What are some of the best practices for marketing and leasing a new development?

1 Know your target market

Before you start marketing and leasing your new development, you need to have a clear understanding of who your ideal tenants are, what they want, and how they behave. Conduct market research and analysis to identify your target market segments, their demographics, preferences, needs, pain points, and motivations. This will help you tailor your marketing and leasing strategies to their specific interests and expectations.

2 Create a strong brand identity

Your new development is not just a physical space, it is also a brand that represents your vision, values, and personality. You need to create a strong brand identity that will differentiate your property from the competition and resonate with your target market. Your brand identity should include a catchy name, a memorable logo, a consistent color scheme, a compelling tagline, and a clear message. Your brand identity should be reflected in all your marketing and leasing materials, such as your website, brochures, flyers, signage, social media, and ads.

3 Use digital marketing tools

In today's digital age, you need to leverage the power of online platforms and channels to reach and engage your potential tenants. Use digital marketing tools such as a responsive website, SEO, email marketing, social media marketing, video marketing, and online advertising to showcase your property, generate leads, and drive traffic to your leasing office or website. Make sure your digital marketing content is informative, attractive, and relevant to your target market. Include high-quality images, videos, testimonials, floor plans, amenities, and pricing information. Also, make sure your digital marketing content has clear and compelling calls to action that encourage your prospects to contact you, schedule a tour, or apply online.

4 Offer incentives and discounts

One way to entice your potential tenants and speed up the leasing process is to offer incentives and discounts that add value to your property and reduce their costs. For example, you can offer free rent for the first month, waived application or security fees, reduced deposits, gift cards, or referrals bonuses. You can also offer flexible lease terms, such as short-term or month-to-month leases, that suit your tenants' needs and preferences. However, be careful not to overdo it or undercut your market value. You should also monitor and adjust your incentives and discounts based on the supply and demand of your market.

5 Build a sense of community

Another way to attract and retain tenants is to build a sense of community within your new development. You can do this by creating and promoting social and recreational activities and events that foster interaction and connection among your tenants. For example, you can organize fitness classes, movie nights, happy hours, or holiday parties. You can also create and maintain online communities on social media or apps that allow your tenants to communicate, share information, give feedback, and access services. By building a sense of community, you can enhance your tenants' satisfaction, loyalty, and referrals.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?