haven’t it’s easy to understand how people are drawn to a service or product when it naturally “goes” with a product or service they already subscribe to, purchase, or use. Consider the tennis racket and tennis ball. These are complements.
For multifamily properties, you want to make a list of the possible complements tenants would also gravitate toward. Think about relocation service providers, rent-to-own furniture outlets, and the local insurance agent. Partnerships with businesses like these are strategic in nature and have the ability to produce great revenue streams, especially if you both agree to a business-both-ways type of arrangement.
Hire a Professional
The key to making tactics like these work is to abandon the fear of aggression. You want good tenants, you need be where they can see you. These tips will help; but, if you would like a professional in your corner who knows the ins and outs of recruiting success, contact us today to learn more. You can reach us at 817-295-5959 or by email at info@classamanagement.com.