In order to be an effective apartment manager, the most fundamental concern that must always be foremost in your mind is keeping vacancy levels at a minimum. That means that even before an apartment becomes vacant, you need to already have a plan in place to put a new tenant in it. This will require applying a few marketing strategies that can make sure that a stream of potential tenants is constantly coming through your door. As they point out to us at Property Management Insider,
“These days, apartment marketing is pretty dynamic. You have to constantly work to maximize a property’s leads while reducing the cost per lease. From apartment website design and search engine optimization (SEO), to online leasing, Internet listing services, and social media.”
Even when you’re dealing with a high rate of occupancy, you can never afford to not be marketing your units. This keeps you working at full capacity no matter what the circumstances actually are.
Watch Your Budget
You also need to consider carefully, how much you spend on marketing. The best way to have an effective marketing campaign is to construct a plan that will allow you to get the maximum exposure for the least amount of money. When you’re dealing with vacancy rates, you already understand that any empty apartment is money going out the door. And add to that the cost of marketing, it is easy to see how being very astute with your marketing strategies is essential.
For this reason, many have realized that the best apartment marketing strategy involves keeping the existing tenants happy. Aside from that, there are countless other marketing technologies that can help a small apartment manager keep their house full, and many of them are at low cost or even free. According to the Apartment Vestors,
“In the past, apartment marketing and advertising could cost you a small fortune using traditional marketing vehicles like magazines and newspapers. However, since the invention of the Internet and some really great websites, you now have more affordable advertising options than ever to get your rental property in front.”
By taking advantage of the new technology that is available now, even the smallest of apartment owners won’t have to worry about how to keep their places full. Once you understand the importance of keeping your name in front of the public even when things are going good, you’ll never have to worry about low vacancy rates ever again.