Good news in a tough economy - Third Quarter Review - Industry Overview

Facing a bad economy and the softest rental market in many years, real estate industry professionals are asking how they can best market their products and/or services in this shaky economy--and beyond.

One answer is publicity, which has two enormous advantages over advertising--it's much less expensive, and it has much more credibility. But obtaining a steady flow of good publicity requires considerable thought and effort.

Of course, it isn't that hard to attract the attention of the media when, for example, you sign up a 200,000-square-foot tenant. But what about when the transaction is far less newsworthy?

Sometimes it helps to look for ideas right under your nose. They may seem too obvious to you, but that doesn't mean they are obvious to the media. For example, while at a meeting to discuss publicity for a luxury Manhattan condo, our client mentioned how much more educated and trained is his superintendent than supers were in the past. Intrigued, we investigated a number of other buildings; sure enough, a genuine trend existed. The result: the lead story in The New York Times' Sunday real estate section, complete with a page-one color photo.

Similarly, publications like Real Estate Weekly look for stories about all legitimate aspects of the industry, whether they involve deals, trends, legislation, regulatory concerns, unusual personalities, etc.

Short, spicy items have their place, too. Another way to obtain publicity is simply to fill a particular reporter's need. When an editor told me she was planning an article on subleases, we sought comments from clients who we thought might have something to contribute. The insights they presented to us provided enough fodder for two of our clients to obtain positive visibility in the story.

In some cases, a publication may accept a bylined article. Over the years, for example, we have placed and written many articles under clients' bylines, for business media that accept guest contributions.

One way to obtain publicity in an important publication is by tipping a reporter off to a good story elsewhere. In such a case, if you don't fit into the story yourself the reporter may, in effect, "re-pay" you by quoting you in another story--a story you do want to appear in.

An excellent time to reach out to the media is when a new reporter has been assigned to a particular beat. For example: when The Wall Street Journal created a new regular Friday feature section on residential real estate, with several regular contributors, we reached out to three of the writers to suggest story ideas. One day those writers will have many more contacts than they need, and "pitches" to them will be less welcome--and they'll remember you fondly then. In the meantime, however, reporters new to a beat need all of the good ideas they can get.

Having good ideas is necessary, but it is not sufficient for getting publicized. Once you have the story idea, you must get to know the specific print and broadcast media that can best help fulfill your publicity goals.

And defore you call the reporter, prepare. Identify and develop main points to be made. Devise quotable answers to questions likely to be asked. Assume everything you say will be used. Though you have the right to ask that parts be "off the record," the reporter may refuse your request. A "no comment" is no solution; the reader of your interview may become suspicious and assume that you have something to hide.

Obtaining favorable publicity is a little like signing that 200,000sf tenant. It takes some doing, but the result can be well worth the effort.

COPYRIGHT 2003 Hagedorn Publication
COPYRIGHT 2003 Gale Group