Apartment Living BlogMarketing And Tech Trends › Marketing Trends Roundup: 8 Apartment Marketing and Legal Tips From the Experts

We know how hard it is to keep up with what’s happening in the apartment industry. That’s why we’ve gathered some of the latest recommendations from top experts. These eight tips from industry leaders cover the latest conversations and research pertaining to legal concerns, market changes, and content marketing advice.

Market Trends: Short-Term Rentals Vs. the Apartment Industry

 

1. Long term apartment rentals have long been the “Holy Grail” of passive income for investors, says Entrepreneur Magazine. But the growth of platforms like AirBnB has resulted in a shift towards some investors choosing to use their property as a short-term vacation rental instead of as an annual leased apartment.

 

short term rental apartments

 

This is bridging the market gap between the hotel industry and the apartment industry and creating a crossover niche. In order to maximize the high returns that are possible with today’s real estate investments, professional property managers are in high demand to address the more labor-intensive short-term rentals as well the extra work needed by long-term apartment communities to market their listings in a competitive industry.

 

2. There is a correlation between the short-term rental industry and the long-term apartment market. In a not-yet published study of the 100 largest metro areas in the U.S. between 2012 and 2016, researchers found that a 10% increase in Airbnb listings leads to a 0.39% increase in rents.

 

“We hypothesize Airbnb takes supply out of the long-term rental market… and reallocates it to the short-term rental market, which caters to tourists or other temporary visitors,” said Dr. Edward Kung, one of the study’s authors. “This reduces the supply of long-term rental units and increases the price for residents looking for long-term housing.” As you continue to manage your apartment community of long-term rentals, it’s prudent to keep an eye on your local short-term rental market to watch how it can affect your business.

 

Content Marketing: Growing Your Business By Sharing

 

3. Consistency was a recurring theme in the content marketing tips shared by nine experts. Consistently putting out content — like publishing a weekly video, blog, or Facebook Live — makes people start to take notice of your apartment community. As a result your audience and digital footprint will grow, and your community will get access to more potential residents and higher quality candidates.

 

social media marketing

 

One expert recommends creating an editorial calendar to keep you on task and consistently producing content. And if you’re struggling with producing content, it’s worth noting that experts also say that regularly producing content will help you get better at it. For full-service assistance developing your online presence and social engagement, take a look at ForRent.com’s reputation management solution, Social Concierge.

 

4. To better connect with your audience, be authentic and be local. Content marketing is not about producing material with strong sales pitches; it’s about growing connections. To get traction online, be yourself.

 

And sharing relevant, local news and content is just as important. While the larger media entities are addressing the state and national issues, you can set yourself apart by talking about hyper-local concerns. “I want them to bring information that has to do with the neighborhood I live in, with the city and state I pay taxes in,” says apartment marketing expert Justin Stutz.

 

5. Because starting out in content marketing can be overwhelming, it can be helpful to narrow your focus. By limiting the platforms that you engage with and limiting the types of material that you produce, you can better stay on track to produce consistent and authentic content.

 

For example, don’t start out by trying to produce on Facebook, Instagram, Snapchat, and email marketing. Focus on one platform such as Facebook. “Grow your audience there, learn how to post to groups, learn how to run ads, get reviews and testimonials on your Facebook business page,” recommends Kelvin Krupiak.

 

And don’t be afraid to ask for help when you need it. With ForRent.com’s suite of reputation management tools a team of social marketing experts will optimize your social profiles for you. This full-service solution helps you track your online presence so that you can stay aware of new online reviews and relevant activity.

 

Legal Recommendations: How to Protect Against Liability

 

6. Don’t skimp on documentation. We get it — paperwork is never fun. But it’s important to remember that accurate and thorough documentation is critical to your success. For example, a lost rental contract can leave you vulnerable to disputes with your renters. Try creating a documentation checklist to make sure that the necessary paperwork is completed for each lease: rental application, signed lease, state-specific paperwork, locally required disclosures (lead, radon, mold, occupancy limits), and condition reports.

 

legal documentation to protect against liabilities

 

Keep in mind that there are many digital tools available that can both keep track of your documentation and help you migrate the rental application and lease process to a digital interface. And because the dialogue with your renters is a key component of your documentation, look to tools like ForRent.com’s Community Messenger platform, which keeps all of your resident communications organized while providing advanced features like the ability to send links, files and photos as bulk text messages to your entire apartment community or individual messages.

 

7. Pay attention to changes in Fair Housing laws. There are both local and federal laws that protect renters from discrimination. Not knowing these laws does not exclude you from following them, and not following Fair Housing laws can be costly. For example, Forbes cited a 2014 case where “two landlords and their management agent in Washington decided they would not abide by Fair Housing Laws and refused to waive a $1,000 pet fee to a tenant with an emotional assistance animal. Subsequently, they had to pay $25,000 to resolve the case.” Yikes, that’s expensive.

 

fair housing laws protect against discrimination

 

It can be helpful to consult with an attorney to help you stay current with any changes to landlord-tenant laws. Remember that even if you write specific provisions into your lease, “courts have the power to invalidate leases that violate federal, state or local laws and regulations,” says Forbes.

 

8. Don’t forget about insurance liability for events. Especially if you’re working to support resident retention by hosting events for your apartment community, be sure that your insurance policy is in line to protect you and your property.

 

Start by checking your commercial general liability policy to make sure that there are no exclusions about events. If you’re about to throw a big bash, you may want to consider additional event liability insurance, sometimes called “party insurance,” to make sure that you are thoroughly protected. Keep in mind that alcohol at parties can potentially cause problems. Use good practices to make sure that alcohol is consumed reasonably.

 

ForRent.com’s marketing solutions are designed to help your apartment community drive leads, build your brand, and retain residents. Learn more at https://www.forrent.com/solutions/.

Katie Glaser

About

Katie Glaser has been a marketing communications professional for over 15 years. Specializing in real estate marketing, she has overseen the digital marketing and editorial content initiatives for residential and multifamily property listing sites, Homes.com and ForRent.com. A Virginia Beach local, Katie holds a B.S. Communications degree from Old Dominion University and previously held a Virginia real estate license.

Comments

  1. Im living in a apt for 8 years get my mail here but not on lease and new owners gave money to who on lease i dont know how much they gave notice for all to move out march and i have photos of mold holes in wall rust roaches ect i been sick brain fog allergies sick but didnt see dr can i get money from them to move even if im not on lease but have proof i lived here

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