1. Turnover Rates
  2. Late Rent Payments
  3. Evictions Time
  4. Eviction Costs
  5. Maintenance Staff Costs
  6. Turnover Time
  7. Operational Staff Costs
  8. Net Vacancy Time
  9. Marketing Costs
  10. Communications Costs

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Marketing your property rental is an investment – it takes time and money – but done well, it can impact top-line growth. If you’re having a difficult time securing renters for your two-, three- and four-bedroom multifamily units, it could be that you aren’t speaking to your ideal prospect.

That’s where personas can play a key role. They help you craft a more tailored ad to appeal to this segment of your prospective renters. Personas are target market profiles —composite sketches— that are created through a combination of raw data and educated guesses. These personas help you deliver the content that is most relevant to your audience.

Step 1:  Create the Basic Profile

To help create a realistic profile, assign a name to your persona as well as demographics (age, gender, income and location). The simplest way to start to create your persona is to look back at the highest quality residents with whom you’ve had best success renewing leases. Use a random sampling of renters, or prospective leads who made it through various stages of the leasing process. It’s also essential that these are tenants with whom you have a good relationship. Property management marketers may want to speak to the property manager to get more accurate information about some of the amenities or community features that most appealed to this family profile.

Depending on your location and unit rental price, your family persona may look something like this:

The Family with Kids Persona

Female: Maria Russo, 43 years old

Profession: Maria is a dental hygienist

Male: Mark Stanton, 44 years old

Profession: Mark is a high-school science teacher

Location: Vaughan/suburban

Children: One 12-year old boy, one 9-year old girl

Combined Family Income: $96,400

Step 2: Identify their Needs and Desires

Often, multifamily rental ads read like a laundry list, with the only variation being the number of bedrooms. Yet the needs of a couple with two kids looking for a three-bedroom apartment are very different from that of a young professional wanting to rent a one-bedroom. What makes ads and marketing content compelling is understanding and connecting with a potential tenant’s desires for their living environment.

Think about the things your family with two kids would want in their neighbourhood. What is this persona hoping to accomplish by moving into your unit and the surrounding community? Studying your personas’ needs enables you to move past the laundry list approach and create more compelling, conversion-oriented marketing.

Desires

What a family with kids would want in a 3-bedroom unit and apartment building:

  • A spacious living area and/or open concept kitchen/living room (if your unit has an island or breakfast nook be sure to mention it!)
  • Extra storage space in the unit and available lockers for rent
  • In-unit laundry facilities
  • Building amenities like a pool, gym or games room
  • Pet-friendly policies

What a family is looking for in a neighbourhood:

  • A quality neighbourhood (quiet, safe, etc)
  • Schools and daycares
  • Nearby parks, pools, bike paths and a public library
  • Shopping and dining options
  • Sports leagues, arenas and other activities for kids
  • Access to public transit or highway

Putting It All Together

Now, instead of writing ads or blog posts that are generic, you can now write more detailed content designed to win the hearts and minds of your ideal persona. Your ads can talk about how “with a spacious family room and adjacent breakfast nook with easy-clean laminate flooring, it’s the perfect living space for a busy family.” Or you can mention the many schools are within walking distance or a short bus ride away.

Use your blog to write posts like, “Top 5 Summertime Activities for Kids in X Neighbourhood” or “10 Reasons Why Families Choose Acme Apartments.” Of course, link to your available units at the end of each post, and be sure to tweet the posts a few times per week.

More Marketing Power

Property Vista’s cloud-based property marketing solution enables you to automate the advertising, create beautiful websites for each building, and integrate online applications and approval processes. Save time, improve productivity, and reach prospects and team members while you’re on the go!

To learn more about our online solutions for marketing, leasing, move-outs and more, sign up for your free account today or give us a call to learn more.


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