Shared post from AAOA | Source: wilmingtonbiz.com

A rental property can be a wonderful investment, if someone is renting it. The good news is that there are things you as a property owner can do to help your occupancy rate stay high and your rental income coming in.

We’ve already shared ways you can increase your rental’s curb appeal (and why that matters) and ways to make a good first impression with your rental property. But there are some very simple things you can do to beat the competition and have the property people want to rent.

Keep it clean. Be sure your rental property is spotless when potential tenants come. No one wants to move into a place that is dirty. Also, a clean home will signal to renters that the property is well-tended to and in good shape. When a home is dirty, renters assume that the property is neglected. Always hire a professional cleaning company. Treat your home as the business that it is. Would you stay in a hotel room that was not professionally cleaned? Why should a tenant move in to a property not handled by a professional?

Have good lighting. Renters want to see themselves living in the home. If they can’t see anything because the place is dark, they won’t feel inspired. Your property should have updated lighting, be well-lit and inviting. While you may not be able to increase the amount of natural light your property receives, you can certainly invest in good lighting solutions throughout the home. Features like larger lights in bathrooms, kitchen pendant lights and under-counter lighting are wonderful. Security lighting outside can be important, too.

Make it inviting. Even if you are not able to use the latest in home décor (granite or stainless steel), consider newer laminate kitchen counters, updated lighting, framed mirrors in bathrooms, replacing stained or damaged vinyl, replacing ceiling fans, or putting on new switch plates. These tasks can create a warm and inviting space that will encourage tenants to move in. These are easy and inexpensive fixes that go a long way.

Consider what helps with day-to-day living. Tenants can be won over by the little things. Updated anything, like newer counters (they don’t have to be granite) or ceiling fans, or spaces such as outside sheds or shelving in garages or floored attics, can leave a big impression. Privacy in the backyard and larger patio spaces also matter to tenants. To determine what things you can offer to set your property apart, think of what details make your life better on a day-to-day basis.

Control the temperature. Especially during a hot Wilmington summer, the temperature of a property can be crucial. Ensure that all of your heating and cooling systems are functional and in good condition. Make sure your thermostat is updated and working properly. Make sure your air filters are clean and the house smells good. The heat or the air should be on to avoid things like mold growth in your vents during a hot humid summer.

Of course, the main rule to follow is to make your property feel like a place where you would want to live. By doing this in big ways and little ways, you can increase your income property’s earnings and occupancy rate.

If you want help getting started, contact us today. With decades of experience managing properties in the area, we know what Cape Fear renters are looking for and can help you maximize your property’s potential.

Shared post from Axiometrics | Contributed by KC Sanjay

Great Britain voters decided on June 23 to leave the European Union. The somewhat surprising 52%-48% result — the “remain” side had a narrow lead in the final pre-vote polls — was capped by Prime Minister David Cameron’s announcement that he would resign.

Analysts are mixed about the effect the “Brexit” from the EU will have on the British economy, but the decision could make an impact on apartment investment in the United States, Axiometrics economists say.

International investors have been increasing their holdings in the U.S. over the past several years, as they have gained a better understanding of the American apartment market and appreciation of the sector’s profitability. Before recently, the idea of professionally managed properties of 300 units or more just didn’t translate.

But international investors sunk $16.3 billion into U.S. multifamily in 2015, about 11% of the record $150 billion worth of transactions in the sector, according to Real Capital Analytics (RCA). While Canadian investors provided the lion’s share of that international money ($11 billion), those from Great Britain had the second highest concentration at $2 billion.

The Brexit could decrease the value of British real estate, at least in the short term, as the United Kingdom attempts to first negotiate its way out of the EU, then seeks new trade deals on its own. That could send British speculators looking for someplace safe to spend their investment pounds and shillings, and the United States has one of the most attractive apartment markets in the world, according to Axiometrics economists.

Multifamily – comprising apartments, condominiums, student housing, senior housing and other products – is one of the five primary commercial real estate sectors, along with retail, office, industrial and lodging. The sector accounted for 25%-30% exposure of all commercial real estate portfolios in 2015 and the first quarter of 2016 – meaning multifamily is bringing in more than its share of investment compared to other sectors.

Meanwhile, the U.S. government made international investment in America easier by easing the tax burden on many of these deals. For example, a non-U.S. investor can now own up to 10% of a REIT before incurring federal taxes – up from 5%. This December 2015 action also exempts certain foreign pension funds from taxes from their U.S. property holdings.

