Top 7 Ways for Property Managers to Improve Their Partner Marketing
As a property manager, you know the meaning of "sharing is caring." By partnering with trusted businesses in your area, you'll be one step closer toward helping your community, the businesses that you partner with, and most importantly, the residents living in your community. But is your partner marketing as effective as it could be? With these tips, you can fine-tune your partner marketing strategy and make the most of your partnerships.
1. Be a step ahead of word of mouth
We all know the struggle of finding a good dry cleaner, shoe repair shop, or hair salon, so be sure to partner with businesses that new residents will otherwise seek out by word of mouth (or worse, trial and error). When new residents move-in, give them a "neighborhood guide" with a list of all your preferred providers to make them feel at home in their new place. Besides, you may save them from a really bad haircut, too!
2. Keep it keyring-friendly
Rewards memberships are a free and simple way to save money at a variety of places, such as drug stores and pet stores, among many others. Create a rewards card that your residents can string on their keychain or keep in their wallets. All they have to do is walk into a partner company's store, flash the card, and voila, savings!
3. Put your money where your mouth is
If you've just entered a new partnership, your partner will immediately need evidence that accepting your offer is worth their while. To do so, pique your residents' interest in the partner company as soon as the partnership is official. By immediately sending new customers your partner's way, you'll boost your reputation and prove that the partnership is worth their while. Their bottom line will thank you, too!
4. Residents just wanna have fun
Your property isn't just a building – it's a community. Incorporate your business partners into your community by allowing them to sponsor resident events at your property. For example, if you've partnered with a local pizza joint, let them introduce themselves to the community by hosting a free pizza event on a Sunday afternoon. If your partners prefer to host at their business, advertise "resident days" where residents can receive a discount at the business for that day only, every Sunday, or whenever your partners prefer.
5. Stay social media savvy
Whether it's advertising community events on Facebook or using Twitter to stay up-to-date on the multifamily industry, social media can be a powerful tool for property managers. Extend your social media savvy to your partner marketing strategy by creating a Facebook album highlighting what discounts your residents get at various businesses. Simply upload the company logos as photos, and have the caption explain the discount residents receive at that business.
6. Offer Updater to your residents!
Does your apartment community partner with a renters insurance company? Or, what about a cable company? Updater's Preferred Provider feature allows you to display and recommend all your business partnerships directly within your residents' Updater dashboard – all before resident move-in! Your residents will not only be able to find the best service providers in the area, but they'll also be able to update their subscriptions, transfer utilities, and more, all in one go. Think of it as a win-win for everyone!
7. Remember – less is more
As tempting as it may be to partner with several businesses, it's a much better use of your time and resources to form a few strong partnerships that garner high returns for both partners, instead of many smaller partnerships with smaller returns. After all, it's better to fully commit to your partnerships than spread yourself too thin. In short, don't bite off more than you can chew!
It goes without saying that partner marketing is an effective tool for boosting revenue, building good business relationships, and making residents' lives easier. But with some savvy and help from technology, you can optimize its benefits for yourself, your partners, and most importantly, your residents.