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 of renter that will most likely lease at the projected rental rates.
This is a best practice and even in our current high demand rental market, it would be foolish to build a product that is purely speculative with no renter in mind.
Yet it is shortsighted to be so narrowly focused on one targeted renter that you fail to see who is targeting you! You may think you are building a product for a certain segment of the renter and discover it appeals to a completely different group.
So pay attention to who is 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 create new and better ways to market to that group that targets you!
Always get precise traffic sources. Ask each phone prospect, “Where did you find our telephone number?”
Carefully follow the sources of all internet inquiries. Listen to your office visitors to determine what motivated them to visit you today.
By matching the prospects that target you WITH their precise traffic source, you then have the elements of an energized marketing effort.