Not only might British investors seek safety in the United States, but patrons from other nations could look to shift some investing from Britain to the U.S., according to Axiometrics’ economic analysis. London and New York, in that order, are the most popular locations for international investment. A weakened London market could spur more money toward New York, where 32% of 2015 multifamily investment was from outside the U.S., according to RCA.

Investors from the Middle East, who have long favored London, could be ready for a bigger bite of the Big Apple if they see profitability falling in Great Britain.

On the other hand, a post-Brexit British recession – one of the potential scenarios prophesied by economists – could depress U.K. apartment values so much that U.S. investors might see a “buy low” play overseas and spend some investment dollars on London flats.

Cameron bucked many of his Conservative Party patrons by urging his constituents to vote to remain in the EU, a position also held by much of the Labour Party and U.S. President Barack Obama. The rapidly emerging United Kingdom Independence Party (UKIP) is among the most vociferous supporters of the “leave” movement. The political ramifications beyond Cameron’s resignation could be significant.

Had voters followed Cameron’s lead and elected to remain in the EU, international investment in U.S. multifamily would have likely remained on its current trend line: Steadily increasing as market strength and investment conditions improve.

Read more from Axiometrics online

Shared post from Appfolio

The summer season is a common end-of-lease timeframe. As a result, many renters wind up moving over the summer. This leaves property managers busy trying to fill vacancies; inspecting units after move-out; and juggling minor repairs, security deposit refunds, and a host of other tasks. If your lease cycle ends in the summer, try these tips to reduce tenant turnover, keep your task list short, and keep everyone satisfied.

Why Tenants Move Over the Summer

Before talking about ways to reduce turnover, let’s look at some of the reasons why tenants move out during summer.

If you are in a university town, there may be natural turnover due to graduation that you will not be able to avoid. There will always be a subset of tenants who leave due to “change of life circumstance” reasons such as graduating, relocating for work or school, obtaining a shorter commute, moving in with a life partner, or moving to a larger apartment (maybe one in your complex). It’s not these tenants that you should worry much about.

What you do need to worry about are the residents who leave for reasons that are within your control. This includes tenants who seek lower rent, more outdoor space or common areas, amenities your complex lacks, a more updated unit, or something else.

Think about the feedback you hear from tenants who are exiting. Are there any common themes? While some tenants may be telling a “white lie” and offer a change of life circumstance reasons, tenants often give you valuable feedback. And if you aren’t asking for it, start!

It may hurt to know that a tenant is leaving because they felt you did not make repairs quickly, or they found a great deal across town on a unit with a pool. However, this feedback is great because it tells you exactly where renters feel your property falls short. By tackling these areas, you can make your property more competitive and decrease summer turnover.

So the first step in retaining tenants is to review what amenities and services you offer, keeping in mind common reasons that tenants leave. Try to identify themes and correlations. You’ll then use them to make improvements to your processes and your property to reduce summer turnover.

How to Decrease Summer Turnover

These tips will help you encourage tenants to renew their lease for another year. Implement tips that make sense based on the themes you identified earlier:

Invite tenants to renew three months before the lease ends. Make it easy for renters to stay by inviting them to renew well in advance of the lease end date and being honest about any rent increases. This gives everyone three months to plan for the future. If tenants decline to renew, you can fill vacancies and reduce uncertainty.

Communicate proactively with tenants. Demonstrate that you are responsive and proactive. The more you can be courteous and responsive to residents, the happier they will be.

Offer a flexible summer sublet option. To increase tenant retention, make it easy for renters to sublet for a set period of time.

Make smart, energy-efficient improvements. Hot summers can leave renters with high energy bills trying to stay cool. If your units are older, weatherize and make energy-efficient improvements to increase comfort and reduce turnover.

Offer a loyalty incentive when renters renew their lease. From a discount on rent to an upgrade like free wifi, there are ways to get renters to renew their leases by offering desired perks.

Improve your property. Keep your apartment complex competitive with other local properties to reduce lease turnover for amenities. Property and unit improvements help attract quality renters who may be more likely to stay.

These proven tips will not only increase resident retention, but will make renters happier and lead to positive word-of-mouth press in your community. Track lease renewal rates to see how every technique you try leads to increased tenant retention and peace of mind.

The post Keep Summer Turnover Low with these Property Management Tips appeared first on The Official AppFolio Blog.

