9 Ways to Increase Your Property’s Occupancy in 2020
1) Customize Promotions and Specials 🔊
A) Every apartment owner and/or community manager knows that promotions and specials are essential to driving occupancy, but what many fail to realize is that the key to promotions is making sure they have a time limit.
A good example is “$400 off your first months’ rent for December only!”
2) Create Referral Programs 👬
A) One of the most actionable things you can do to drive occupancy is create a referral program.
Your residents can be your #1 salespeople!
Simply send an email blast to your tenants offering rent credit for any referrals. (Note: when deciding on a referral credit, take into account that the average cost-per-lease in 2019 is $325-$450).
3) Partner with Local Businesses 🤝
A) Make sure your proposal is valuable to both parties. If they refer you a tenant, what can you offer them in return? Possible partnerships include local restaurants, moving companies, etc.
This can be really successful if you encourage a “go local” attitude.
4) Create a Sense of Community 👪
A) It’s no secret that the path to steady occupancy lies in resident retention. Create community events which allow your residents to meet and befriend each other.
A good community is hard to find, and even harder to leave.
5) Incentivize Facebook Check-Ins 🤳
A) Although it’s more of a long-term branding strategy, incentivizing your residents to check in on Facebook gives your community added visibility that can significantly raise the profile of your apartment community over time.
“Check-ins” are posted for all of your residents’ network to see and help keep you top-of-mind in a very competitive marketplace.
6) Make Sure Your Website Phone Number is Clickable ☎
A) I can’t tell you how many times I’ve gone on a property website and the phone number isn’t clickable. I literally have to copy and paste the number into my dialer.
The modern prospect doesn’t have the time or patience to do that; if you don’t make it easy to contact you, they just won’t.
7) Include CTA’s (calls-to-action) on Your Homepage 🖥
A) Prospects reach your homepage – now what? Are you telling them to check out the gallery or floorplans? You need to make the next steps clear if you want prospects to engage with your business.
Having 2 call-to-action buttons below the header on the homepage is ideal.
8) Let Chatbots Do the Talking 💡
A) Do you want to increase your conversion rates by 100%? Add a chatbot.
To capture as many leads as possible, you need to give your leads multiple methods of contacting you.
9) Recycle Resident Reviews ♻
A) Remember your 3 R’s! Your tenants are your best salespeople, which means making a review page on your website where you feature your rave reviews is in your best interest.
This can mean the difference between a prospect reaching out or moving on.