How Digital Marketing Can Increase Lease-ups
By Lindsay Valenty -
The real estate industry is continuing to grow, especially in the area of apartments.
In order to stand out from the competition, it's important to have a solid brand strategy and a robust digital presence.
Below are examples of different properties that we've helped with their digital marketing efforts to generate great results.
Lumos & Nox
Lumos & Nox Apartments are stylish apartments near Uptown in the chic Lowry Hill East neighborhood in Minneapolis.
Imagewërks has been running a combined campaign of Facebook display ads and Google search and display ads to assist with lease-up efforts ahead of their official open Spring-Summer 2021.
According to data compiled by Wordstream, the average CTR for paid search ads on major search engines like Google are around 3.71% in the real estate industry. In the April 2021 search ad campaigns running for Lumos & Nox, their best-performing ad for "Studio" saw a CTR of 3.85%. Their second-best ad for "1 Bedroom" saw a CTR of 3.7%. — both of which are trending with the industry standard.
Their Facebook display ads targeted a combination of audiences: local renters and retargeting lists for people who visited the Lumos & Nox website. The average CTR for Facebook display ads ranges from 0.5-1.6%. Lumos & Nox ran eighteen different ads. Their average CTR was 2.7% — almost twice the industry average.
Google ads alone drove 69.8% of website traffic for Lumos & Nox, with Facebook driving 11.9% during April 2021.
Testimony from Anthony Pawlik, Leasing Manager at Nox:
Awesome job with this online campaign for Nox – absolutely crushing it with the leads – both volume + quality. Best campaign we've seen to date, so far) – only four more rentals to stabilization needed! ~75% leased.
Amazing Grace is a senior living community that specializes in assisted living and memory care in Chicago.
Imagewërks has been running digital campaigns to assist with lease-up ahead of the campus opening in March 2021.
Amazing Grace has been running a combined campaign of Facebook display ads and Google search ads.
In the February 2021 search ad campaigns running for Amazing Grace, their best-performing ad for "Senior Living" is seeing a CTR of 5.19%. Their second-best ad for "Assisted Living" is seeing a CTR of 4.22% — both of which are still above the industry standard of 3.71%.
Their Facebook display ads targeted a combination of audiences: website lookalikes in the Norwood Park area of Chicago and retargeting lists for people who visited the Amazing Grace website.
The average CTR for Facebook display ads ranges from 0.5-1.6%. Amazing Grace ran seven different ads. Their CTR ranged from 0.88-3.31% — over the industry average, even with the least performing ad and twice the average for their best performing.
Facebook ads alone drove 70% of website traffic for Amazing Grace, with Google driving 11% during February.
The Moerty offers sustainability-conscious studio and 1-bedroom apartments in the historic March-Holmes neighborhood of Minneapolis.
Imagewërks has been running digital campaigns to assist with lease-up efforts ahead of their official open in November 2020.
The Moerty has been running Google search ads and monitoring Goals on Google Analytics since December 2020.
According to data compiled by Wordstream, the average CTR for paid search ads on major search engines like Google are around 3.71% in the real estate industry.
In the April 2021 search ad campaigns running for The Moerty, their best-performing search ad for "Studio" saw a CTR of 8.26%.
Website conversions from paid search ads performed exceptionally well in April 2021. Utilizing the Phone Extension feature, the ad generated 29 call clicks—a conversion rate of 123% from March 2021.
The average conversion rate on a search ad in the real estate industry is 2.5%, so this result is phenomenal.
Additionally, the conversion rate for the "Check Availability" Ad Extension to the website was up 7.2% from March 2021.
The 1 bedroom search ad performs well with the number of impressions, clicks, and conversions well above the others—138.5 conversions vs. studio with 91.
As we've shown, there are a variety of ways that you can utilize digital marketing to leverage your brand in a way that will garner results, and Imagewërks has a proven track record of success.
With so many new developments going up each month, the competition for renters and buyers is tough. Building, listing and showing just isn’t enough. Whether you’re a real estate developer putting up student housing, luxury apartments or boutique studios, your new development needs a strong brand identity to stand out from the crowd—and we'll give you an edge over the competition.