Written By: Ryan Green | CIC

The multifamily housing industry is tiny! Sure, there are tens of thousands of people working in this industry to serve around 35 million renters, but there’s a ‘small town’ vibe you get when multifamily becomes your career focus. If multifamily housing is a business you enjoy and plan to remain a part of, then understanding how close-knit this industry can be will work to your benefit in the long run.

Regardless of where you move around in the country, there is bound to be some kind of apartment association and nearby competing properties you will work with. Quite often these groups will be part of something bigger, and herein lays the potential and necessity for you to make yourself known. Networking is a fundamental tool for many businesses, but multifamily housing is especially a people-first industry. For extroverted professionals this can be a natural part of the job, but for so many introverted people it can be a daunting notion on where to even begin. Fortunately for you this article was written to offer fundamental advice on how to get yourself known across the industry in the best ways possible!

Start at Home

This is the easiest thing so it’s where I’ll start off. If you work in multifamily, you are bound to be surrounded daily with people who do as well. More importantly than just getting along with your coworkers, make sure you build positive relationships. If you’ve ever heard the phrase “don’t burn bridges”, it applies here. Being in stressful atmospheres and locked in close quarters for long periods of time can get frustrating, and you won’t always get to work with people you love. That doesn’t mean those same people aren’t planning to grow within the same industry as you. Odds are you will likely run into them again. Be as pleasant to your colleagues as you are to your residents, and hopefully when you see them in the future they will have only fond memories of how you both got started.

Be Open About What You Want

It’s easy to talk to close friends and family, or look on your Facebook network when you are trying to find an opportunity. It is much harder to connect when you are forced to move beyond your strong ties. In Lisa Green Chau’s Ted Talk she discusses ways to network when it isn’t your natural mode of operation. In her video, Miss Chau references the co-founder and CEO of The Muse, Kathryn Minshew who offered great advice for creating opportunities instead of waiting for them.

1)    Say ‘Yes’! As you hear about events or get invited places, force yourself to attend. This is the first step to getting out there and meeting people within your industry who will have varied experience.

2)    Voice Your Goals. Discussing your ambitions can not only be an interesting topic, but can open doors you never knew existed. This isn’t an invitation to show your narcissistic side, but don’t shy away from letting people you meet know what you are passionate about.

3)    Attend. It is one thing to say ‘yes’, but another to go places when you don’t find a strategic value. Sometimes networking opportunities can be vague, but present enormous possibilities.

Forget the Pitch

Being open about what you want is a great personal tool, but going into an event with a prepared sales pitch is a great way to be seen as fake. Everyone has their own agendas to support their business, especially at work and association networking functions. It’s better to go into these situations with the mindset of making friends; plan to build a rapport with people you meet. This happens over time through brief interactions with most people, and you will see how friendships naturally begin to form. Whenever you meet someone be sure to ask for their business card, and be prepared to give them one of your own. Add them on LinkedIn (if available) so you can learn a bit about who they are and what they do for the next time you interact.

As you progress throughout the industry never lose focus on what makes this business great – the people. With major events and industry conferences occurring all around the country, think of how you would approach such major opportunities. Keep these tips in mind as the bigger the event, the more opportunities you have to meet with hundreds of colleagues and vendors over a few short days. You will be amazed at the wealth of knowledge, experience and friendships you can find when you open yourself up.

About CIC

Founded in 1986, CIC is a leading provider of tenant and employment screening solutions for the multifamily housing industry. CIC offers full service background checks, credit reports from all three major bureaus, the nation’s most comprehensive eviction records database, complete nationwide criminal records search, full verification services and other specialized screening products. For more information, please visit www.CICReports.com.

About Ryan Green

Ryan Green has been working within the real estate and property management industries since 2005, and presently serves as the Marketing Manager for CIC. He holds a degree in Business Administration as well as FCRA and Experian certifications for the multifamily housing industry. Since 2012, Ryan has been a writer for ResidentScreeningBlog.com as well as a contributing author for industry publications, news outlets and multiple forums.

Written by Patti LeBarron | FastEvict.com Law Group

Updating the outdoor space of a rental property can prove to be very useful for a landlord. On the one hand it can increase the value of the property a great deal and on the other hand it can make it more appealing to tenants too. Most tenants these days love to rent a home that has a nice garden or even a backyard where they can get some fresh air and entertain their guests. The following are some of the reasons why updating outdoor space can improve the curb appeal of your rental property and make it more attractive for prospective tenants.

