Using Micro-Targeting to Fill Your Rentals
February 27, 2018
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How To Use Micro-Targeting To Fill Vacancies
With the world of advertising seemingly getting turned on its head every month, marketing your properties can be a maddening task, and property managers are reacting in different ways to stay ahead of the game. One phrase that is likely to become a staple in landlord jargon is “micro-targeting,” a growing practice that already has CEOs’ heads turning. Landlords and property managers in niche markets are turning to micro-targeting to keep their properties filled year-round and finding some real success. Although the practice might not be suitable for some, it has already proved a valuable tool for landlords across the Internet.
What is Micro-Targeting?
In short, micro-targeting is finding the right people for your property, and it’s been noted as one of the most important emerging trends in real estate. Whether it’s performed through the evolving mediums of social media and property listing aggregation sites or more old-school landlording methods, micro-targeting allows you to target niche markets and demographics that you think are the most appropriate fit for your properties.
Here’s a basic, intuitive example: if you own a property adjacent to a bustling college campus, you’ll likely want your tenants to be college students. They’ll fit into the neighborhood because they’re already a part of the community. You’ll be less likely for them to grumble about the noisy students next door if they’re like-minded students themselves. On the other end, if you have a property next to a large corporate headquarters, trying to get industry professionals into your door could be an apt decision. The key to micro-targeting is that, instead of simply going out looking for any tenant, you market to a specific type of tenant. You advertise in places that your micro-target checks, you highlight amenities they care about, and you focus your entire marketing strategy on piquing their interest.
Should You be Doing it?
Micro-targeting’s relevance and value to you as a landlord depends on the location and size of your properties. Owners of generic apartment complexes likely don’t have to worry (or have the time to worry!) about getting certain demographics into the door, and micro-targeting could simply result in inefficient marketing. However, if you feel that your property of management style can best serve a certain age or lifestyle, you should give this new marketing practice serious thought. Branding your property to appeal to such potential tenants can be a great way to focus your marketing efforts, make your life as a landlord easier, and ultimately build a happy clientele. Plus, when you only have to worry about a specific group, marketing becomes a whole lot easier.
Getting Target Tenants in the Door
Social media platforms can bring your ads to specific demographics and communities with increasing precision. If you’re a landlord looking to fill multiple properties at once, utilizing such tools can be a reliable way to get responses from your desired audience in your inbox. Opting for such advertising can be hectic and expensive, however, and it can therefore be unwieldy for landlords with just a few properties.
Luckily for these landlords, there are DIY-methods for micro-targeting, and as we’ve talked about before at Innago, simply rewording your ads on standard property listing sites can prove fruitful. If you’re trying to appeal to college students or recent graduates, sell them on the property by detailing how great a fit it is for them. Proximity to restaurants, coffee shops, or public transit is always a surefire way to attract attention (but proximity to retail might not matter so much anymore!). Expound on the quiet nature of the neighborhood if you’re looking for more reserved tenants. You might even have been practicing micro-targeting all along: word-of-mouth and referrals are a great and natural way to attract tenants with similar priorities and sensibilities as your current ones.
Micro-Targeting: Worth Your Time?
So, what’s the verdict? Is micro-targeting a worthwhile strategy to market your properties in 2023? As with advertising anything, it truly depends on your situation. If you need a broader, more varied approach, combining micro-targeting with traditional marketing is probably better. But if you believe you can fill a substantial number of properties with renters of a very specific type, then micro-targeting is a no-brainer and a decision sure to benefit your rental business.
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