The power of social media has few boundaries. Other than being an excellent platform to grow brand awareness and increase follower counts, it's also a powerful tool for Build-to-Rent brands who want to attract more renters and lease up their communities.
Social networks like Twitter, Facebook, and Instagram have become hotspots for finding renters to move into your units. But that doesn't mean social media is always used in the best way when it comes to finding renters. Too often, marketers and sales teams don't realise the nuances involved with marketing through social media. The result is a missed opportunity to maximise another channel as a place to find renters.
If you're thinking about getting more renters through social media or want to improve your current output, you've come to the right place. In this guide, we'll look at how to identify potential mistakes when using social media to lease up at your Build-to-Rent community.
Mistake#1: Failing to understand social media
Suggesting that some business leaders don't understand social media in this day and age might seem like a stretch. However, while people might see the power of social media, they don't always know how to use it to their advantage.
It goes without saying that all businesses–including Build-to-Rent brands– should have a social media account. Yet, having a profile alone won't be enough to increase your renters. Without knowledge of how social media works or at least hiring someone proficient in using social networks, you'll end up making easily avoidable mistakes.
- Having an online presence that isn't updated regularly and leaves you with incorrect information on your profile
- Sending copy and paste messages to multiple accounts, which comes across as spam
- Making generic connection requests without exploring your brand personas
- Not liking or commenting on other posts that are relevant to your offering.
Succeeding at attracting renters through social media requires a plan of action. Or, in other words, a marketing strategy. Without a relevant strategy in place, you're setting yourself up for failure.
Mistake#2: Failing to implement a marketing strategy
Attracting leads through social media is like any other form of trying to monetise your Build-to-Rent community: it requires a plan of action to get the best results. If you take branding seriously, you should put the same amount of energy into social media as they do other aspects of the business.
Develop a strategy that targets key customers and champions the ethos of your brand and its culture. People want authenticity, which is why social media is the place to connect on a human level instead of going for the hard sell straight away.
The best brands innovate and come up with new ways to be relevant on social media, whether by getting people involved with hashtags or live streaming for instant interactions. They're always finding ways to interact by creating a watertight social media marketing strategy that leads to improved sales.
Mistake#3: Not tracking results
Social media is a data-led medium, with the best results coming from those who analyse performances. Modern tools mean that it has never been easier to track results across each social network and then use them to refine strategies and grow your bottom line.
Having access to data also means you can halt campaigns that don't perform instantly and instead focus on the ones that gain traction. It's also worth remembering that success takes time, and data is the foundation of measuring that success.
It would be unrealistic to expect your first campaign to return excellent results. Social media data is a way for you to gain deeper insights into your audience and how they behave. Through a process of thorough testing, you should land on a formula that works and provides results.
Mistake#4: Focusing on too many social networks
One of the biggest mistakes brands in all industries make is to sign up for several social media networks and expect each one of them to provide results. Building a presence on social media and selling your product or service takes time, and each social network is different.
There are so many social platforms, including Facebook, Twitter, Instagram, Snapchat, Tiktok, Pinterest, and YouTube, that it's impossible to be successful on all of them at once. Instead, review each platform and the audiences they attract. Then spend your energy building a following that will enable you to attract renters to your chosen social network.
Even if you do decide to market across several social media platforms at once, you will still need to treat each one individually. For example, don't copy and paste one message across three platforms. It will give the impression that you're not serious about creating a unique brand experience for your followers.
Mistake#5: Make sure you engage
Everything on social media is geared toward engagement. That's why you should put it at the front and centre of all your output efforts. Too many companies go on social media and hope to generate leads but don't want to engage with their audiences.
Selling your community might be the primary goal, but engaging with thought-provoking content will help increase sales in the long run. Be an industry leader, and share blog posts on topics of interest for your audiences, such as information on renting or guides about the local area. Create social media polls that ask questions about what followers want. And be responsive when people leave comments on your pages.
Nearly seven out of 10 users are active on social media, which is why you need to be responsive in your efforts. By engaging and interacting with social media communities, the chances of your converting renters increases exponentially.
Making the most of social media
Social media is for socialising. If you use it to let your audience know that you want to interact with them, that you value their opinions and that they're important to you, the result will be more renters inquiring about your community. And, most importantly, you will avoid the type of mistakes that can hinder your Build-to-Rent and stop you from leasing up.