Tips on How to Market on a Budget

Marketing on a limited budget is both a challenge and an opportunity for creative thinking and strategic resourcefulness. In today’s fast-paced real estate landscape, making every dollar count can mean the difference between standing out and blending in. After speaking with Elaine De Lude, vice president at LIVEbe Communities, the residential division of Berman Enterprises, about the topic, what stood out most was how this budget limitation fosters a strong, personal connection between the marketing team and the current residents. This connection serves as a key tool in finding new residents by doubling down on retention.

Marketing on a budget thrives on authentic insights from current residents. Sometimes, the most accurate information comes from old-fashioned, face-to-face communication—an approach that remains unmatched in building trust and understanding within a community. “How can you know what residents truly enjoy, or dislike about your community, unless you engage with them directly? Surveys are helpful, but genuine conversations are irreplaceable,” De Lude emphasized. These insights are especially valuable as multifamily properties adapt to support the needs of remote workers and evolving resident expectations.

What are the most effective options available to a new property manager who must market multifamily properties on a tight budget?

De Lude: Do your homework first. Understand who lives in your community, their professions and lifestyle, and create very targeted marketing strategies.

For example, you discover from your research that you have residents who are Mel Robbins fans, and you see she is on tour for her book. Geotarget the tour location in your area and make the information public on your channels.

Another example is, you notice that you have an aging demographic resident base, and they continuously talk about their fear of being scammed. Find a senior center that offers “don’t get scammed” programs for seniors, geotarget and ask if you can provide a branded promotional item and/or introduce the “don’t get scammed” expert at the program.

If the property is in a visible location, signage is key. It’s a strong long-term investment and people in the area will see it month in and out until they are ready to lease.

How do you determine the ideal share of expenses to allocate to the marketing budget for new properties or ongoing promotions?

De Lude: There is no per-unit metric that is a one-size-fits-all. Market competition varies, and marketing professionals will need to create strategies that support the proforma. If the lease-up pace is scheduled to be more aggressive, then that is the approach that should be taken to develop an effective marketing plan.

Also, look at marketing/advertising that is multipurpose. If you are hosting an event, include existing residents and prospects so you can allocate costs. If you have two communities that are close to each other, determine if a message, digital strategy, event, or promotion would be well-received by both audiences.

Which low-cost or free digital tools do you consider essential for promoting multifamily properties, and why?

De Lude: When the marketing budget is tight, Geofencing, because it is local and targeted, and you can expand and contract your targets as needed. Have a strong Google My Business listing with professional photos, complete information and good resident reviews. Prospects will look up the property first and, if they don’t have a good first impression, they will move on.

Tell us about the strategies you use to create compelling property listings without hiring professional photographers or copywriters.

De Lude: You have to know who lives in your community and why. Meet with existing residents, talk to the onsite team and create a compelling, unique selling positioning statement for your community that is prominent in your advertising/marketing. Enter the content into ChatGPT and ask it to turn the material into marketing language.

Phone cameras take excellent photos and videos. Find an online tutorial on how to take good photos and set the staff free to capture the vibe of the community. Share what it feels like to live in your community. They need the feel to come through in the videos and photography.

How do you leverage social media platforms to maximize reach and engagement while keeping spending minimal?

De Lude: Create authentic content and videos, and have your teams post it regularly. Encourage all associates to create videos featuring on-site experiences. Encourage residents to tag the property in their social media posts, and provide small gift cards or other small incentives for their participation.

How do you use Google Business Profile and local SEO strategies to drive organic traffic to your property listings?

De Lude: We use a local, targeted approach. We strive to maintain high levels of resident satisfaction so that our Google scores are high and Google likes us better. We also try to change our photography regularly.

How important are resident referral and incentive programs in your overall marketing strategy, and how do you implement them efficiently?

De Lude: If residents love living in your community, they will refer it to other people, with or without an incentive. However, the incentive provides us with a reason to reach back out to our residents and remind them about the program. The loyalty points programs in our space are being very well received by residents and offer an alternative to older resident referral program incentives.

What criteria do you use to decide when to invest in paid advertising versus relying on organic marketing tactics?

De Lude: We analyze various points in a prospect’s journey to decide where, when and how much to allocate to tools such as paid advertising versus organic methods. As a local company with a strong community reputation, we rely on organic marketing tactics. However, for increased availability, product changes, or lease-ups, we use paid advertising. 

How do you repurpose existing content or assets to maximize their value and stretch your marketing dollars further?

De Lude: We partner with an agency that stores and tracks the results of content and assets. Content is posted on multiple channels, including the website, social media pages and Google My Business. It is also recirculated through social channels every year or two, to reach new prospects searching in the market.