The battle for renters is rarely easy, and it can be especially grueling when you’re not the bright, shiny, new apartment community.
What can you do to set yourself apart from the competition? How do you train your leasing teams who are on the front lines? Where do you invest your marketing dollars?
We asked these questions and more during our latest #AptChat; these are the highlights. (Click on the links to jump straight to a specific question.)
- Q1: How much competition are you seeing from new lease-ups in your market? What are some things you do to stand out?
- Q2: What are some things you can do when you don’t have all the amenities found in new properties? How do you create lifestyle?
- Q3: What do we need to keep in mind when training our on-site teams who are facing increased local competition? Any tips here?
- Q4: Does new competition influence your marketing investments? More frequent renovations/photos? Bigger campaigns? Anything else?
How much competition are you seeing from new lease-ups in your market? What are some things you do to stand out?
@AptChat Here a lease up…there a lease up… everywhere a lease up…. step 1- make sure onsite teams are the best at the basics #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AptChat Step 2- if you’ve renovated… have something unique inside… make sure you’re showing it on the outside #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @AptChat unique unique unique! #aptchat
— Heather Blume (@artchickhb) February 7, 2017
@AptChat Of course digitally… but signage can play a big role here too #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @AptChat We r renovating, too! They had no updated photos! OMG – getting marketing materials ipdated #AptChat
— Mindy Sharp (@MsMin) February 7, 2017
@MsMin @AptChat Get the renovations shot and put banners, wind masters, etc outside showcasing the changes. Online too. #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @MsMin @AptChat Here’s where the videos come in…we all know it’s ALL ABOUT VIDEO in 2017! #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy @AthleteatHeart the problem with video is that so much of it is boring. It’s not a/b vid. It’s a/b GOOD vid #aptchat
— Heather Blume (@artchickhb) February 7, 2017
@artchickhb @Marketing_Mommy @AthleteatHeart It’s a skill. And one not a lot people have. Something we should hire/train for? #AptChat
— Apartment Chat (@AptChat) February 7, 2017
@artchickhb @AthleteatHeart What if you got pics/vid of every apt upon turn?Your entire inventory on film? Lease ups can’t do that #Aptchat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy @artchickhb yup…. and some of the web platforms today allow you to use those by apt on your sites #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @artchickhb You have to invest in mtkg. Want to give everyone a $1k concession or want to spend $1k on good video? #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@MsMin @AptChat Get some FB live tours of the “newness” out there as well #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @MsMin Or just videos of real people. Show that real people live there and love it. Make the personal connection. #AptChat
— Mike Whaling (@mwhaling) February 7, 2017
@mwhaling @MsMin Absolutely! My FB videos would INCLUDE residents as much as possible! Also do “on the fly” testimonial videos #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @mwhaling Some marketers aren’t sure where to look to find those local photo/video resources #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy @mwhaling it can be hard…lol… mine just closed shop. Art schools, just google it, phone a friend 🙂 #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AptChat Seattle’s lease up market is crazy, especially in south lake union. There is all a/b amenities, social programming and SM #aptchat
— Heather Blume (@artchickhb) February 7, 2017
@AptChat We will have a lot of new prodect here by 2018. We finally moved to online leasing, lol. #AptChat Doing our best in Cust Service!
— Mindy Sharp (@MsMin) February 7, 2017
The challenge we are beginning to see in the greater Boston market is too much supply for new construction. So, concessions. #aptchat
— Claire Collins (@clairec345) February 7, 2017
But, new isn’t for everyone, or their budget. #aptchat
— Claire Collins (@clairec345) February 7, 2017
A1:Lots of new construction in the Midwest. However, shiny & new=lots of headaches, delays. Established sites=stability for renters #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy I told .y class last week that the first 12 months at a new prop is living in a year long bug report #aptchat
— Heather Blume (@artchickhb) February 7, 2017
@artchickhb It truly is! Even the best new sites have hiccups…why willingly be a part of that? There’s the sell for existing sites! #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
A1: New sites lack reviews, testimonials. Established communities have SO much content available to them – SHARE it. PROMOTE it. #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy that amazes me that after how many years we have been preaching this and sites still don’t have reviews on them #aptchat
— Jonathan Saar (@JonathanSaar) February 7, 2017
Focus on value. Renters need to feel the quality of the service they’ll receive from the moment the set foot on the property. #aptchat
— Claire Collins (@clairec345) February 7, 2017
@clairec345 And, usually those existing communities have better resident programs, services, events, discounts in-place already. #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
Spend smarter online. Utilize geofencing to reach people within a set radius of your property. Bid strategically for remarketing #AptChat
— Dyverse (@dyverse) February 7, 2017
What are some things you can do when you don’t have all the amenities found in new properties? How do you create lifestyle?
