Topic: Marketing High End Properties

I manage a few higher-end properties ($3,000-$10,000/month)and am trying to figure out some better marketing strategies. Craigslist doesn't seem to work for these properties and I have been somewhat more successful listing on the MLS. Any advice on high-end marketing? To me it seems like people who rent these properties tend to have agents looking for them rather than looking for themselves. Thanks!

I'd say you might be right and your best bet is to market to the Realtors. See if you can sponsor their weekly meetings. Take them some doughnuts, bagels, coffee and brochures. Ask if you can talk for three minutes and tell them about your property. Pay them a commission for referrals.

Call your local corporate housing companies- they need/use properties like yours all the time. Be flexible with your lease terms and you'll add a very good partner!!
PT Collins www.avenidasuites.com

Crystal: Marketing high-end properties is a kick! A couple of other thoughts for you:
1) You already have some existing residents, invite them to a nice cocktail hour. Let them know you would like to rent to their friends/associates. Offer a referral incentive (free rent, gift card, spa day, housekeeping services, drawing for vacation, etc.) Your goal is to get into this network. Repeat the message regularaly through e-mails (personalized) or flyers (and don't forget your Facebook page).
2) This is a 'high touch' demographic. They want others to do the 'heavy lifting' for them. The idea of touching base with area realtors is awesome. Often they are coming to town on a temporary assignment or don't want to jump immediately into a house. Realtors want to find somewhere to safely 'park' their client while they identify long-term housing. With realtors, maintain a relationship by letting them know what you have, what your Lease terms are (any flexibility?) and the status of any of their referrals.
3) High end advertising -- if your budget allows, consider advertising in sources that appeal to this demographic. We have used sponsorships on public radio as well as 'status' advertising in the local high-end lifestyle magazines with good success.

I agree with marketing to corporate housing companies. Our market is corporate and they prefer high end properties. Flexible lease terms, partnering with a local gym and value added services are all helpful. Samantha Elliott, CCHp, CRP Preferred Corporate Housing

Hi Crystal,

Depending on where your properties are located, you should check out www.LuxeListHome.com. They are the only online resource dedicated exclusively to affluent renters in search of high quality rental living. Perhaps they are in your city or coming soon?

Good Luck!
Maggie

If I were you - I would let my properties do the marketing for themselves. What content strategy are you applying?

People expect high end properties to be marketed using high-end means - but really, you just need high quality content. Content that engages usually means video, but even great looking photos can get the job done. The whole point of your content is to take people from interested to "i'm calling them NOW!" :cheer:

The next question is - how are you deploying your content? Is it easy for prospective tenants to find your pictures/videos/websites/property blogs/profiles etc. I'm sure you probably have a website - but is your content easy to find on that website? Does it load quickly and across the jungle of platforms out there (Android, iOS, W7, Linux, Mobile Browsers etc)? Jim Baumgartner's comment below includes a great idea: get social! How easily can you share your web content to the masses on facebook/twitter etc? The easier it is to do so - the more likely your existing tenants will use it as a referral tool.

Typically, high end apartment renters are busy people who really value their time. Engaging them with some amazing content that actually helps them make a decision will help you stand out from the crowd end show them how much you truly care to be their guide in their apartment search.

Hopefully this helps - with all the experts around this site there's no way you can go wrong!

What a great challenge - anyone who is renting at a property with those rents would probably not want to be bothered (high-touch but once the lease is signed, "leave me alone, I'm busy and important.") -

Brokers, realtors, locators, etc. come to mind. These prospects probably value word of mouth, but may not be seeking it out on their own.

Outreach to HR would still work here - at $3K to $10K per month, this could be companies bringing in consultants or temporarily relocating their fix-it experts; they need apartments they know they can trust, who will always get it right.

Consulting firms, hospitals -

Brandons Printing distributes directly to the real estate agent offices as well as the individual agent's in-boxes. I have used them before to send an announcement that basically treated real estate agents like locators... giving them a percentage/flat rate for the referrral. This is great way for them to supplement thier losses in unqualified buyers!

Also, if you trust them... you can get a lock box for a show unit for $75 for the year and agents can show the unit during hours you may not be able to!

Colin above mentioned "engaging content". Photo's and videos are engaging, but nothing new and certainly not exclusive to high-end properties. Might I suggest online interactive floor plans? These integrate seamlessly into an existing website where a prospect would normally view the floor plan. This tool is the most engaging interactive plan on the market to date and it also generates a lead when a prospect saves their custom floor plan. You can play with a demo plan at a.ifp.outhouse.net.

This tool has been VERY successful in the single-family building industry for the past 9 years. We are finding even greater successes in multifamily. To give you an idea, between 33-54% of the prospects who save a custom plan end up leasing the apartment. Sorry to sound like a commercial (which this obviously is), but if you want to stand out with something engaging, sophisticated and effective I would love to hear from you.

Stuart
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A property of that caliber certainly needs new and engaging ways of marketing.

There is a fairly new company to the industry who send in TV Hosts and camera crews to high end properties and create a editorial style film which make the property seems as though it has been featured on a television show.

www.showmyproperty.tv

Check out Beyond Wine & Cheese Marketing. They provide professional marketing collateral (not the usual clip-art you see) and help with marketing strategies for apartment communities. Plus the people are amazing - Tracy and Chad are the best.

www.beyondwineandcheese.com