How to Effectively Market Your Building
Empty units can lead to security issues and a decreased building appeal. They can also create a negative feeling of disassociation among residents. That’s why it is so important to keep every unit occupied.
But how do you keep units full on a consistent basis? The solution is to put real effort into marketing your building to attract new buyers. Not sure how to start? Here are some tips that will make marketing your building a breeze.
1. Make a good first impression.
Your building’s entrance isn’t just a door or a section of your property, it’s a representation of the community that lives there. Your entrance is a make it or break it area, setting the tone for visits from prospective buyers and residents. Make sure that your entranceway and lobby are eye-pleasing and properly maintained. These should be welcoming and enticing, making sure that each first impression is a good one.
2. Put yourself in the buyer’s shoes.
It can be difficult to get a fresh perspective when you’re so familiar with your building, but it helps to put yourself in the buyer’s frame of mind. Try this: leave your building and then enter again as if you were a prospective buyer. How do the common areas look? Are they attractive and inviting? Is the lobby well-kept with proper lighting? How are the exterior areas including landscaping? Completing this exercise will help you identify ways to improve that will boost your building’s appeal. Your property management company can also help you complete a building evaluation and help you create an improvement plan.
3. Get residents together.
Community events like summer barbecues or holiday parties can create positive experiences for your building residents making them more likely to become community advocates. Having engaged residents that can speak to the benefits of living in your building and about any available units can be a powerful sales tool. As your current residents talk with their friends and family, your outreach to prospective buyers grows. Get creative with the types of events you host based off of your community’s interests. Invite guest speakers, hold panel discussions, or partner with local business to hold tastings or giveaways. The possibilities for fun and engagement are endless!
4. Show your financial health.
Savvy buyers like to examine the financial health of an association before they consider buying a unit. Build transparency into the sales process by creating a mechanism for easily showing your documentation. Be clear on financial issues and address any challenges immediately. Buyers will want to know that they are moving into a building that is responsible with their finances and clear with their residents. This may very well be a deciding factor when selecting their future home. Your property management company can also help with sound advice for financial transparency.
5. Go online.
Use tools like specialized landing pages to target prospective buyers. Especially in highly competitive markets, this can be a differentiator that can give you the competitive edge you need. Pages like these can also be a resource full of useful information that aids the buyer, making their decision making process easier. Use this avenue to highlight what makes your building a great place to live.
Any marketing strategy requires time, effort, and commitment, but it’s well worth it. Use these tips to start attracting more buyers than ever to your property. For more help, contact FirstService Residential, Maryland’s leading community association management company.