Madonna and Property Management
Submitted by Gemma G.Lim of Westlake Realty Group
Although Westlake Realty Group has been in the property management business for 33 years, it was only in the last two years that we've decided to go into third-party property management. Our systems have become very efficient allowing us to generate substantial savings for our owner. Since 2003, Westlake has been storing all its documents as digital files, monitoring its maintenance staff through smart phones with built-in Global Positioning System (GPS), and setting the stage for desktop banking. In 2005, the chairman of the board then challenged the management team to enter into the third-party property management realm, with the promise that the new business would be employee-owned. And this is where Madonna comes in.
Unlike Madonna, we needed to communicate our credibility and track record but like her; we needed to get attention, fast. We decided to write a book "Happy About Apartment Management". The book contains over 30 years of tips and advice on managing multifamily to its optimal value. Topics include Technology: The Future of Property Management; 10 Tips for Efficient Risk Management and Smart Ways to Relieve Section 42 (Subsidized Housing) Headaches. Unexpectedly, it took us almost a year to complete the slim 63 pages. Don't get me wrong. The four authors, including myself, had a lot to say. In fact, the first draft was 250 pages, but we knew that no real estate owner or executive would read it. So, the last three months were spent in editing the book to a manageable size. The final version has each of the 18 chapters in bullet point format, with humorous cartoons in some of the sections to drive home key points. A publisher who saw the draft and liked it whittled the book down even further so that a busy professional can read most of the content in an hour.
We needed to market our book in order to market our business. Thus, the management team deliberately uses Happy as our business card. (We're banking on the psychology that people feel guilty throwing away a book). We've given away numerous free books to our clients and friends so they would spread the word. During tradeshows and conferences, we hand out Happy copies as prizes. To get maximum impact, we hired a publicist to market our book to the media. As a result, we've had a number of radio, online and print interviews; appeared on local TV shows like Comcast Spotlight, and were invited to hold a series of lectures at the Learning Annex in San Francisco during the week Donald Trump was also speaking. Check us out at YouTube! Just type "Happy About Apartment Management" in the search box to find us.
Did I mention that we also get a check from book sales every quarter? In addition to the marketing methods we used above, I credit the wonderful reviews that we've received in Amazon.com to the book's steady climb in sales. We sold our first book in New Zealand and have gotten e-mails from as far away as Vietnam. Never undermine the power of consumer reviews in this global age.
I know the question you are asking yourself. Has the book contributed to new business for the company? And the answer is a resounding "yes". Upon our first contact with potential clients, we make sure they have a copy of "Happy About Apartment Management". And, since we've started sending out the book last January, we've gotten three new clients, adding 15% to our commercial real estate portfolio.
Despite the many controversies surrounding Madonna, she's made her mark in our property management business by pushing us to find creative ways to spread our message. It's a challenge to constantly think creatively especially when you also have to be consistent with your company identity. We look to fast moving industries like internet companies, banks and branded consumer goods for ideas. So what's our next attention getting plan? Surprise is a key element in reinvention but expect to see us make new dance moves on the web.
