Despite all the depressing economic news, it can actually opens up a lot of new doors for property managers to lower their vacancy rates and incorporate new business strategies that can pay off in spades over the long haul.

It’s important to keep the traditional marketing strategies alive and well. And one of the most effective approaches for those in the real estate business is partnerships with local businesses. More likely than not, businesses are open to strategies that will bring a steady stream of new customers into their establishment, like a restaurant, grocery store,video rental store, or salon.

First, sit down and figure out what your goal tenant pool looks like. Is it students, young professionals, or families? Once you know what your target tenant demographic is, take a look at the businesses within a mile radius of your property and figure out which shops and stores your potential residents will most likely visit. If it’s students, it could be the local pizza place or bar. Young professionals may be frequenting the hip salon a few blocks over. And those families you want to rent to most likely make at least a couple visits to the grocery store each week.

Now it’s time to approach the businesses you believe may have a line in to the pool you’re looking to draw from. Approach the managers of these establishments to suggest a mutually beneficial relationship. Explain how your current tenant demographic is in line with their clientele. Offer to promote their business by including coupons for a half-off lunch at the pub in move-in packets and to regularly advertise their business through fliers posted in your property. In return, you might suggest that this business keeps your card on-hand to distribute to customers who mention they’re looking to move or suggest that they allow you to post vacant unit listings on their bulletin board or in another prominent place.

Deals like this can be applied to basically any service institution and both parties stand to benefit. Your access to the tenant pool will bring new business into local neighborhood establishments which will provide you with a trusted voice to turn regular customers to your properties.

Promoting units doesn’t have to involve large investments or fancy technology. Sometimes proven, time-tested marketing techniques are the best ticket to success — and promoting local businesses is an added benefit you can feel great about. Everyone wins when your property’s neighborhood is thriving.

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