Principals have been urged to start marketing managements in the same way that agents advertise properties for sale.
Speaking at the Annual Leadership of Principals and Property Professionals Summit (ALPPPS) last month, Ian Grace said principals need to step up their advertising standards for rental properties.
“Act like a sales agent – market your properties to tenants by investing in professional photography, floor plans and advertising copy,” he said
Mr Grace, who is the director of IGM Global and an international real estate advertising expert, said high-quality, visual property marketing will attract high-quality tenants and prospective landlords.
"PM advertising traditionally, particularly in press advertising, was a series of abbreviations to save on costs – however, many people couldn't understand what the abbreviations meant,” he said.
“It is also a disrespectful way to speak to people in ads.”
Mr Grace said on the flip side, properties for sale often attracted substantial amounts of seller advertising money, which led to bigger ads, more photos and detailed wording.
“The time is now here to ensure that on the internet particularly, where there is no limit normally to the number of photographs or the amount of wording, the ads should be identical to a property for sale,” he said.
“Almost the only difference should be a purchase price or a rental price.”
Mr Grace said property managers need to obtain an advertising contribution from their property investors to ensure good advertising and professional photography is utilised.
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