MARKETING SOLUTIONS
MAKE NO MISTAKE Avoid these common mishaps when
marketing your properties
SHANNON ALTER (SHANNON@ ALTERCONSULTING ROUP.COM), CPM, IS A REAL ESTATE CONSULTANT WITH
ALTER CONSULTING
GROUP
(ALTERCONSULTING
GROUP.COM)
IN SANTA ANA,
CALIF. SHE IS THE
AUTHOR OF THE
IREM KEY REPORT
STRATEGIES FOR
WORKING WITH
SMALL TENANTS.
THIS TIME OF YEAR, ADVICE IS PLENTIFUL. AS A MOTHER OF A HIGH
SCHOOL SENIOR ON THE BRINK OF
APPLYING TO COLLEGE, I AM RECEIVING A VARIETY OF SUGGESTIONS ON
HOW MY DAUGHTER CAN BEST MARKET HERSELF TO THE SCHOOL OF
CHOICE. Surprisingly, I’ve found that much
of the best marketing advice for college-bound
students can be applied to business owners and
property managers: Network and build your
reputation. Differentiate yourself from everyone
else out there. Be genuine. And perhaps most
importantly in these trying times, don’t sabotage your own efforts. Here are four marketing
mistakes you should avoid:
PURCHASE A
COPY OF THE
IREM KEY REPORT,
STRATEGIES FOR
WORKING WITH
SMALL TENANTS AT
WWW.IREM.ORG
Mistake #1: Selling everything to everybody
Trying to be everything to everyone can prove
similar to shooting yourself in the foot. I once
had a yogurt shop tenant whose business was
dwindling. Instead of examining his marketing
efforts, the tenant immediately expanded his
menu to include a panoramic selection of barbeque foods. As a result, his core customers had
difficulty figuring out exactly what he was offering, and went elsewhere. His mistake? He forgot
to focus on his target market. While it’s true you
can’t be an expert at everything, it’s important
to focus on what you do best and clearly target
what your market demands.
Mistake 2: Doing nothing
Here’s where self-sabotage slips in, often unin-
tentionally. In a recession, we’re often so busy
trying to keep our doors open and our tenants
in place, we forget the importance of con-
tinual, consistent marketing. Don’t make the
mistake of putting your marketing program
on the back burner, even when times are slow.
Gerry Flanigan, vice president of real estate for
Horowitz Group in Orange County, Calif., offers
this advice:
“A one-shot marketing effort doesn’t work
anymore. Clients and customers today are
sophisticated. As property and business own-
ers, it’s crucial to put our marketing message
in front of our customers (and our tenants’
customers) on a consistent basis. That commit-
ment of time and resources pays off.”
Mistake 3: Following the status quo
Using the same old marketing strategy is all
too easy. While you’re working on budgets for
2010, take the time to revisit and refresh your
marketing strategy, for both your company
and your properties. Think about how you can
position your properties and your company,
enhance your reputation and take advantage of
the upturn when it comes.
Mistake 4: Thinking it’s all about you
Marketing today is all about adding value for
our customers. It’s our job to figure out what
our customers need and want. Do you have a
tenant workout expert on your team who can
assist with a troubled property? Or a crackerjack leasing agent who can fill a vacancy? Can
you make the accounting and reporting processes easier? Now is not the time to be shy—let
clients know what you can do for them.
The motto of our story: Differentiate yourself.
Build your reputation. Avoid these common
mistakes and you too can stay ahead of the marketing curve. n
