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Do We Target Our Market… or Does It Target Us?
Most developers build an apartment community with an idea, usually a definite idea, about a target market. That is, the community is designed to appeal to a certain type renter that will most likely lease at the projected rental rates. This is a best practice. In our current, some what sluggish, rental market, it would be foolish to build a product that is purely speculative with no target renter in mind.
Yet, it is shortsighted to be so narrowly focused on one targeted renter that you forget this important aspect of apartment marketing. You may think you are building a product for a certain segment of renter and discover it appeals to a completely different group.
So, pay attention to who is inquiring, emailing, texting, calling, and walking in the door…
especially those who rent!
Who are they? Where did they come from? What was their motivation to lease? Where do they work? You may have a target market in mind but there may be a demand from a so called “target” that you never planned.
Every new lease and move-in brings you valuable information about marketing your community. Find out where the move-ins are coming from and why they choose your community. Then market to that group that targets you! That’s a marketing strategy that works.
