Industry experts share best practices on building a successful plan.

Budgeting correctly for multifamily marketing campaigns is a critical function intertwined with the larger numbers of an operational budget. The process of establishing a budget lets management know what costs to expect from the marketing department, allowing it to firm up budgets for the rest of the operation.

Marketing directors and CEOs from real estate companies, property management firms and those handling marketing for multifamily owners agree best practices must guide the creation of budgets for marketing.

Communication with management

The creation of one-page dashboards issued monthly can help management understand how marketing dollars are being allocated. Campaign results can be examined as they come in month by month, and budget numbers adjusted. In this way, management is aware of what the marketing department is doing, leaving no surprises when budgeting season rolls around. Property and asset managers understand the overall impressions, the property’s visibility, what elements are bringing in traffic, how many prospects are shopping the community and how many visitors end up signing contracts.