@AptChat A2- partnerships w/local businesses, activate the amenities you do have, participate in local sports leagues #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
.@AthleteatHeart @AptChat perks programs w. local businesses are becoming popular. @KillamTweets & @KW4Rent both do this #aptchat
— Places4Students (@Places4Students) February 7, 2017
@AptChat Fellow residents can be much more interesting than amenities. I’m a big fan of featuring them. #aptchat
— Brent Williams (@brentwilliams2) February 7, 2017
Establish good programs that residents actually want. Pet playgroups. Community gardens. Q2 #aptchat
— Claire Collins (@clairec345) February 7, 2017
A “lifestyle” isn’t just achieved by calling a property “luxury”. There has to be a more defined view of what that lifestyle is. #aptchat
— Brent Williams (@brentwilliams2) February 7, 2017
@AptChat I think our demographics are too focused on boring: education level, income, etc, while we ignore hobbies/passions/etc. #apchat
— Brent Williams (@brentwilliams2) February 7, 2017
@brentwilliams2 Love this, such a great insight. Build your community around shared interests, not age groups. #AptChat
— Mike Whaling (@mwhaling) February 7, 2017
@AptChat @brentwilliams2 Lifestyle will vary depending on demographics. You need to know your residents #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AthleteatHeart @AptChat Oh, of course. But just don’t define your target renter based upon how much they make, in my opinion. #aptchat
— Brent Williams (@brentwilliams2) February 7, 2017
@brentwilliams2 great point! “lifestyle” and “luxury” seem to be buzzwords that are thrown around a lot without much thought. #aptchat
— Places4Students (@Places4Students) February 7, 2017
@Places4Students @brentwilliams2 “Luxury” just needs to be dropped. If you have to say you’re luxury, you’re not. #AptChat
— Mike Whaling (@mwhaling) February 7, 2017
@mwhaling @Places4Students @brentwilliams2 the Jr high rule: only other people can call you cool. You say you’re cool, you’re not. #aptchat
— Heather Blume (@artchickhb) February 7, 2017
@mwhaling I totally want to play devils advocate-If someone searches for ‘luxury’ + you don’t have it on your site, will u show up?#aptchat
— Holli Beckman (@Apartmentalist) February 7, 2017
@Apartmentalist Fair question, but we’ve seen people rarely use it in searches. “Luxury DC apartments” = only about 70 searches/mo. #AptChat
— Mike Whaling (@mwhaling) February 7, 2017
@mwhaling @Apartmentalist I wonder if that’s because renters don’t think about that word. Or if it’s b/c it’s tricky to spell…? #aptchat
— Heather Blume (@artchickhb) February 7, 2017
@artchickhb @mwhaling @Apartmentalist or maybe customers have FINALLY realized that luxury doesn’t always mean it #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
EXACTLY. It’s been misapplied as a label so often that customers are skeptical of the word “luxury.” #aptchat https://t.co/s6TTbZo7lk
— Claire Collins (@clairec345) February 7, 2017
@AthleteatHeart @artchickhb @mwhaling A 15% conversion rate on the term =tours through the door. Like any word only use it if true #aptchat
— Holli Beckman (@Apartmentalist) February 7, 2017
@AthleteatHeart @artchickhb @mwhaling @Apartmentalist I would be more inclined to search “Best apts in __” vs.“Luxury apts in __” #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy @AthleteatHeart @artchickhb @mwhaling It’s funny to think about what ‘real people’ search v. industry peeps #aptchat
— Holli Beckman (@Apartmentalist) February 7, 2017
@Apartmentalist @AthleteatHeart @artchickhb @mwhaling YES! I think it is so much more literal than we think. #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy @artchickhb @mwhaling @Apartmentalist I would probably type New Apartments at this point in my life #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
“Luxury” is only good as an SEO tactic. Not descriptive marketing. #aptchat https://t.co/LKxmtU3bmi
— Claire Collins (@clairec345) February 7, 2017
A2: Discover the lifestyle differentiators used when deciding over competition. Leverage & promote those using their words. #aptchat
— Nicole Mintiens (@Nicole_Mintiens) February 7, 2017
@AptChat Resident interviews, surveys, polls, etc. Then test & optimize UVP messaging with targeted display ads. #aptchat
— Nicole Mintiens (@Nicole_Mintiens) February 7, 2017
What do we need to keep in mind when training our on-site teams who are facing increased local competition? Any tips here?
