How to market a new community in high-supply areas
Dania Beach, Fla. (May 20, 2024)
Preparing to open a new community comes with a lengthy task list for multifamily owners and operators. Yet, as the final punch list is knocked out, the largest determinant of a community opening’s success is its ongoing marketing plan long before the doors open—a plan that is even more important this year as record supply is scheduled to deliver.
Competing for residents as new apartments pop up throughout cities—like Austin, Texas; Denver; Huntsville, Alabama; Miami; and Raleigh, North Carolina—multifamily marketers must know the lifestyle individuals hope to achieve, and the added perks (such as upgraded amenities) they hope to enjoy.
“When you begin the lease-up process, you must understand the location and how you harness the area to draw people in. For example, creating unique opportunities with local businesses, exclusive deals for tenants, and focusing on everything that is around the area help a renter see the value in making a move to the location,” says Friedmann.
To read the full article from Multifamily Executive, click here.
FirstService Residential featured in Multifamily Executive
Just last week, FirstService Residential was featured alongside other multifamily experts to share keys to effective pre-leasing and lease-up in competitive markets.Preparing to open a new community comes with a lengthy task list for multifamily owners and operators. Yet, as the final punch list is knocked out, the largest determinant of a community opening’s success is its ongoing marketing plan long before the doors open—a plan that is even more important this year as record supply is scheduled to deliver.
Competing for residents as new apartments pop up throughout cities—like Austin, Texas; Denver; Huntsville, Alabama; Miami; and Raleigh, North Carolina—multifamily marketers must know the lifestyle individuals hope to achieve, and the added perks (such as upgraded amenities) they hope to enjoy.
Know your market and the target lifestyle
When building a marketing plan, knowing the area, culture, and targeted lifestyle is essential. Ashlee Friedmann, managing director at FirstService Residential New York’s multifamily rental division, mentions, “There needs to be an understanding of the area, what is needed, what people expect, and what the competition offers. Lacking an understanding of why people are drawn to a property can also undermine a marketing campaign, as you may be advertising to the wrong renters.”Embrace local partners
When opening a property in a new market, multifamily operators can benefit from partnerships with local, familiar businesses.“When you begin the lease-up process, you must understand the location and how you harness the area to draw people in. For example, creating unique opportunities with local businesses, exclusive deals for tenants, and focusing on everything that is around the area help a renter see the value in making a move to the location,” says Friedmann.
To read the full article from Multifamily Executive, click here.