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A commonly asked question from landlords and property managers is whether they should try using social media networks such as Twitter, Facebook and Google+ as communication tools in their management. While often not utilized effectively, social media networks can prove a free and tenant-friendly way to connect with residents and market vacant units.
Here are three ways landlords and property managers can leverage social media trends to minimize vacancy rates and boost tenant engagement for increased retention.
Lead Generation: Social media engagement continues to grow, and more people are becoming social media-savvy and look for deals, offers and leads on social media. A recent study found that 56% of Americans have at least one social media profile, and it is not just young adults that are fueling the trend: 55% of Americans between the ages of 45-54 also have profiles. But even more significant than the sheer numbers is that almost half of them claim that Facebook (more than any other marketing medium) has the strongest influence on their purchasing behavior.
So how do tenants’ social media usage translate to lower vacancy rates? Property managers and landlords who engage their tenants through social media and have their attention can leverage their tenants’ contacts, by alerting them of upcoming or current vacancies and encouraging referrals. If an apartment building contains 30 units and the average resident has 50 connections in their social networks, and each passes along information about the upcoming vacancy in hopes their friends might move in and become neighbors, that represents an instant reach of 1,500 potential tenants who already have a good reason to want to live there.
Managers and landlords can also use social media to offer discounts, referral bonuses, gifts and other promotions to either the referring tenant or new tenants who move in, and it is easy for word of these promotions to pass along through social media networks.
Heightened Visibility: Increasing numbers of tenants search online for a new home, whether through search engines (by terms like “Appleton apartment buildings”) or by searching rental listing websites (like Craigslist). Imagine a property manager’s delight if the first four results that appeared among Google results were their company’s website followed by their Facebook, Twitter and Google+ pages – potential tenants may not even look far enough down the page to see the other competition. Google has shifted increasingly toward local-oriented search results, and there is increasing speculation that social media engagement has a positive impact on company websites’ search rankings in addition to their social media pages’ rankings.
Landlords and managers can also leverage social media in their rental listings by including links to their social media profiles. How better to demonstrate the high quality of life in an apartment community than to push potential renters to social media pages filled with photos of fun community activities, happy tenants using the communal facilities and calendars of upcoming events? Every picture of a tenant smiling, every upbeat post that tenants have made, every follower of the account shows just how excited the current residents are to live there, and makes for a powerful marketing message.
Tenant Engagement: The more engaged that tenants are with both each other and with the management, the less likely they are to move out, as the apartment complex shifts from being just a place to live to being a community filled with new friends. Planning fun community events to engage residents and bring them together is fantastic, but it is equally critical that the residents actually turn out for these events, and social media is a great way to market them. For example, as more residents RSVP on the social media page for a community event, the more attractive the event looks, because “everyone will be there.” Encouraging tenants to post pictures of events after they happen is a great way to show just how fun the community events are, and encourage participation in the next one.
Property managers can share information about home maintenance, seasonal tips and reminders, news about upcoming improvements (such as a new courtyard area), scheduled maintenance updates and reminders, upcoming vacancies and promotions, and any other creative ideas for boosting resident engagement and minimizing vacancies.
Landlords or managers who are just starting a social media presence for their community can encourage residents to follow the community social media account by offering a $5 or $10 discount or credit on next month’s rent to do so, and encouraging residents to do so with each written and verbal communication. Social media is an inexpensive way to engage both current and future tenants, to boost tenant retention rates, minimize vacancy rates and increase community visibility and exposure.