Enhances the Usefulness of the Outdoor Space

One of the main reasons why landlords should update the outdoor space of their rental properties is that it increases the usefulness of that space. For instance, if the garden or backyard has a fountain or a gazebo placed in it then the tenant would have a place to entertain their guests in the open air. An updated outdoor space can work as an additional room for potential tenants, thus making your rental property more appealing to them.

Adds Value to the Rental Property

Updating any area of your rental property can add value to it. Renovating the outdoor space can have a great impact on the curb appeal of your rental property. A well-maintained lawn or garden is sure to make your rental property stand out from the rest. Prospective tenants would be mesmerized with the beautiful outlook of the home and would thus become instantly interested in renting it.

Offers More Privacy to the Tenants

While some tenants might prefer to make their homes private by keeping their windows closed or covered, most of them like to keep their windows open. An outdoor space featuring trees, bushes and shrubs can provide such tenants a more natural means of ensuring their privacy. They won’t have to close their windows or cover them up with blinds and can let fresh air into their homes without compromising their privacy.

Shows Potential Tenants that You Care

Another reason why updating your rental property’s backyard or garden can prove to be crucial to you is because it will send a positive message to potential tenants. Tenants love to see that their landlord is willing to make renovations to the rental property. So, when they will see an updated outdoor space, they would realize that you care about your property’s condition and well-being and thus would have no qualms in signing the tenancy agreement.

Shared post from Appfolio

It’s simple: in order to grow, you need more property owners. While there are some owners who think they can double as a landlord on their own, there are those who can’t and need help—they just don’t know how to select the right property manager.

Let’s explore 10 unique hacks guaranteed to expand your portfolio by attracting more property owners to your management company. It takes time to find new owners; so make them come to you.

Growth Hack #1 – Productized Rental Reports

It’s always important to know what similar properties in your area are renting for so you can stay competitive and successful. With these insights you’ll have the confidence to adjust rental prices to maximize your revenue and fill vacancies faster.

[AppFolio’s built-in rent comparison tool does this for you, saving you the research time!]

Growth Hack #2 – Content: Create Articles to Get Found by Owners

Why is content important? For so many reasons! Content comes in so many shapes and sizes: blog posts, videos, case studies, your website.

• Blog articles show authority and knowledge
• Video content can grab prospective renters’ attention
• Your website can show what you can offer to renters and owners and build your online presence

All of this content combined is hugely important because roughly 70% of searches on Google are long tail. Using long tail keywords in your URLs, content, page titles, and meta descriptions is a popular marketing technique and a way to build authority and an audience. You can use Google’s free Keyword Planner to find keywords that are relevant to your audience and get insight into what people are searching for. Incorporating these words and phrases into your content can be extremely valuable to your appearance in search engines. For example, property owners looking for new property managers might search “Best Property Manager in [input city here]”— so make sure you have content that answers that question on your website. Otherwise, you’ll lose out to the property manager that does.

Growth Hack #3 – Lead Nurturing: Build Relationships through Value

• 50% of leads are qualified but not ready to buy. (Source: Gleanster Research)
• 69% say that creating relevance is the most effective method for lead nurturing. (Source: Ascend2)
• Email marketing is proven to have 4,300% ROI (Source: Direct Marketing Association)

What do these stats mean? That you need to bring value to prospective leads. You can do this through producing high-quality and useful content in the form of customer videos, property walk-throughs, testimonials and reviews from happy renters, and more. Prove to your prospective owners why you’re a good investment and someone people like to work with.

Growth Hack #4 – Reputation: Attracting Owners to Your Business

Online brand reputation and reviews are very important to your growth and success as a property manager. A whopping 92% of customers read online reviews before making purchases. In fact, you can experience a 5-9% boost in revenue by increasing your overall Yelp Rating by just one star. But how can you improve your online reputation when there is such a negative vibe around online review sites? Ask for positive recommendations from your current residents who love your properties! The good reviews will stand out over the bad in the long run.

If you need more help building up your positive online reputation and responding to any negative commenters who are making your life difficult, check out our post: Hug Your Haters.

