When it comes to running effective digital ad campaigns, property managers face unique challenges. From tight budgets to targeting the right audience, there’s a lot to consider to maximize return on investment. Here are five common practices in property management digital advertising that should be avoided.
Avoid: Many property managers use broad, generic language in ads, which often fails to resonate with specific renter demographics. This can result in low engagement and fewer qualified leads.
Instead: Craft ads with specific messages that speak directly to your target audience. If you’re advertising a luxury property, emphasize amenities like high-end finishes or concierge services. For student housing, focus on convenience to campus and affordability. Tailoring your message to your audience can dramatically increase relevance and engagement.
Avoid: Running ads without regularly checking metrics like conversion rate and cost-per-click (CPC) can lead to wasted budget on underperforming ads.
Instead: Make performance tracking a habit. Use analytics tools to review ad metrics regularly and make adjustments based on what’s working and what isn’t. Small tweaks—such as adjusting keywords or refining targeting—can greatly improve ad efficiency and ROI over time.
Don’t forget, if your entire budget doesn’t get spent, that could mean you are getting more qualified leads rather than a larger number of unqualified leads. Your Click Through Rate (CTR) may drop, but you may have more clicks and your Cost Per Click (CPC) may decrease. Keep a close eye on your analytics to see how your budget is working for you.
Avoid: Property managers often overlook retargeting as a tool to re-engage visitors who have shown interest by visiting their website or viewing an ad but haven’t converted.
Instead: Implement retargeting campaigns to keep your property top-of-mind. Retargeting ads reach those who have already interacted with your content, increasing the likelihood of conversion. Showcase different features or offer incentives, like a tour discount, to encourage potential renters to come back.
Avoid: Underestimating the budget needed for an effective ad campaign can result in limited reach and low performance.
Instead: Set realistic expectations for your ad budget. Allocate enough funds to maintain a consistent ad presence and test different ad formats. Consider investing in campaigns during peak leasing seasons when prospects are most actively searching for rentals.
Avoid: Property managers sometimes use broad targeting rather than focusing on local prospects, which can dilute their ad effectiveness.
Instead: Take advantage of hyperlocal ads that allow you to zero in on prospective renters based on zip code, neighborhood, or proximity to points of interest, which can drive more qualified leads and improve conversion rates.