January 12, 2016
Print advertising comes in many forms. The most common are newspaper classifieds, magazines, directories and flyers. Ads can range widely in price and it depends on the circulation and region. A one inch classified ad can run as much as $65 to $85 for a 3 day ad, depending whether it’s Monday to Wednesday or say Thursday to Saturday. The market size will also affect the cost. An SMSA (Standard Metropolitan Statistical Area) of 500,000 would probably be more expensive than one with 150,000. The circulation size of the publication will also affect the cost.
In years past, the apartment industry leaned heavily on local newspaper ads to generate rental traffic. In the current world of internet, cable TV, cellular communications and “social” media, the choices are practically infinite. in fact, if you are a medium size multifamily complex with any competing properties in your area, and a turnover rate of 40% per year, you should be focused on marketing that may take up as much as an hour or two of your day!
Social media is a huge and productive tool for getting the word out about your product. It can be a daunting task just keeping current on the various platforms such as Facebook, Twitter, Instagram etc. Not to mention using any of the pricing software products that have to be updated daily (at least!).
The print products are still relevant, and when it come to personal presentation scenarios, can be really productive! One method that comes to mind is coupons. There are various ways to get them distributed, but my favorite is to have myself/and or a leasing person visit a local pizza establishment and purchase a package of “Free” or “$5 OFF” coupons for pizza at their restaurant. Then, the leasing person sends a community letter to all residents announcing free coupons for each potential new Resident they refer. If their prospect leases a unit there is a discount on the referring residents next month’s rent. Or, the leasing agent/mgr spends the first 2 hours of the day calling on local businesses handing out the coupons (along with a business card!). In my experience, the practice of calling on neighboring businesses was VERY productive and the cost per lead (and lease!) was minimal compared to alternate types of advertising.
We will look at other types of advertising on the next post.
Homer says: Vacancy is the number one villain when it comes to your property staying on budget. Marketing is a numbers game, play it well and keep your occupancy!
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