September 16, 2021

What is Multifamily Cross-Selling and Why it Should be Part of Your Apartment Marketing Strategy?

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It’s common for apartment leasing agents to face this scenario: A prospect is very interested in your community, but the floorplan they want isn’t available. So, the prospect moves on and your community loses out on that lead.

A cross-selling strategy would be a win-win for property owners who have more than one community in the same geographical area as well as prospects, who don’t have to start back at square one if their first choice isn’t possible. 

What is Apartment Cross-Selling?

Under a cross-selling model, leasing agents would refer the prospect to a nearby sister community with availability, meaning the possible lease isn’t lost to another Multifamily company. 

When a person conducts an apartment search, prospects generally have a budget in mind, then they look for apartments that they can afford within their ideal location. 

Apartment hunting is competitive for prospects as well as communities. If a prospect falls in love with a community but their desired floor plan isn’t available for the month they want to move, leasing agents would take down the prospects’ contact information, but other than that, there wasn’t much they could do.

Cross-Selling Requires a New Mindset

It’s not unusual for multiple apartment communities owned by the same company to be located in the same area of a city. Depending on the company culture, there may be competition between these communities, friendly or otherwise. After all, they could be targeting the same type of renter, and the pool of prospects is limited. 

To become successful at cross-selling, teams at sister properties need to view themselves as part of the same larger team rather than considering each other as opponents. Overcoming this mindset requires effective leadership at the ownership level aimed at breaking down these silos. 

Owners can create a feeling of oneness among teams in several ways, including:

  • Having staff members cross-train at their sister property 
  • Bringing the teams together electronically through collaboration software
  • Ensuring that salaries and compensation packages align between sister communities
  • Shifting communications to create a vibe of unity

Why is Cross-Selling an Effective Marketing Strategy?

For prospects, searching for a new apartment can be a frustrating process involving inquiries to numerous communities. A cross-selling approach could help prospects cut back on the legwork they would normally do when apartment hunting. Prospects can get more information about what’s available in the area with just one conversation. 

For the properties and owners, cross-selling would bring more prospects to communities that otherwise might not have reached out. For properties that are full, this would allow them to send that traffic to a nearby property, capitalizing on the prospect’s invested interest. For properties with availability, this feature would provide a new traffic source to help fill their vacancies.

How Does Cross-Selling Work?

When one property isn’t a good fit, a leasing agent could cross-sell by sending the prospect to a sister community that might be just right. The prospect could then communicate with the property.

Respage has made it easy for Multifamily owners to cross-sell. We have added a feature in our dashboard that connects sister properties, making it simple to keep tabs on availability as well as connect prospects with another community within your portfolio. 

Conclusion

Cross-selling might seem like a no-brainer, but in order for it to become a successful strategy, the process must be streamlined with minimal inconvenience to the prospects. Respage can help your communities sync up and build a process that promotes cross-selling within your current systems. Contact Respage to find out more.

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