Marketing & Advertising Media for Apartment & Multifamily Properties http://karenhanover.com/
Concentrating on the positive side of the income statement, rents generate the income for apartment & multifamily properties. Tenants pay those rents, so the focus of marketing and advertising is to fill the property with tenants paying market rents. High vacancy rates kill cash flow. But, there's a balance that must be maintained between the cost of promotion and marketing and the results. Filling units by offering three months free rent might be easy, but that's a really high marketing cost. So, assuming an apartment or multifamily project that's in good condition, and represents itself well in the market, or even has one or more marketing niche opportunities, what are the available media and the strengths and weaknesses of each? Newspaper & Magazines There's no mystery here, as these print media are staples for advertising apartment & multifamily properties. Newspapers and magazines can be some of the most expensive marketing, and the advertiser is paying for the reach, with no idea of how many readers will actually see the ads. Classified ads, especially those placed in area-specific sections of the newspaper can be effective and inexpensive, but must run with regularity in the same location. High end properties, such as executive rentals or luxury units can do well in magazines that are local and focused on high income readers. There are high income individuals who do not own, or prefer to rent for a variety of reasons. Targeting them in a city-focused high income reader magazine can work well. Apartment & Multifamily Marketing On The Web This isn't just a website, though there's ample evidence that every property should have an Internet presence with quality photos and descriptions of property amenities. It's also free advertising on Craigslist. This online resource has grown to huge proportions simply because users like it and find what they want there. It's free for most advertising, and many “for rent� ads are there. If the prospect tenant is a tech company employee, there's little doubt that Web marketing has as much or a better chance of reaching them than print. Flyers, Bulletin Boards & Specialty Newsletters Especially for student rentals, flyers strategically placed on campus area bulletin boards can produce great results. Campus or major employer newsletters may take ads, and can bring quality tenants who want to be near the school or job. Marketing and advertising can keep down vacancy rates, but the cost shouldn't negate the value. Begin with the least expensive and work up. Done properly, many owners find that they never reach the expensive end. Marketing & Advertising Media for Apartment & Multifamily Properties, Copyright 2010 by http://karenhanover.com/