Get ready for 2011! Traditionally, the last quarter of the year is slower in activity, making this a perfect time to get yourself organized and your employees excited about the upcoming year.
As the economy evolves, dependant on the world’s emotional impressions, for most of us, it has also had an impact on our bottom line. My focus today is on the numerous “pre-existing” apartment communities that are “aging in place” and how merging “marketing” and “design” can maximize your sales and ultimately your profits!
Despite low mortgage rates and reduced home prices, the good news is an increasing percentage of today’s consumers believe renting is a better choice vs. owning a home in the current real-estate market and job market conditions, according to the survey from the National Apartment Association released in May.
However, the NAR’s forecast sees multifamily vacancy rates falling from 7.3% last quarter to 6.3% in Q1 of 2011. It estimates that rents, which fell 3.6% last year, will dip 1.5% this year and rise 1.2% in 2011.
First Look! Ask yourself how does your environment influence your sales? If the answer is nothing significant, then when is it the right time for a change?
Discover some of today’s design and marketing tips that make good “cents”!
Furnished Floor Plans
Be Future Focused!
Recognizing that over 70% of your consumers cannot envision how your apartments will relate to their furnishings and lifestyle, prior to an actual site visit, providing an initial visual marketing tool such as furnished floor plans can maximize your marketing exposure. This marketing tool has an excellent benefit when consumers visit your website prior to any actual site visits.
Furnished floor plans provided by an experienced spacial designer, are an ideal marketing tool for your web site and your brochures to help potential residents envision how the space relates to their furnishings.
The power of PR!
Technology has changed! Social networking is a new media many consumers are using. Facebook, Twitter, video hosting sites such as YouTube, and blogging are gaining momentum. You would be surprised to learn how much consumers are using social media today. It is definitely making an impact on our business. Having a social media presence takes time and effort but not a big budget. It is something that everyone can do regardless of the size of your company, It keeps you connected to your current and future residents as well as maintains relationships and ultimately recognizes the value of resident retention. Determine if your current technology is still working for you; and will continue to do so in the future.
Many companies view their websites as a monthly expense instead of a revenue generating tool! Websites need to do more than just look good. The value of your homepage should be purpose driven: branding, informative, engaging to a wide range of ages, target market driven, encourage lead generation and ultimately customer service. Today’s customers use websites for research, credibility, qualifying, and ultimately to take action! They want up-to-date features with relevant and accurate information, engaging visuals, validation/justification and a personalized experience.
Updating your web sites more frequently and on consistent basis can maximize your sales potential.
Set yourself apart by marketing fresh and newly introduced design/marketing strategies and showcase them on your lifestyle oriented web site!
Finally, be more pro-active by planning for future updates now to remain more competitive and consider hiring a design firm that specializes in delivering value engineered environments to consult with you. This initial step can provide you with numerous design possibilities and the costs associated with that project. Understand today the costs parameters for future updates.
Look thru a new lense!
Design, furnish and merchandise to speak to the many different visions of the individual prospects.
- Market to today’s potential residents: These prospective residents are technology savvy, multicultural, and made up of a wide range of ages and tastes.
- Create new lifestyle spaces with-in by maximizing interior potential such as taking a unit space for an exercise area; consider bike storage or racks, a flex room for resident quiet time and social interaction and entertaining any other “wish list” from your staff/residents appropriate to your location and customers!
- STOP THE “BAND AID” DESIGN METHOD!
Avoid just completing maintenance items and be more creative with your common areas, models and clubhouse environments! Create a blueprint for a fresh new change and discover how you can best acquire and assimilate future design changes and proper budgets. Rediscover timeless new color possibilities vs. keeping the same color palette, when contemplating future carpet and paint/wallpaper changes for common areas.
Transition your environments by phasing these changes for budget purposes. Out-source an experienced design professional as a consultant to partner with your team and association for a striking balance of forward-thinking design perspectives and budget considerations from a priority prospective.
Think outside the box by planning, designing, and ultimately marketing for the next generation which has already arrived no matter what price point you are marketing to! Your future is determined by how your customers search for available communities and how you distinguish yourself from your competition! Delivering an alternative higher profile property at a value will maximize retention and increase your new rental revenues.
Finally, start the budget process for the New Year. If your begin making notes now, the final budget preparation will be much easier, and much more accurate. Start setting goals in the office for what you want to accomplish in the New Year. Do you want to increase tenant retention rates? Draw up a program that will help your staff reach this goal. Work with your designer/marketing consultant to obtain a reachable goal that will increase your occupancy rate!