Why Invest in an ILS?
In the dynamic landscape of the real estate market, the journey to finding the perfect apartment often begins with a few clicks on an Internet Listing Service (ILS). These platforms, such as Zillow, Apartments.com, and Rent.com, play a pivotal role in connecting property managers with potential tenants. To explore the significance of having your apartment listed on an ILS we’ll first run through the buyer’s journey potential renters go through in the apartment search process.
When individuals embark on the journey of finding a new apartment, they typically go through various stages of the buyer’s journey, just as consumers do for any other good or service.
Renters Buyer’s Journey
1. Awareness Stage
At the awareness stage, potential renters become aware of their need for a new apartment. This could be brought about by increased rent at their current apartment home. They could be moving out of their roommates' apartment or going through a breakup or divorce. In any case, some life-changing decision was made and now they need to find a new, hopefully better, place to call home. In this stage, potential renters are just beginning their search, identifying what amenities they need and what their budget might be.
2. Consideration Stage
During the consideration stage, users narrow down their options. They’ve made their list of needs and desires for their next home. They begin to build a list of properties in their target area that fit their needs. They like, save, and compare multiple listings by reading detailed descriptions, viewing photos, and navigating virtual tours to assess which apartments align with their needs and preferences.
3. Intent and Decision Stage
In the intent and decision stage, users are more focused on specific properties that meet their criteria. They are whittling down their long list to the target 5 or 6 that fit their needs the best. They may inquire about availability, request additional information, or schedule tours at the apartment properties they are interested in.
Understanding these stages can help property managers tailor their listings and communication strategies to meet the needs of users at different stages of the decision-making process.
The Importance of Being on an ILS
Increased Visibility
Listing your apartment on an ILS significantly boosts its visibility. These platforms have a wide online reach and attract individuals actively searching for rental properties. Increased visibility translates to a broader audience, potentially attracting more prospective tenants.
Targeted Marketing
ILS platforms offer property managers the ability to target geographic areas. This targeted approach ensures that your property is showcased to the right audience, increasing the chances of finding suitable tenants.
Convenience for Renters
Prospective residents find ILS platforms to be a convenient way to search for rental properties. These websites provide comprehensive information about the apartments available in their area. They can filter and view properties that have the amenities they’re looking for in the budget range they need. Think of the ILS like their Pinterest board of potential homes.
Competitive Advantage
In a competitive rental market, having your apartment listed on popular ILS platforms gives it a competitive edge. It ensures that your property is visible alongside others, standing out among the numerous options available to renters. You’re in the mix of searching and filtering. Without this, your property may appear unavailable in their search or worse, not show up at all.
Real-Time Updates
ILS platforms often allow property managers to update property information in real-time by integrating to your rental management software, like Yardi or Appfolio. This ensures that the information presented to potential tenants is current, reduces the risk of misinformation, and ensures your specials or promotions are reaching your audience.
Analytics and Insights
Many ILS platforms provide analytics and insights to property managers. This data can include information on the number of views, inquiries, and other metrics, helping property managers assess the effectiveness of their listings and make informed decisions about marketing strategies.
Being listed on an ILS enhances a property's visibility, streamlines the rental process, and provides valuable marketing insights. Leveraging ILS platforms is a fundamental aspect of marketing rental properties in the multifamily industry, ensuring that your apartment is not just a listing but a desirable home for potential tenants.
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