When an investment property is located in an overbuilt market, the marketing effort must have good planning and direction. Just throwing large amounts of money into advertising can be a waste. Rather than broad advertising, a more direct action is required by keeping the local brokers who specialize in leasing constantly updated about the amenities of a certain property. This may be the best way to make it more marketable.
Here are some other ideas:
• Choose the management company carefully. The agency must be professional enough to give service as exclusively as if this building was the only property represented. They must truly know the unique benefits of this building and must be enthusiastic about it.
• The outside appearance and landscaping must be first rate. Before anyone can see the inside, they see the outside and it has to be inviting.
• Stay away from quick fixes, The professional approach is to stress the positive features of a building and work with potential tenants to match the criteria the tenant feels are most important to him.
• Contact all tenants in nearby buildings and invite them to compare this building to their current location. There are always some who are nearing the end of their lease.
• The management company must use imagination and do unconventional things to periodically get the building into the spotlight.