Growth Hack #5 – Pay Per Lead

One of the more controversial hacks in the list, Pay Per Lead (PPL) either works very well for your company, or doesn’t work at all. PPL refers to buying new unit leads from sites that sell these leads individually. The success of a Pay Per Lead campaign depends on your current marketing budget, ability to scale growth, and the number and quality of leasing agents you might have. PPL is more successful if you are willing to spend the money to wade through potential duds, but on average has a better conversion rate than most other marketing tactics.

Growth Hack #6 – Pay Per Click

A much less risky alternative than Pay Per Lead and a more widely applicable method for attracting new owners, Pay Per Click refers to paying for a top spot on page 1 of all Google searches related to your company in your area. Paying per click also means that you don’t pay a dime unless your site is visited from that link, guaranteeing that the person searching for you has an interest in your company. Dollar for dollar, this is also a cheaper alternative to buying portfolios from other PMs in your area—acquisition costs are usually about $1,200 a unit, where average Pay Per Click costs average $350 per unit.

Growth Hack #7 – For Rent By Owners (FRBOs): Calling the Landlords in Your Area

Why is this important? One of the most successful ways to grow your business as a property manager is to build your network. People are afraid to pick up the phone these days, but don’t be. It’s valuable and there are ways to prepare for those phone calls. Have a script in place so you can practice it and get comfortable saying it—without it sounding like a script. Also, have a structured process in place for researching who you are going to reach out to, when you’ll reach out, and any follow up with them later.

Growth Hack #8 – Join Local Organizations

It’s important that you get to know the fellow owners in your area. Become a pillar in your community. The more people you know, the more relationships you can build. It’s all about networking!

Growth Hack #9 – Utilizing Video – Get Ahead of the Curve

YouTube is the 2nd most used search engine in the world. People love videos! Create short, digestible and fun videos that show off your properties (the atmosphere, style, services and amenities). Make people interested in working with you, e.g. be personable and welcoming. Check some examples of what other successful property managers in your area are doing on YouTube for inspiration.

Growth Hack #10 – Have a Growth Plan

As a property manager you need to optimize on what’s working for you. First, track the source of all your leads so you actually know what’s working (don’t guess!). If one of these strategies is more successful than the others, put your energy (and marketing dollars) into that particular strategy to make it work even better for you.

Ask yourself, how many properties am I looking to add to my portfolio in one year? Two years? In five years? Where do you see yourself? Are you managing residential, or commercial, or student housing, or HOA properties? A mix of all of the above? Set a goal for yourself and devise a plan to get there.

The post 10 Growth Hacks for a More Profitable Property Management Business appeared first on The Official AppFolio Blog.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

Shared post from Appfolio

Summer is almost here; and it’s a popular time for renters to move in and out of apartments. If you’re busy welcoming new renters, performing move-out inspections in vacant units, and trying to get apartments rented property maintenance can fall by the wayside until things calm down. Yet your renters deserve clean and well-groomed common areas. Make sure your apartments look their best all summer long by adding these summer season maintenance tasks to your to-do list.

Property Exterior Summer Maintenance Tasks

Focus your energy on keeping your property exterior looking great in summer, when outdoor areas will see increased usage.

Put outdoor lighting in place: Long summer nights entice renters to stay outdoors in common areas. To help them get back inside safely, make sure that you have outdoor lighting illuminating pathways and doorways. Solar lighting is an energy-efficient, modern option that requires little maintenance once installed.

Trim grass: For comfort and protection from pests, keep grass trimmed regularly. Set a reminder in your calendar so you remember to mow the lawn every two weeks (or on the schedule of your choice), or contract out to a landscaping company if you prefer not to do this yourself.

Perform a garden/common areas landscaping cleanup: Late spring and early summer is a perfect time to trim back plants, trees, and shrubs. Don’t forget to weed paths and walkways, where little plants can spring up in cracks and make your property look shoddy.

Mulch garden beds: Flowers, trees, and shrubs get thirsty during summer heat. Adding 2-3 inches of mulch to garden beds helps the soil retain water for longer. Plants will look better during long, hot summer days; you will also conserve water usage and reduce utility costs through this eco-friendly landscaping tip.

Wash and repair deck and patio spaces: Outdoor common spaces like decks and patios will see heavy use in summer. Check all of these common spaces now, and make any repairs that are necessary (such as repainting or replacing a loose deck board). Then clean all common areas to remove dust, dirt, and grime. To help keep these areas tidy and reduce the amount you’ll need to clean up after renters, install trash cans on decks and patios.

