Question

Topic: Advertising/PR

Marketing A Service-oriented Business (property Management)

Posted by Anonymous on 5/9/2004 at 10:48 PM ET 250 Points
I've just launched a property management company in a town of about 50,000. There are 8,000 rental units in town. There are less than a dozen competitors, most just manage 20-50 units. There are three larger competitors (300-500 units). All do absolutely no marketing except a presence in the yellow pages (just listing their services), an office sign and yard signs. None have a slogan or have ever attempted to position themselves. None of the competitors have a web site or market vacancies online.

We are trying to do something different. Our concept is to use technology tools (a web site, online rent payment, online marketing of vacancies, online maintenace requests) to gain a competitive advantage. Therefore, we've named the company "IFrentals.com, A Property Managment Company" (our community, Idaho Falls, is locally referred to as "I.F."). Our marketing materials use the slogan "Innovative Local Property Management for the Idaho Falls Area" and ennumerate 11 specific benefits of using our services (Online marketing = filling vacancies faster, etc.).

Our target market is owners of small properties (duplexes, tri-plexes, 4-plexes, small complexes and single family homes). We have compiled a target list of 630 owners.

I'm sorry for the lengthy background but I think it might be helpful before I pose my question:

What is the best method of communicating with these owners given that we are marketing a service on a limited budget (less than $1000 a month)?

We can't get into the yellow pages for a year (and, even if we could, is that where we should be?).

I've started using postcards. I'm wondering if letters might be better, more credible to market this kind of business? Are we better with newspaper display (terribly expensive)? Or, maybe try to launch a radio campaign or even a talk-show program (some of the local am stations are fairly affordable)?

Any and all thoughts would be appreciated!

Steve Taggart
IFrentals.com, A Property Management Company
1200 E. 17th Street, Idaho Falls, ID 83404
staggart@ida.net
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RESPONSES

  • Posted by SRyan ;] on 5/10/2004 at 1:38 AM Member
    Cover your vehicles with your business identity. Not just a magnetic sign or a bumper sticker -- get a custom paint job and COVER them. I watched a new real estate company here get a ton of visibility that way. And they're still growing!

    I would rethink the tagline. Consider something like "Get your rental on the Web." (Meaningful to the property owners AND the potential tenants.) Or "Idaho Falls rental properties on the Web."

    Good luck!
  • Posted by Chris Blackman on 5/10/2004 at 10:17 AM Member
    To whom are you marketing?

    I think you have two key segments (and probably a range of sub-segments)

    1. Property Owners
    2. Property Renters

    Where are these segments? Do any of them live in IF? You need a promotional program they can see or hear.

    The vehicle idea sounds great, but only if it's in their line of sight. even if only occasionally.

    Let me have some answers to my questions here and let's keep at it!

    Good Luck.

    Chris

  • Posted by tjh on 5/10/2004 at 2:36 PM Accepted
    Locking in the inventory is obviously a primary concern - controlling the supply side and all...

    Maybe a monthly newsletter sent to all owners of the non-owner occupied properties, whether clients or prospects, would be helpful. Include any local market trends, average time your properties were on market prior to leasing, tips on property improvements that spur rental increases, legal issues, stories highlighting recent achievements of your company (speedy response to tenant or property emergencies, etc.)

    This would simultaneously provide an interesting service to the readers, but would almost certainly highlight your expertise and professionalism.

    The newsletter also gives you a regular reason to communicate to prospects without it feeling like snail-mail spam. It would become valuable to them.

    If you have MLS access or another data source, you might also be able to keep key clients updated on neighborhood property closings, with the sales price.

    Include a letter of some kind with those mailed to non-clients.

    Oddly enough, the out-of-town owners might prove to be a rich vein to mine. Who else gives them the low-down on the market, town and other such issues?

    Also, maybe informal articles written for local papers on everything from tenant's rights, to "how to be a landlord", to "thinking of buying a rental property?...

    Monthly coffees, with a specialized program for landlords might be interesting as well.

    ... just some thoughts.
  • Posted by tjh on 5/11/2004 at 3:09 PM Member
    I assume you mean advertising to landlords since the renter ads are obviously locked in by the paper.

    I'd vote for postcards, letters, and newsletters to prospective landlords (your current list of 630.)

    And an affordable and maintainable space ad in the heavy real-estate day in the paper to stimulate (and call to action) a phone call for a white paper or a meeting.

    Should be very affordable.
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