Many property owners and property managers are unaware of the power of social media such as user generated content and influencers to attract tenants so here are some best practices.
By Alexis Krisay
The rental housing market is becoming more competitive every day as the number of available units continues to grow.
With this in mind, property managers and owners need to think of creative ways to attract the right tenants.
Many owners are still unaware of the true power of social media and have failed to allocate the appropriate budgets to these channels, which are at the forefront of marketing practices today. Growing in popularity is User-Generated Content (UGC) and influencer marketing, which involves outsourcing online creators to provide content in different ways.
Specifically, user generated content (UGC) is a form of media created by content creators for a brand or company to post that showcases a relatable perspective tailored for the target audience. Influencer marketing differs from user generated content because instead of the content living on the company or brand’s profile, the influencer shares it to their respective audience. Both strategies are effective tools to boost brand awareness and simultaneously build trust with your targeted audience.
Here are a few best practices for property managers and owners to follow if employing either UGC or influencers to attract new tenants and increase renewal rates.
Develop incentive programs to encourage tenants to create content on your behalf
If there is a lack of budget allocation across social media channels, we encourage property managers and owners to get creative with their strategies.
UGC through rental incentives is a perfect way to generate authentic social media exposure while also being cost-effective. Organizing a campaign of this nature involves various moving parts, all of which should be thoughtfully executed to ensure the program’s maximum potential:
- Building a brand around a UGC incentive program: Brainstorm and design various elements of digital marketing materials, including a campaign deck, social media posts and potentially a website landing page to announce and detail the specifics of the campaign. The incentive program’s brand should be an extension of the company or property, reflecting the various branding elements that already exist.
- Make sure the deliverables and objectives are clear: When building the brand around the UGC program, it’s important to effectively communicate guidelines and expected deliverables. Specify the type of content you’re looking for, provide a mood board or examples, include keywords or elements to highlight, and provide clear deadlines.
- Be creative: Today there are many new and innovative ways to engage with consumers. To get creative, our agency thought out of the box and engaged with Point in Time Studios, a virtual-reality and augmented-reality development company to create virtual-reality tours for prospective tenants to tour properties. We’ve had a lot of success for our clients with this method. Using new technologies and tools may also entice a content creator to promote your property to its followers.
- Develop a hashtag reflective of the campaign: Though hashtags have become less popular in current social media marketing, creating a unique tagline or phrase for users to include in their posts not only increases brand awareness but also organizes a space for the content to live, making it easier to track and quantify posts – and this all comes at no additional cost to you. When developing the hashtag, make sure it is original, brief and easy to understand.
- Incentivize content creation: Without exceeding a budget, it can be possible to incentivize tenants to participate in a campaign by offering rent discounts or gift cards. However, it is important to remember that content creators today are getting paid from hundreds to thousands of dollars. That said, the campaign should be worthwhile for both parties.
- Keep the community exciting and lively with planned events and happenings: Organize fun community events that showcase your amenities and the sense of community at your property. Whether it’s a pool party, a paint-and-sip night, or as simple as catered meals in the lobby, events like these give tenants alternative ways to create content that highlights your property in a positive way.
Overall, UGC can be a great way to attract new tenants and retain existing ones while keeping costs to a minimum, so long as the campaign is executed well.
Finding the Right Local Influencers That Post Content that Aligns with Your Brand
Alternatively, engaging influencers requires a bit more research on your end and likely a more sizable budget.
Much as a UGC campaign requires, influencer marketing also requires creative direction on your part. Creating the campaign begins with branding the program and detailing specifics about the required deliverables and objectives. This involves deciding the type of content that best showcases your property, including day-in-the-life experiences, vlogs, virtual tours or tenant interviews. Additionally, you have to consider the key messages you want the influencer to convey in their content. It is important to remember that the influencer’s only job is executing the guidelines that you put in place. That said, the better the campaign structure, the higher probability of success for both parties.
Similar to user generated content, it is imperative that the campaign offer some sort of incentive for influencers to participate. With the rise in influencer marketing, it is likely that influencers will expect financial compensation for their efforts. However, it is important that you provide an offer that is unique to the influencer to properly track the return on investment (ROI). In doing so, don’t forget to put this offer or unique marketing source in your rental customer relationship management (CRM) tool to generate the appropriate leasing reports!
Once the campaign is complete, you will be able to pull the traffic and leasing reports to identify the true ROI of the campaign. Influencers are great for brand awareness, so make sure your team is able to track the increase in likes, comments, shares and other engagement metrics following the campaign.
To generate true ROI with influencers in the rental industry you’ll need to have a thought-out strategy. If your team decides to use influencer marketing for your community, make sure you think about the following before you choose your influencer:
- Identify their niche: Look for influencers who are relevant to the rental market or your target demographic. For example, lifestyle bloggers, local celebrities, or real estate influencers might have a more significant impact. Make sure to carefully analyze their content and ensure that their focus aligns with your goals, your brand’s aesthetic and standards.
- Review their content: Assess the quality of the influencer’s content, including their photography, writing and video-production skills. This can also include their past partnerships, which can accurately gauge the type of content they are capable of producing. Additionally, showing interest in their former collaborations can form a strong, trusting relationship.
- Analyze their metrics: Look into their analytics on social channels. Track their engagement including likes, comments, shares and other metrics after the campaign. It’s important to not be phased by follower count – sometimes, influencers with smaller but highly engaged audiences (micro-influencers) can be more effective than those with a larger, less engaged following.
- Make sure their audience aligns with yours: When selecting the right influencer, their audience should largely correlate to your target tenants. The content they are creating should directly relate to the group you are aiming to reach.
Both of these tactics can lead to increased occupancy if done correctly and consistently. Like any tactic, repetition and analysis is key to the success of the campaign.
About the author:
Alexis Krisay is a partner and president of marketing at Serendipit Consulting. She has an extensive background in online and offline strategic marketing operations. With more than 15 years’ experience she has a deep understanding of the rental housing industry and what makes these people, brands and organizations tick.
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illustration credit Guzaliia Filimonova via istockimages