Property management has evolved over the last several years than in the previous several decades, and the most apparent developments have been in the realm of marketing. There are many ways in which any property management company you are considering hiring should utilize marketing to their advantage. I have listed several below.
The typical ways
Property
In the past, marketing consisted of the usual print marketing, which includes property fliers, business cards, newspaper ads and other printed advertising. These forms of marketing are still very viable and should not be overlooked by anyone. If your property management group does not use at least two of the above mentioned forms of marketing, you should consider going with someone else.
The expensive ways
Buying advertising space on radio and television have always been a great way to reach a broad number of people at once, but can also be a dramatic waste of money. Depending on when the station is going to broadcast the advertisements the company paying for the ads may simply be sending their information into space, attracting no business.
Many times radio and TV ad companies will offer steeply discounted ads which will run at extremely low coverage hours. These time slots attract very few listeners and viewers, and consequently very little business leads for advertising companies. The early morning ad slots are not the deal they seem to be, so if your property management service says they use them, make sure they are paying for premium time slots.
The latest evolution in marketing
The Internet has been around for quite a while now, but it is still developing new ways that should be utilized for marketing. Advancements like social media, professional websites and sponsored advertisements should be used in conjunction with other forms of marketing. Just so you know what each of those are, I have explained below.
- Social Media includes websites like Twitter, Facebook and many other. They are websites designed around social networks and connections being built by the participants. They interests can vary from family relationships to professional networks and generally serve the interest of communication, but can be utilized in a substantial marketing manner.
- Professional websites are simply business websites designed by established web designers for the purpose of communicating with the general public. Businesses use these websites to help them generate leads, manage information distribution and generally spread the word. Nearly 80% of businesses in the US have a professional business website.
- Sponsored advertisements can range from banners on special interest websites to pay per click traffic from search engines. They are usually the best form of advertising simply because they are user generated and are oriented around their interest, expressed in their search engine entry. By directing this form of traffic to business website is a very common and successful form of revenue generation for many business.
By using each of a combination of these marketing methods, your property management company can successfully find the best renter for your property, but neglecting to use them can mean vacancies and expenses for you. Do your homework on who you are hiring and you will reap the benefits of it.
Property Management: Marketing Is Key
The author enjoys writing articles about Boise Idaho Property Management and other investment oriented articles.