Marketing Strategies to Combat Low Demand

The days of easy leasing for multifamily marketers appear to be coming to an end. Our latest demand report data shows that rental demand dropped by 17% across Canada.  When coupled with expected seasonality and renters leaving the rental market due to high rents and various economic factors, we will likely see a further decline this winter. 

It’s more important than ever to move quickly to tighten up your marketing strategy to ensure your vacant units are found by renters and chosen among the steep competition. 

Here are 4 strategies to get proactive with your marketing to help get your properties noticed during these challenging times.

1. Upgrade to Promoted Listings on Rental Listing Sites

Why? Promoted listings can more than double the number of leads you generate which can result in a significant increase in booked property tours, and subsequently signed leases.

How to optimize: Choose the right listing sites for your property and location. You can optimize by bundling together multiple listings to get the best price per property. By unlocking the benefits of Promoted Listings, you will increase your visibility and secure top-priority placements to target your desired renter demographic better. Promoted listings will either include a “featured” tag or a larger listing card depending on the site you use. These featured listings will allow you to set yourself apart by showcasing more of your property information. On top of more eye-catching listings, Promoted Listings will also secure priority placements on the various rental listing sites. You will quickly begin to see your listing placed above other regular paid listings in your area, ensuring you are maximizing your potential reach.

2. Leverage Google Ads Campaigns for Quality Conversions

Why? Quality leads do not come by accident, they come by design. When demand is down, a customized Google Ads campaign can ensure you are targeting the right audience for your property.

How to optimize: Google Ads campaigns allow you to set the budget, keywords, and targeting settings to help bring in quality leads for your property. Every building is different and renters are now searching by more than just price and bedrooms. By highlighting specific features & amenities in your ad copy, you can find high-quality leads searching for the exact features your property has to offer. When a potential renter finds that your property checks all of their boxes right from the ad, the likelihood that they visit your website and inquire will increase substantially. A healthy Google Ads budget and a robust keyword strategy will ensure you’re outbidding the competition and reaching maximum visibility.
 

3. Increase your Brand Awareness Through Social Media

Why?  During a low-demand period, renters stay put and protect their current rental rates. Focus on enticing potential leads to rent from you by helping them visualize themselves living at your property and create your own demand instead of waiting on renters to make the move.

How to optimize: Leverage Social Media Marketing (SMM) within your larger advertising strategy to maximize your overall target market reach. Although social media campaigns have different capabilities compared to listing sites and Google Ads, they are great tools for increasing awareness. With high-quality visual ads, you can create an emotional response to your property. By leveraging social media, you can connect with potential renters on a deeper level. If you have a new build, by posting about the progress and continuing to update your audience, you can create demand for your property even during a down period. Post about the neighbourhood, nearby attractions, and highlight your top amenities to help renters visualize the life they could have by living at your property.

4. Targeted Email Campaigns

Why? Engage with potential renters that have shown interest in the location, price, and bedroom types your property has to offer.

How to optimize: Gain access to our exclusive, targeted list of renters that have shown interest in properties similar to yours. With filtered lists by location, price, and bedroom types, you can ensure that you are reaching an audience that is more likely to engage with your property. These emails also build brand awareness by continuously engaging with potential renters. By highlighting specific unit features, nearby amenities, or any new promotions, your property will stay top-of-mind.

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This winter make sure that your properties are given the full benefit of the tools available to better compete amidst tightening market conditions.