It seems you can't turn on the TV or Radio without hearing about the economic downturn. Everywhere you look there are cutbacks and the multifamily industry is no exception. The first cut always seems to be the marketing budget, which could (and most likely will) spell disaster for your community. You need to continue to promote your value to prospects especially when times are tough.
The obvious question is how to do you keep your marketing on the right track and not spends an exorbitant amount of money. Everywhere you look you can find information on "grassroots marketing" where you can rely on word of mouth and the viral type of campaigns. But of course you have to ask yourself is that enough?
The most important part of marketing in an economic crisis is on your website and your listing websites. It is the quintessential low cost advertisement, and needs to be a main part of your community's promotion. Most websites are not being updated as often as they should be causing lost traffic and fewer lead generations. Spend time to walk through your website, updated your pricing and amenities. Read your home page; is it something that would keep you looking at the website? If not update these minor details. Be sure that your ILS listings are current and match your website, consistency is important for online presence. If your websites are outdated they are not doing you any good, so be sure that they are as current and appealing as possible.
