Marketing to owner prospects of apt buildings

Hi All,

We are starting a multi-pronged marketing campaign that includes several faucets of direct marketing and referral source marketing. My question is this: which of these mediums (cold calling, direct mail, email newsletters, conferences, networking groups, etc) have you experienced success in attracting owners who are interested in property management? Perhaps even more traditional media plays a role such a newspaper ads or radio?

Your thoughts are appreciated!
_TH

Trevor - just to be clear, what is your product? Are you selling property management services to owners of buildings? If so, your best bet is networking, physically and online. TV, radio and newspaper would be a complete waste of money - you are paying for a large audience, even though your target is a tiny, tiny fraction of that potential audience. If property management isn't your product, let me know and I may have another idea for you.

Trevor,

If you are interested in selling 3rd party property management services to owners, the only tried and true way to do that -- is by networking, networking and more networking.

Giving control of a $20 million asset to a 3rd party management firm doesn't come via cold calls, web sites, e-mails, etc. -- it comes through referrals, trust and being in front of your potential audience. Tough to get that type of presence online.

Good luck with your efforts. I helped sell 3rd party management services for a large SE owner a few years ago -- and found out how tough it really is to sell.

Best regards,
Leigh Curry

Trevor,

I should have also pointed out that I DON'T MEAN social networking. Instead think face to face events like conferences, workshops, Chambers of Commerce, etc.

Leigh

Christopher,

To answer your question: Yes, we are property management and brokerage firm. Our primary focus is managing multifamily apartment buildings in Los Angeles. Thank you for your input, we have been leaning toward the networking side of marketing for some time and you have reinforced it.

Leigh,

You make some VERY good points in regards to the challenge of marketing a 3rd party service to a highly specialized market. Although we have had quite a bit of success attracting new business through the web (our blog, in particular), I agree that that face-to-face marketing goes a long way with owner prospects. Thank you for your insight - it is most appreciated.

_TH

Trevor,

I would agree that networking is the best way to get to know owners and let them learn about your company.

When you network you need to show that you have the capacity, capability and commitment to manage multi-family.

Hope this helps.

Thanks Trevor, and I second what Leigh has said above. It is a tough thing to sell any other way besides meeting people. Think of who we let borrow our cars, or not. And how much is that worth? You are trusting another company with managing what for many is a culmination of years of savings and investment. I don't think the property management market will ever move too far away from networking and referrals because of that essential element. Oddly, though, the few times I have done fee-management for others was because friends approached me to do it. I certainly never sought it out!