The Key to A Lease-Up Is... | National Apartment Association

The Key to A Lease-Up Is...



Interview Image Communication Is Key in Lease-Ups

Lease-ups on new apartment construction is a very different challenge than filling units at established multifamily housing communities. There are more parties involved, more people must be kept informed, and that communication loop can get a bit fractured at times. And, of course, leasing and marketing staffers have to basically sell a "work in progress" to prospective residents while keeping those who have already moved in happy and content. One person with extensive experience in this regard is Kimberly Hurd, Senior Director of Residential Services at Milhaus Management.

How to Attract Residents Online and Offline

To be successful in the leasing industry, you have to unite both your online and offline efforts. With regards to online marketing, some of the must-haves to get noticed include a regularly updated website and an aggressive social media presence. In terms of offline marketing, advertising at local events and supporting area causes definitively increases exposure. On a site level, Signazon marketing associate Katherine Halek writes that your apartment community's main sign must be readable from the road within less than 10 seconds.

Use Price-Changing Tools to Market Apts

More apartment managers are using price-changing tools as a source of revenue management and as part of their community's marketing because it gives a sense of urgency. These dynamic pricing strategies are similar to the ones used by airlines for decades and more recently in that they are dictated by software algorithms that track supply and demand and then tweak asking rents accordingly. The result is if a handful of apartments are scooped up by new residents over the course of a busy weekend, the monthly rental rate for similar units in the same community could increase as early as Monday.

The Four Keys to Authentic Marketing

Integrity expert Dr. David Gruder offers four tips on how to market to a general public that is getting smarter and making stronger and more insightful demands. Tip one, avoid the tendency to tout excessive consumerism. That is the 1950s version of the American Dream, and it's becoming quickly outdated. Other tips include check and re-check all facts that are presented in your marketing, promise integrity, and recognize that most people vote first and foremost with their wallets.

Marketing to Walkers

More and more Millennials are desiring to live in "urban villages" -- walkable neighborhoods that feature housing within walking distance of public transportation and lifestyle amenities. Apartment communities in these villages can gain a marketing advantage by leveraging their Walk Score on their website. It is a good idea for any community with a Walk Score of 70 or higher to prominently feature that score on their website.

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