Marketing Ideas for Multi-Family (4 to ~40 units)

[Dev Horn]

OK guys, help me out here. We're working on a new campaign for a large client, and they want to branch out into multi-family (4 unit multi's up to small apt complexes). Do you have any ideas about how to market to the owners of these properties? -- for example:

Are they found in the "absentee owner" lists (Listsource, et al)?

Or via data from the county or some other public source?

Would you send them something like a postcard or letter? What would be your value proposition?

Is it best to track these people down and CALL them (and send them direct mail)?

I'd love to hear from people that have had success in marketing to small multi-family in a competitive suburban market... or from YOU if you just have a great idea! Thanks, guys.

[Joey Budka]

Great questions. I can answer them fully.

I previously worked at Marcus and Millichap as a multifamily investment associate, and for 12 months, I made 250-300 cold calls per week. In addition, we sent out 3,000-4,000 postcards per month. Between these two strategies, we closed roughly $50,000,000 in volume in the Bay Area.

I'd recommend doing the same if you're aiming for a similar demographic. Most apartment owners are old school. They pick up the phone and converse with you if you have a solid interest generator and pertinent info to offer them. This demographic also responds to snail mail as well. Many of these folks aren't technology savvy, so traditional marketing tactics seem to work in my experience.

I've switched my strategy up a bit to incorporate networking events and referral based business from CPAs, attorneys and commercial lenders.

But nothing works better than simply picking up the phone and dialing for $$$$$$$$!

Good luck and let me know if you need anymore ideas.