I love when I talk to a perspective apartment community about their marketing efforts and I get the response, “Well, we don’t need any marketing, we’re 100% occupied.” Yes, it’s an accomplishment to reach and maintain full occupancy, but you may want to re-think the idea that you can then cut marketing for the property. The part I love when I hear this from them is helping them see why their marketing shouldn’t be cut but increased.
A fairly new concept in the multi-family industry is a practice called revenue management. This is the same strategy that airlines and hotels use to price their seats and rooms in an effort to optimize their pricing and ultimately their profit. Additionally, crucial to all revenue management strategies is marketing. You can actually increase your Net Operating Income (NOI).
Read more...Why You Should Increase Marketing When Fully Occupied. via Apartment Marketers