To successfully market your available units, you need to know your market. The right property management data allows you to research your competition and demographic. This can help you advertise more effectively. Property management data gives you information on floor plan pricing, policies, occupancy rates, recently opened multifamily properties, and rental communities under construction. Therefore, with this information you can find the best strategies to fill your units.
Property Management Data Helps You Know Your Competition
Property management data reports allow you to keep track of other multifamily housing. This advantage helps you stay competitive in the industry. Rental market data can provide you with valuable information. For example, reports often include occupancy rates, floor plan pricing, and planned construction for competing apartment buildings. Understanding what other multifamily communities in your area are doing allows you to market yours more effectively.
This valuable tool can help you determine where you differ from others in the rental market. Then, you can promote your unique characteristics. Additionally, you can see what tenants are willing to pay for similar floor plans and offer competitive pricing for your available units. Leasing agent data can also tell you which policies other properties use so you can evaluate if you need to make changes to your own. From there, you can develop a highly targeted advertising campaign to increase your occupancy and your bottom line.
Use Leasing Agent Data to Understand Your Demographic and Neighborhood
Knowing and targeting potential renters in your area is a major component to any available unit advertising campaign. If your multifamily property is in an area with mostly families, you could limit your occupancy rates by promoting your units to single college students. Accurate property management data allows you to understand who renters are in your area and what they expect. This can help you choose the right strategies and word choice to market your available multifamily units.
Find the Best Places to Advertise
Additionally, property management data can help you find the best places to advertise. For example, if most of the renters in your area are millennials that want technological features, you’ll likely want to start listing your units online. Social media is also a popular way to promote rental properties to young people. You may also want to include information about amenities you offer like high speed internet or smart home technology.
However, if your demographic is primarily families, you may also want to post flyers in daycare centers. In your listing, you might include language about schools in the area, or family-friendly attractions like nearby parks. Therefore, leasing agent data is a valuable tool that can help you fill more units, attract potential renters, and retain good tenants for your property.
At ApartmentData, we conduct comprehensive multifamily data research to help you achieve your objectives. Our team surveys your market every single month to provide you accurate and customized data. If you need help with advertising, we also provide targeted marketing solutions to increase your visibility and fill more rentals. Call us today at (800) 595-8730 to learn more about our reports and services or to request a demonstration. We are here to help you gain and maintain your property’s competitive edge.