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Have you ever heard of a remora fish? Also known as the suckerfish, these long silvery finned friends live an interesting, symbiotic relationship with sharks. Using a sucker on its head, they attach themselves to the sharks and accompany them on their travels. They keep the sharks clean by eating off any parasites, while benefitting from any leftover food. It’s a win-win situation.
After examining this relationship, James over at Passive Panda applied it to his own theory of how marketing partnerships could and should work, which is why it is known today as the Remora Method. He explains it as follows: “Just as the remora partners with a strong host species to provide protection and food, you can partner with a strong host business that can easily provide you with a supplemental income."
Taking this idea and applying it to multifamily property management, there are many ways you can generate interest in the property, get to and stay at occupancy, and, in turn, enjoy an increased revenue stream. It all comes down to complements.
Consider complements to your business. Complements are two products or services that “go” together, like a tennis ball and racket. For multifamily properties, some examples of complements include furniture rental services, relocation service or corporate move providers, and area leasing specialists. Basically, you need a list of potential “hosts” that would have opportunity to send prospective tenants your way in exchange for something beneficially to them in return.