Clean window wells and gutters: To ensure that rain can flow freely, clean out window wells and gutters seasonally, including as part of summer landscaping. Remove leaves, dirt, waste, and debris.

Property Interior Summer Maintenance Tasks

Tackle these tasks to keep interior common areas pleasant in summer.

Have air conditioners serviced: Whether you have window air conditioners in common areas or enjoy central air conditioning, summertime will place a big demand on your AC. Be prepared by having your air conditioning serviced by a reputable HVAC company. This way, you can make repairs or replacements so your units will work properly when it matters most.

Address gaps in windows, doors, and walls: Summer is prime pest season. These critters get inside through holes in windows, screens, doors, and walls. Get ahead of the pests by sealing cracks in windows and doors using caulk or expandable foam. If you notice that screens have rips, repair them to minimize your work mitigating pest problems later on.

Test smoke and CO2 alarms: Test unit smoke and CO2 alarms several times a year. By adding this to your seasonal property maintenance list, you can help keep residents safe.

Have interior carpets and furniture cleaned: After wet, muddy spring weather passes, treat interior carpets to a deep cleaning. Hallways will look brighter when carpets are cleaned. Many residents will breathe easier when mold, dust, pollen, and other allergens are removed from common area carpets. At the same time, clean interior furniture. Regular cleaning of furniture can forestall furniture replacement and keep your apartment looking its best.

When you are able to keep up with summer maintenance, fall clean up won’t be as time-consuming and you’ll feel less stressed as a result. Property Managers, what other tips do you have for keeping your properties well-groomed all summer long?

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

You might also enjoy:

Hot Apartment Marketing Ideas for Summer

The Importance Of Preventive Maintenance On Properties

The post Summer Season Property Maintenance To-Do List appeared first on The Official AppFolio Blog.

Shared post from Appfolio

It’s basic statistics. The more people see your apartment listings out in the wild, the bigger your pool of possible applicants becomes, and the faster you can rent your vacant units (and the happier your property owners will be). For property managers looking to fill vacancies quickly, these 7 tips to drive traffic to apartment listings can make all the difference.

#1 Create high-quality listings

Even if traffic is your ultimate goal, you need to have strong listings to turn that high traffic into paying renters. High-quality listings benefit most from detailed, accurate descriptions of properties and amenities and clear photos that show apartments in their best light. Once your listings look good, you’re ready to share them.

How to Take Better Photos for Your Property Listings

10 Best Practices for Listing Your Properties

#2 Use real estate aggregator sites

Renters in many cities use aggregator websites like Trulia or Zillow to search for homes and apartments for rent. If your apartment complex has fewer than 50 units, you can create a free listing on Zillow or Trulia. If your complex has more than 50 units, you will need to pay to list the property. Even if you have to pay, this is a great way to increase both listing views and tenant applications. Property management software can ease this manual burden and cost by streaming your listings to third-party sites.

5 Rental Sites for Listing Your Properties in 2016

How AppFolio Boosts Your Marketing Efforts in 2016

#3 Blog about your apartment community

A blog is a convenient way to share helpful information with your existing tenants, increase placement in search results for your apartment complex, and advertise vacancies. Blogs don’t have to be time-consuming; even just blogging once a week can increase the placement of your apartment and open listings in search results. The higher up you can land, the more users will click through to your listings page.

6 Blog Topic Ideas for Property Managers

#4 Pay for online advertising

PPC or pay-per-click advertising can be a simple yet effective way to generate listing traffic. Set a budget and select keywords that include your city or town plus search terms like “studio apartment,” “town home for rent,” or “2BR apartment.” You’ll only pay when users click through to your listing. PPC ads are a reliable way to get traffic quickly. If you accept pets, have short-term rentals, or have any other niche that will set you apart, PPC advertising can help you attract renters searching for apartments like yours.

Grow Your Property Management Business Through Local PPC

Improving Your Digital Marketing Strategies

#5 Share apartment listings on social media

Social media is a great way to drive traffic to apartment listings, yet many property managers aren’t using social media to advertise vacant units. Advertise your open listings across Twitter, Facebook, Instagram, and Pinterest. Include high-quality photos of your apartment and a brief yet compelling description. Existing tenants will share your social post with friends looking for an apartment for rent, effectively marketing on your behalf. While it will take a little time to create initial social posts for apartments, you’ll be able to reuse the descriptions going forward to be more efficient.

