Send You a Marketing Package? What's That?
| | Monday, September 26, 2005 @ 10:18 AM EDT
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Contributed by: James Kobzeff
James Kobzeff Properties
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You just advertised your newly-listed 6-unit apartment complex and now wait for the phone to ring (hopefully off the hook).
And it does ring. But to your alarm, callers are asking you to send them a marketing package. What’s that? you wonder as you politely agree to do so then scurry down the hall to find someone who can explain to you what a marketing package is.
Sound familiar? If so, then take a few minutes to read this article.
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The Marketing Package
In actuality, a marketing package is not that mysterious. It’s simply general information about a property that includes income and expense data.
You might even call it a flyer, but with enough information about the property for an investor to assess its profitability.
What kind of information?
First, the obvious: Price, number of units, address, age, and square footage. Secondly, the intrinsic: Picture, description, and list of features. Thirdly, the terms: What about the current loan? Is it assumable? Is the owner willing to carry? Fourthly, the income and expense statement: A detailed summary of income and operating expenses. Finally, the ratios: Cap rate, gross rent multiplier, cash on cash, cost per unit, cost per square foot, and so on.
What about the format?
Thankfully, there is no one way to construct a marketing package. It can be simple or elaborate; one page or several pages; no photo, one photo, or multiple photos; loose-leaf or bound. It’s your call.
But bear in mind that its content and structure which is important, not the fancy trimmings. Moreover, that a buyer makes a decision based on the property’s numbers, not its presentation. Because even a gold-leafed bound marketing package won’t sell a property when the sum total of all its numbers doesn’t make economic sense.
What’s more, big isn’t necessarily better. In fact, you’re going to discover that ONE comprehensive page is easier (and less expensive) to distribute than a booklet, and that most callers prefer condensed over bulky.
The important thing is to have a marketing package ready to present. Nothing screams unprofessional louder to an apartment caller than when you don’t have one. And given that you’ve read this article, it proves that you do care about such things.
Note: James R. Kobzeff is a licensed Broker and apartment specialist in Salem, Oregon. James is also the developer of ProAPOD™ Multifamily Marketing & Analysis Software and ProAPOD™ TVM Calculator
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