There has been quite a bit of chatter circulating regarding the trajectory of the nation’s economy in the coming months. Many are leaning toward the onset of a recession, while others remain optimistic about a much-needed shift. Regardless, one thing is sure–inflation is here, prices are rising, and consumers feel the pinch.
The multifamily industry will experience the impacts in one way or another, and if you’re not informed, you will quickly find yourself trying to remain afloat in unchartered waters. By understanding the financial landscape–both current and past–and consumer needs and habits, you’ll be better positioned to adjust your marketing strategies to meet your prospects’ economic challenges and, ultimately, your bottom line. Here are some ways you can market your property effectively in a financial downturn.
Optimize your marketing channels
When recessions strike, many are forced to do more with less. While most managers’ first inclination is to start chopping away at the marketing budget, a better approach may be to optimize the existing investments. This is where your ROI analyses will come into play. It has been found that brands that invest in advertising during a recession incur more significant benefits at lower costs, thanks to other competitors pulling back their portfolios. If you truly need to reduce ad spending, you’ll want to analyze the performance of your existing paid mediums, like Google Ads, social media ads, ILS’ and more. Those performing well should make the cut, while the others may deserve a break from your marketing mix. The ultimate goal is to make reductions that have the most negligible impact on ROI and to reallocate your spending to focus on these channels.
Stick with what you know
Economic downturns can place many properties in uncertain situations. If the marketing budget remains super lean, you can always stick with what you know has worked in the past. Focusing on organic, free marketing tactics like SEO, social media posting, Google My Business updates, email marketing, and business networking can offer quite a bit of success if performed consistently and strategically. Social media also provides a great way to build community, foster retention, interact with residents and spotlight your property positively. You can showcase property tours, events, or a typical day in your community at minimal to no cost through tools like live videos. Additionally, through Google My Business optimization, you can beef up your reviews, reply to messages from prospective residents, and more to elevate your property and build trust.
Focus on building trust
Reinforcing that emotional connection with residents and building trust is especially important during a challenging recession. With many uncertainties existing outside of their home, your residents will appreciate the added care and reassurance from their property’s management. You can start by revamping your messaging to reassure them that you are in it together and thank them for remaining loyal renters. You can also use these opportunities to promote area assistance services that may help with rent or other needs, highlight partnerships with local businesses, or even introduce new or temporary in-house initiatives, like delayed eviction. Whatever you decide, you’ll always want to ensure that you’re backing it up with actions.
Rentbot can help.
We may not be able to predict where the economy is heading, but getting the best bang for your bang is a consistent theme in any financial period. Rentbot’s property management websites are designed to save clients time and money. They have even been proven to attract more high-quality leads, improve conversions and increase resident retention rates across properties–all crucial factors in a recession.
Each Rentbot site is brand new with modern features, like built-in SEO, mobile-optimized designs, real-time availability, conversion-optimized layouts, and more. And with affordable, all-in-one pricing, clear reporting, and direct access to Rentbot professionals, you’ll experience greater savings, improved ROI, and more time to take care of the other pressing tasks being thrown your way. We’ll help elevate your property and position you for success so that you can weather any economic environment. Sign up for a free 30-day trial here.
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising, and copywriting, she has helped many clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.