Detroit Landlord Blogs His Way to Higher Rents and Equity

Hey Everybody,

I want to direct your attention to this New York Times article by Melina Emerson. It describes how Eric Brown of Urbane Apartments uses two of the 8 Habits of Highly Effective Inner City Landlords to build demand, reduce vacancies, and grow equity.

He uses Habit #7, Promote and Circulate Good News, as he talks up what's cool about his neighborhood. He doesn’t passively wait for the 5 o'clock news to sprinkle in a nice story. Instead, he actively promotes the area and the "apartment experience" (thereby indirectly promoting his apartments as well). I like his quote about how his blog talks about everything except his apartments.

Eric Brown also uses Habit #8, Support Local Reputable Businesses, as he talks up local restaurants, services, and activities. But hang on; it looks like he also draws advertisement revenue from these local businesses as well. Wow! He's gets paid to do something that ends up helping his own property values. How smart is that?!

Here is the take-away lesson

Both of these habits are focused on mechanics beyond a landlord's property line. They are not huge campaigns - just consistent, inexpensive actions that create ripples to shape public perceptions. And, if you want to lift your "C" grade property to a "B" grade, something needs to lift public perception.

Mr. Brown is a great example of how a landlord can be financially rewarded for leading a neighborhood forward.

What do you think? Does does the effort equal the return?