The student housing market is a continuously-growing sector that is becoming more and more in demand in recent years. As an extremely competitive sector of the real estate market, making in the student housing market requires a bit of extra effort, research, and marketing. With your target audience mainly being students in their late teens to early twenties, it should be easy to get to them. There is no set formula or a fixed list of steps you need to follow to advance in the student property market. However, there are things you can try in order to stand out. Here are 7 ways to market your student property!
Word of mouth might be one of the oldest marketing strategies so far, but it is still an important strategy until now. Get people talking about your student property, spread the word in the neighbourhood your property is in, especially in places that students are known to frequent, like the nearby coffee shop, the gym, the theatre, or the grocery store. Generating buzz around your property will definitely get people curious, and if they don’t end up investing in your property, you will have at least gained a spot on their radar for future reference.
While this also might seem like an outdated and old-fashioned marketing method, you’d be surprised by how effective it actually is. Since you’re targeting students, putting up flyers on bulletin and notice boards in the local high schools, universities, student cafes, and recreational centres will definitely put your student property on the map. Students who are starting a new chapter in their educational journey and those who are looking for a place to live while they attend university will now know about your student property and consider it as a viable accommodation option.
Put an extra focus on photography when marketing your student property. Today’s students and your overall general audience care about all the details you could give them; this includes real-life professionally-taken pictures of the student property. This will help you gain points in the market, especially if you regularly update your pictures with the latest developments and additions to your property. If you’re posting your property to an online real estate market, your main goal should be to make it stand out among the sea of other available properties there, and pictures are a great way to do so.
The younger generation, aka your target audience, spends most of their time on social media. It is a daily mourning routine for them to check Facebook or Instagram and so on. So trust that when they decide to look for a student property, this is the first place they’ll head to. Work on having a strong social media presence and making your brand as relatable to the students as it is professional and trustworthy. Students appreciate honesty and are always mindful of the tactics used to get them to invest in something, so while you should definitely market your property, make sure you’re not too promotional so you can effectively reach your target audience.
With the student housing market being as busy as it is, having something that sets you apart, like an edge over your competitors, is always a good thing to have. Some of the things that you can have and are guaranteed to generate buzz and get students’ attentions are the following offerings: flexible leases, functional amenities, the option of all-inclusive and non-inclusive rents, having pet-friendly property, and presenting the option of shared housing at lower prices.
As students will likely wait until their results come out before they apply to a university or think of booking a student property, you should always make sure you and your property are present on results day! Time your offers, social media ads, and any announcements about your student property to come out oom results day so students can immediately contact you while the topic is still fresh in their minds.
Your current customers could always bring in your future ones! Adding extra discounts and bonuses for every referral from a current tenant to a new one is an easy and effective way to generate traffic and get more people to rent your property. You can add referral bonuses to your ads and promotions to get even more people to recommend your property and gain even more traction in the market.
These are barely some of the things you can do or methods you can apply to reach your target audience and effectively market your student property. This is your chance to shine and stand out in an already competitive market!