BY MICHAEL ZARANSKY October 05, 2021
Hopefully, you’ve already planned out your 2022 Marketing plan to help get you more income properties under your belt come 2022. If not here is a great article by Michael Zaransky on what his firm is putting into place for the new year.
“The rental landscape has shifted, to say the least, over the past two years. Here’s how we’re planning for next year
As with many other businesses, the fall is a time to look forward in the multifamily real estate sector — to set budgets for the year ahead, plan and project. And though this asset class has remained remarkably resilient during the pandemic, the primary lesson learned over the past 18 months regarding marketing is a simple one: Be flexible.
Be ready to pivot your plan at a moment’s notice because you never know what might lie ahead. Here are a few things to consider when creating your 2022 marketing budget.
Take a look at the state of the market
At MZ Capital Partners, the Northbrook, Illinois-based private equity real estate firm I founded (and I serve as managing principal), we have set our marketing budget at pre-pandemic levels, understanding that demand remains high. And despite everything, renewal rates and rents are still robust, and there is a shortage of new properties.
Indeed, the overall nationwide vacancy rate stood at just 5.7 percent in the second quarter of 2021, down from 8.5 percent in the fourth quarter of 2020…. “