Promotion and Advertising Chapter 12 Promotion and Advertising

I. Promoting Your Firm A positive image will increase your business Be sure to include the Internet and “social networking” in your promotional plans

I. Promoting Your Firm (cont.) A positive image will increase your business MEETING OWNERS Membership in Property Owners Groups Public Speaking Accountants are a good group to speak to because they can influence clients into seeking professional managements. Teaching Religion Organization Membership

I. Promoting Your Firm (cont.) PRESS RELEASES PERSONAL PROMOTION NEWSPAPER COLUMNS PROFESSIONAL JOURNALS PROFESSIONAL ASSOCIATIONS Gaining professional designations within the association you are active in will increase your personal reputation as well as that of your firm.

I. Promoting Your Firm (cont.) MANAGEMENT SIGNS LEASED SIGNS LOGO IDENTIFICATION YELLOW PAGES You should consider more than a bare minimum yellow page ad. INSTITUTIONAL ADVERTISING Institutional advertising sells your name rather than a product.

II. Sources for Obtaining Management The basis of property management is to have property to manage. Without management contracts there can be NO property manager. REFERRALS FROM OWNERS REFERRAL FEES FOR MANAGEMENT Brokers who have the greatest chance to provide you with management opportunities are brokers who specialize in investment property.

II. Sources for Obtaining Management (cont.) BIRD DOGS NEIGHBORS GETTING OWNERS TO BUY PROPERTY SALES BANKS The size of your trust account will dictate the leverage you have in dealing with a lender.

II. Sources for Obtaining Management (cont.) VACANT PROPERTY PROBLEM PROPERTY Code Violations Evictions Where the tenant owes many months rent it is indicative of poor management. Tax Delinquent Properties Poor Maintenance

II. Sources for Obtaining Management (cont.) NEWSPAPER ADS Rental Ads Ads for Trade For Sale By Owner REAL ESTATE INVESTORS DEVELOPERS SPECULATORS Local brokers dealing in investment properties can give you the name of many speculators active in your market area.

II. Sources for Obtaining Management (cont.) FANNIE MAE WHEN THERE IS A MANAGER Do NOT criticize the property management firm handling the property. We regard property management as a profession and those engaged in it should act as professionals.

II. Sources for Obtaining Management (cont.) CONSULTING CONTRACTS Beware of the owners who want your services but have NO intention of paying for them. LEASING

III. Promoting Space FEE SPLLITTIING ADVANCE FEE RENTAL AGENCIES Cooperation is in the best interest of your owners and your refusal to do so could raise questions as to ethics, and could be a breach of fiduciary duties. ADVANCE FEE RENTAL AGENCIES USE OTHER TENANTS

III. Promoting Space (cont.) “FOR LEASE” SIGNS Signs and banners proclaiming space or units available for rent or lease are the most cost effective advertising available. TALKING SIGNS Some property managers who use talking signs use a locally recognized voice for the message.

III. Promoting Space (cont.) FLAGS, BALLOONS, AND THE OPEN HOUSE THE INTERNET You should also take advantage of “social networking” sites, such as Facebook®, Linkedin.com®, Craigslist.com®, Youtube.com®, and Yellowpages.com® PERSONNEL OFFICES

III. Promoting Space (cont.) CHAMBERS OF COMMERCE BILLBOARDS PUBLIC TRANSIT ADS CLASSIFIED ADS Ads should indicate area, size (number of bedrooms), and monthly rent.

III. Promoting Space (cont.) DISPLAY ADS SELECTION OF NEWSPAPERS Daily Newspapers Weekly Throwaway Papers Foreign Language Papers When advertising, you must be careful to avoid illegal steering. Special Interest Papers

III. Promoting Space (cont.) RENTAL MAGAZINES MOVIE SCREEN ADS RADIO TELEVISION ADS TELEPHONE SOLICITATIONS NEIGHBORHOOD WALK-AROUND FURTHER AD HELP

Chapter Summary Promoting Your Firm Sources For Obtaining Management Promoting Space