@AptChat make sure your marketing message and your sales message are in sync. #aptchat
— Heather Blume (@artchickhb) February 7, 2017
Q3: The frontline needs to have the goal of being the kindest, most responsive person the renter interacts with in their search. #aptchat
— Claire Collins (@clairec345) February 7, 2017
Caring and competence are two of the best sales techniques. #aptchat https://t.co/YEffQspXw1
— Claire Collins (@clairec345) February 7, 2017
@AptChat Yes, answer the phone happy! Respond to emails. Look 4 ways to make Prospects feel respected. Be first to RESPOND! #AptChat
— Mindy Sharp (@MsMin) February 7, 2017
@AptChat I think that leasing pros can get discouraged when seeing shiny comps. We need Stuart Smalley training for them! #aptchat
— Brent Williams (@brentwilliams2) February 7, 2017
@AptChat A3- make sure you’re providing customers with numerous ways to communicate so that you’re hitting what they want #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AptChat Product needs to be in top form. Walk paths with critical eye & never show a unit you haven’t walked yourself. #aptchat #Confidence
— Stephanie Oehler (@StephanieOehler) February 7, 2017
@StephanieOehler @AptChat And quit using incompetent vendors who don’t share your vision, ie. landscapers (my pet peeve) #AptChat
— Mindy Sharp (@MsMin) February 7, 2017
A3: To keep teams from feeling “down”, go sit in a unit w/them. Make a list of the best features. Do same for amenities,events. #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@AptChat A3 respond to reviews as fast as you respond to leads….or at the very least ..pls respond to both #aptchat
— Jonathan Saar (@JonathanSaar) February 7, 2017
Does new competition influence your marketing investments? More frequent renovations/photos? Bigger campaigns? Anything else?
@AptChat Depends on the market… sometimes you’ll benefit from the marketing done by a new deal #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AptChat So do make sure your signage is GREAT! They drive it…they’re too expensive… customer comes to you #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AptChat Competition can lead to competitive online landscape, higher CPC, less click volume #aptchat
— Dyverse (@dyverse) February 7, 2017
A4: New competition is a reason to review strategy, but also brings new interest to the area. Find ways to piggyback on it. #aptchat
— Claire Collins (@clairec345) February 7, 2017
Is anyone doing comparison tables to show how you compare to the new kids on the block? Or other direct messaging like that? #AptChat
— Mike Whaling (@mwhaling) February 7, 2017
@mwhaling used this type of thing on a tour if prospect also considering new site. Was also helpful exercise for LP confidence. #aptchat
— Stephanie Oehler (@StephanieOehler) February 7, 2017
@StephanieOehler @mwhaling I used a printed “checklist”: us vs. them & of course, we had more/better options. 🙂 #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
@Marketing_Mommy @mwhaling But of course! Even down to a #silverwaredrawer (leased more Apts pointing that out against my comps!) #aptchat
— Stephanie Oehler (@StephanieOehler) February 7, 2017
@StephanieOehler @Marketing_Mommy @mwhaling And the CLOSETS in the older deals #AptChat
— Karen Kossow (@AthleteatHeart) February 7, 2017
@AptChat People are talking concessions, but I am raising rents b/c of the new product. Is no one raising rents? #AptChat
— Mindy Sharp (@MsMin) February 7, 2017
@MsMin @AptChat And, this doesn’t mean rents have to be in-line w/“new” – just close the gap & create perceived value for yourself #AptChat
— Kristi Fickert (@Marketing_Mommy) February 7, 2017
Like college tuition. Everyone thinks there is something wrong if it’s lower than the rest. Perceived value. #aptchat https://t.co/riKlH13BtH
— Claire Collins (@clairec345) February 7, 2017
@MsMin @AptChat Smart to know your property’s positioning in the market, and to be nimble enough to take advantage of the demand.
— Claire Collins (@clairec345) February 7, 2017
@MsMin @AptChat I’m raising rents and pulling back concessions. Renewals are way over market so they are getting a lot of love & attention.
— Kate Good (@kategood) February 7, 2017
Our next #AptChat is slated for Tuesday, February 14, 2017 at 12 pm Eastern, and we’ll be discussing how to reach international renter prospects. In the meantime, be sure to sign up for #AptChat updates to get these recaps and more delivered straight to your inbox!