There's a MARKET for THAT! by Daisy Nguyen

More often than we'd like to admit, we don't like who we are, we try to be more than what we are, and in the end, no one is happy. This is the way it is both personally & professionally. To top it off, they call THAT marketing. I call it "bait and switch," and as a consumer, I hate it. So why do companies do it? And more importantly, why do WE, as multi-family housing providers market this way?

Don't think you do this?

Take for example a recent advertisement I saw in a typical apartment advertising magazine, imagine: a beautiful, tranquil pool, nice pool furniture arranged perfectly and a tagline along the lines of "live at ABC Apartments and you could be relaxing at your pool!) Then imagine making an appointment and driving up to a property that looks nothing like the picture, EXCEPT you DO recognize the pool. You thought this was a classy mid-range apartment complex, but it ends up being in a questionable part of town. You are disappointed, and the whole time during your tour, the leasing looks apologetic, avoids looking you in the eye and tries to sell the pool, as if you are going to be LIVING at the pool 24/7! You realize that this is not for you, and politely decline their offers of 2 months free rent if you sign TODAY!

The big mistake with this scenario is that the people who placed the add (whether it was a marketing company or a marketing department) assumed that the best thing about this particular property was the pool. Sure, it was a nice pool, and it was obvious they spent time to make sure the pool looked nice. HOWEVER this is not the reason why people lived at ABC apartments. (At least not the #1 - #5 reason) When I visited this property, talked to a couple of resident, the leasing agents/staff, these were the reasons why they stated they lived at ABC Apartments:

1. The rent is affordable. It is at the lower end of the rental spectrum, but its what I can afford.
2. They do not let criminals live here. It is safe, and even though it is an "affordable" property, it is safe. I feel safe.
3. Even though it is an affordable property, it is clean.
4. Even though it is an affordable property, it is well maintained, and the staff respond to maintenance requests timely.
5. It is in my price range and very centrally located so that my girlfriend and I can both commute to our jobs without a long drive.

Notice how many people mentioned the afforability factor and not a single one mentioned the pool! (Please note, this particular property is not a subsidized property, just a property that had low rents.)

KNOW your property, and KNOW why people REALLY rent from you. START THERE. For this particular property, I would have recommended advertising the affordability factor, advertising the "WE DO NOT ACCEPT CRIMINALS" factor (sure as a professional management company you might think this is standard, but don't assume your residents know this or that your competition is doing this), and advertise the cleanliness! There is a market for affordable housing that is clean and criminal free. The people who ARE going to rent from you CARE about these things, and they could care less about that outdated pool. AND, if you surprise them with a fantastic pool - well then, that WOULD be impressive! No switch and bait. Instead of trying to be something you're clearly not, why not try to be EXACTLY WHO YOU ARE? There's a MARKET for THAT. 

Don't get it? RENT SODA. GET IT!

-Daisy Nguyen in Minneapolis, Minnesota MN

Daisy Nguyen is owner and CEO of RENT SODA, a business and marketing consulting company. Become a FAN of RENTSODA, connect on LinkedIn, FOLLOW RENT SODA on Twitter, visit her website, RENT SODA, or read the blog, RENT SODA, Don't Get? GET IT! for more information and regular blog entries.