Property Manager’s Guide: 7 Steps to Social Media Renting Success

#6 Shoot an apartment video

People love watching and sharing videos. In fact, according to Hubspot 55 percent of web users watch and share at least one video every day. Investing in quality video production will help you generate awareness and desire for properties that you manage. Consider shooting a virtual tour of units as well as a tour of the outside of your apartment complex and all common areas. General videos are best, since they can be reused with all new vacancies.

Lights! Camera! Action! Getting the Most From Virtual Property Tours

#7 Reward tenants for sharing open listings

If you’ve tried all these tips and you still need traffic for open listings, recruit your residents to help you out. Host a contest where renters must share your apartment listing via social media and tag you in the shared post. Then use a random giveaway to reward a renter with a gift certificate, pair of movie tickets, or other incentive. Renters will love the chance to win something for free, and you’ll love the increased traffic.

When testing out these strategies to increase listing views, have patience. Some strategies can take a while to pay off, but they will reward you if you just keep with it. Property managers, have you tried any unusual techniques to drive traffic to your property listings? If so, what’s worked for you?

The post 7 Ways to Drive More Traffic to Your Apartment Listings appeared first on The Official AppFolio Blog.

Shared post from Appfolio

To fill open units and reduce vacancies, you need to know what millennials look for in apartments to rent, then exceed their expectations. While millennials have somewhat different values and preferences than other tenants, with a few tweaks you’ll be able to adjust your approach to attract them.

What Millennials Want in Apartments

Many millennials are long-term renters who are not prepared to buy a home anytime soon but want flexibility in their living arrangements in case they need to move for work or a relationship. They might have a high amount of student loan debt and need predictable expenses so they can set aside income to pay their loans.

Even if they are on a budget, millennials still want to go out and enjoy life. They prefer apartments located near restaurants, bars, cafes, nightclubs, parks, gyms, and other places they can hang out, be social, and entertain themselves.

Yet these renters are not just party animals. Millennials care deeply about the environment. They insist upon recycling at a minimum (composting is a plus). They want to curb water and electricity usage, and enjoy finding new ways to conserve, reduce, and reuse. As much as these renters love being online and using social media, they also like to hang out in person and value community.

They prefer to stream shows on the internet, so fast internet is a key to keeping these tenants happy. On a related note, the internet is their first-choice tool for everything from ordering up food delivery to looking for apartments. You absolutely must be online to connect with these renters.

Millennials also tend to be phone shy. Instead of calling you on the phone or meeting with you in person, they’ll probably opt to send a quick text or email.

Ideas to Make Your Apartments More Attractive to Millennial Renters

Now that you know what millennials like, you can position your open units as modern, efficient, and community-oriented to appeal to these renters. There are many ways to go about it.

Ways to make your apartment modern:

• Develop an attractive website to show off your open units and evidence of your modern approach to property management
• Allow renters to apply online and pay rent electronically
• Let renters make maintenance requests online
• Use millennials’ preferred communication methods of email and text message when possible
• Create social media accounts for your apartment complexes to build an online community

Ways to make your apartment efficient:

• Install low-flow toilets and shower heads in bathrooms
• Use compact fluorescent or LED lights in common areas
• Offer recycling and composting services on site
• Insulate your property to reduce drafts and slash utility bills
• Switch to energy-efficient appliances when upgrading units
• Use programmable thermostats in common areas to keep expenses low
• Have an Earth Day event at your apartment complex
• Adopt solar panels, wind power, or another source of renewable energy
• Showcase all the eco-friendly steps you take on social media and on your website to attract renters who care about their environmental impact

Ways to make your apartment community-oriented:

• Advertise neighborhood amenities, from bars and restaurants to farmers’ markets and parks
• Show photos of community perks (like your swimming pool or picnic area) on your website
• Host parties, movie nights, or social hours – and then post pictures on your website
• Engage with renters on your social media channels
• Have a virtual bulletin on your website where residents can engage and connect with each other

It is illegal to actively discriminate against renters of any age, so make sure not to explicitly turn anyone away from renting an apartment because they are or are not of millennial age. The good news is, all of these millennial-friendly strategies you adopt will make your apartment a better place for all renters in your community.

You might also enjoy:

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Mobile Marketing: Touring Your Property on a Smartphone

The post What Millennials Want: How to Attract Millennials to Fill Your Apartment Vacancies appeared first on The Official AppFolio Blog.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.