Marketing and advertising, though many use the terms as if they mean the same thing, are really different. Advertising is a function of marketing, but marketing is a broader planned approach to positioning an apartment or multifamily property in the local marketplace.

Advertising includes the ways in which the property is presented to the prospective rental pool in a way that follows the marketing plan.

Marketing for Apartment & Multifamily Properties

Taking some niche examples, what might a marketing plan contain for an apartment or multifamily property? First, it will be identification of the target prospect or renter who would be most likely to want to live in the project.

This includes looking at the “why” that could be location, amenities or size and layout. Once this is determined, a marketing plan can be put into play.

· Taking the top couple of reasons renters would like this property from the research above, examine where these prospects live now, work, and places frequented for entertainment.

· If it’s an age group, this could point out marketing approaches and advertising media later that would appeal, such as focusing on modern and online access for younger, or convenience and ease of access for older prospects.

· Location is easy, as a college or major technology employer that’s providing the prospects can be the main source of tenants, thus a focus for marketing efforts.

Advertising for Successful Apartment & Multifamily Marketing

Once a marketing plan is in place, the methods used to advertise for tenants will be determined based on their ability to reach the best prospects at the lowest cost.

There are a great many ways to advertise apartments & multifamily properties, and just as many differences in reach, cost and results. Media sales people have a job to do, but just taking demographics in a sales presentation at face value could be costly and ineffective.

· Young professionals could be targeted quite well with a website and search engine presence.

· Those same young professionals, as well as college students, use Craigslist a lot, so it’s a great free advertising resource.

· College bulletin boards, and the same for large employers and institutions are another free resource that works.

· Large employer or institution newsletters may offer ad space.

· Of course, all of the traditional media, TV, radio, newspaper, and magazine can be effective. But, have the ad sales person show hard numbers for the number of prospects that fit the marketing plan.

Marketing & advertising for apartment & multifamily properties can be very cost effective with a plan and careful media selection.

I’ll share more with you soon…

Warm Regards,

Karen Hanover, CCIM Candidate
Apartment Education Institute, President

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