Apartment Marketing: Recognizing a Better Way
David got his start in multifamily as the owner of a property management firm in 2008. He quickly noticed the marketing and leasing challenges within the industry.
One of the most significant issues was the inefficiency of traditional marketing methods, like the magazine booklets in grocery stores, which failed to provide potential renters with enough information.
Determined to improve the marketing and leasing process, David started shooting walkthrough videos to showcase apartment units in a more interactive and informative way. However, he encountered hurdles like high web development costs and expensive video production.
To overcome these challenges, he decided to create RentVision in 2009, a company that focused on producing walkthrough videos for various properties.
The Paradigm Shift: Embracing Floor Plan-Specific Content
Fast forward to today, and the property management landscape has undergone significant changes. In the post-pandemic world, the importance of virtual showings became even more evident.
Virtual tours became the new normal, and the industry began to recognize the need for a more comprehensive and interactive online experience.
David emphasized that property websites need to go beyond static photo galleries and generic descriptions. Instead, they should offer floor plan-specific content, including walkthrough videos, photos, and detailed information.
Challenges in Adopting New Strategies
Despite the proven benefits of virtual showings and dynamic marketing, David highlighted some challenges that property managers face in adopting these strategies.
One major concern is the fear of managing multiple media assets, such as videos and photos, and integrating them into their websites.
Another common obstacle is the lack of awareness about the positive impact of floor plan-specific content on lead quality and conversion rates.
Many property managers still prioritize the quantity of leads rather than focusing on attracting more qualified leads, which can lead to higher conversion rates.
Why You Need Both Sides of the Equation: Media Creation and Predictive Advertising
David stressed the importance of having a comprehensive approach to digital marketing. While some clients may choose to work with RentVision solely for media creation or predictive advertising, the ideal solution involves integrating both sides seamlessly.
Effective predictive advertising is all about being dynamic with your marketing efforts. Your vacancy rates fluctuate regularly, so your marketing strategy should adapt accordingly.
RentVision’s predictive advertising algorithm automatically adjusts your ad spend, keywords, and campaigns based on your current and future availability, ensuring you get the most out of your digital advertising budget.
On the other hand, investing in media creation, like floor plan-specific content and walkthrough videos, enhances the user experience on your website. This, in turn, boosts engagement and leads to higher conversion rates.
A website without such content may lead to wasted advertising efforts, as potential renters won’t find the information they need to make informed decisions.
Innovative approaches such as predictive advertising and walkthrough videos are revolutionizing apartment marketing by making it more dynamic and efficient. Property managers can enjoy higher conversion rates, reduced marketing spend, and improved occupancy rates by adopting these strategies.
Whether using RentVision or other providers, the key is to invest in solutions that cater to the unique needs of each property and its potential renters.
Follow David Watson on LinkedIn: https://www.linkedin.com/in/rentvision
Follow Daniel Cunningham on LinkedIn: https://www.linkedin.com/in/cunnuh
Check out RentVision on LinkedIn: https://www.linkedin.com/company/getrentvision
Learn more about Predictive Advertising from RentVision: https://www.rentvision.com/solutions/apartment-digital-marketing
For even more operations & maintenance tips…
- Check us out on LinkedIn: https://www.linkedin.com/showcase/apartment-academy/
0:00:00 Introduction to the episode and guest, David Watson, from RentVision
0:01:05 Recognizing the inefficiency of traditional apartment marketing methods
0:07:45 Challenges of adopting new marketing strategies
0:16:05 What is predictive advertising and how does it work?
0:20:07 Benefits of RentVision’s predictive advertising system
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