What if there were an easy way to increase both the volume and quality of your leads? By enabling all-in pricing, you can — and it only takes a few adjustments to your listing to get started.
Driven by renter demand, price transparency has been growing in popularity across the multifamily industry. And properties that feature price transparency on their Apartments.com listing see greater exposure and receive more high-quality leads.
Ready to join in? Here’s how to level up your listing by embracing transparent pricing.
What does price transparency look like?
Traditionally, multifamily properties have advertised base rents rather than total monthly costs. Base rents typically don’t include required fees, which can take the form of a mandatory amenity fee, technology fee, or trash and recycling fee.
In the transparent pricing model, in contrast, renters can see the total price at a glance. This all-in price includes the total sum of base rent and all required fees, giving renters a more accurate estimate of how much they’ll owe each month.
When you opt in to all-in pricing, your listing will feature a badge indicating that your price is the total monthly cost (as shown in the example), and your property will rank higher within your advertising package.
How does price transparency benefit you?
Renters overwhelmingly prefer all-in pricing, by a factor of eight to one, according to the latest Apartments.com renter survey. But transparent pricing has benefits for apartment owners and operators, too:
- Receive greater visibility. Once you opt in to all-in pricing, your listing will sort to the top of your ad package, exposing your property to more renters.
- Get higher quality leads. When renters can accurately evaluate their out-of-pocket costs, they’re more likely to submit leads to properties that fit their budget. This lets your leasing team focus on the renters most likely to apply, qualify, and become residents.
- Improve your reputation. Ambiguous pricing is a major pain point for renters. When you display transparent pricing, you reduce renter frustration and the risk of negative reviews. Transparency helps foster trust with your future residents.
- Stay in legal compliance. All-in pricing has become a legal requirement in an increasing number of states, and it’s been recommended by the Federal Trade Commission for properties nationwide.
The numbers back up the benefits. On average, properties with all-in pricing receive 19 percent more leads than those without, according to a recent Apartments.com analysis of lead performance.
What to do on your listing
How can you make the pricing on your listing more transparent? It’s easy to get started.
Just add your full fee schedule. You can add this information manually within your account on the Apartments.com customer portal, or you can sync your listing to your property management software to automate the process.
Make sure all fees — required and situational — are listed. If your property is among the few that don’t have any fees, you can indicate this, and your listing will reflect that no additional fees apply.
Once you’ve added your fee information, just click to enable all-in pricing.
Your listing will also feature the Cost Calculator, an interactive tool that lets renters see how their monthly and one-time expenses will change depending on factors such as move-in date, lease term, pets, parking, and more.
Get more tips for leveling up your listing
Want more ways to unleash the full power of your Apartments.com listing? Stay tuned for tips every week. And check out the latest strategies for leveling up:
- Have You Updated Your Property Description?
- Multimedia in Your Listing: A Key to Better Lead Quality
- How Unit-Specific Details Help Your Listing Stand Out
You can also download a printable checklist (PDF).
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