There are oodles and oodles of methods to cover when marketing your multi-family property. But I wanted to keep the list short today, so I am going to cover some of the methods I use, and some other time tested methods that are cheap to implement. Have you ever had to sit on a property? Here’s some good ways to get low cost exposure for your properties:
- Direct Mail:
One of the oldest, but one of the best methods to shotgun your message to a wide audience of people. I would focus to areas that are prone to renting, such as areas where apartment complexes are, and other multifamily properties. Give a strong message as to a better place to live, an upgrade, and make sure there is some sort of call to action in your mailings. Whether you ask them to call you, go to your website, or email in, you want to be sure to give yourself the best chance of getting contact from them. Don’t give up if your first mailing doesn’t yield results, send more mailings to get the message in front of them multiple times. There is so much advertising out there today, that if people don’t see your message often, they are likely not to do anything with it. It’s just too easy to trash or ignore.
This may be the standard in the near future. Many, many people, especially in the larger cities, go to the internet first to seek out available properties. They like the anonymity of surfing the web, and they don’t want to be “bothered” by pushy salesmen. That isn’t to say that you would push them, but the perception is there. So you need to have some kind of web presence for your business. I have a simple website for my local real estate business – http://beltontemplerealestate.com, which took me about an hour or two to construct, and I have done minimal effort on it, and have already been contacted through it. The system I utilized was Open Realty, and open source listing software for the internet. Easy to install and a great admin panel, it was an easy choice.
A little more costly than the previous two, but still a cheap method to get your message out there. Try to use something that your competitors aren’t using, such as asterisks, or a simple logo, all caps for part of the listing, anything to make your listing look different than the ones around it. This will help people see your listing before the others.
Can be costly, be if you can offer something of value in return for an endorsement, it can really get the message out there quickly. Find out who the local radio stations host, and what people listen to, and try to arrange meetings with the appropriate individuals. Someone in the public eye that people trust is a great way to provide instant trust for you and your business.
- Business Cards:
May sound simple, but leaving business cards at places you go, like to eat, shop, and other business activities you do will provide results with time. When you meet people, or go out with friends, be sure that they have your business card so they can easy give people they know the pertinent information.
Fliers are a very cheap way to get exposure for your property. With multifamily, I would try to get fliers around areas of the local university, or other place where you people live. This will target the audience that is most likely to live in multifamily properties. I am not discourage putting your fliers up in grocery stores, convenience stores, or other places, but targeting your efforts has merit.
- Sign in the Yard:
This is a no-brainer. You must have a sign in the yard to get the occasional passing traffic and to allow people to easily find the property. If there are many signs on the street where you are marketing your property, do something different with your sign, such as putting flags on the corners, or streamers, or anything that will set your sign apart from the others.
Again, these are just a few ways to market a property, as well as your real estate business. The main thing is implementing something to get the word out about your multifamily property. If you have a property in a good area of town, if it is in good condition and you have it priced right, then you just need to implement a few of these actions and you should be able to rent that piece of property, especially with the shift in today’s market as more and more people are losing their homes, and having to rent.
Other Articles in this series: