Writing · Pricing / Revenue Management
The Art of Marketing or the Science of Basics?
I recently came across a fascinating article about RangeWater's creative initiative to boost leasing at Skylark through vibrant murals by talented local artists. It's a smart marketing move, painting a building to stand out and catch the eye, creating an inviting ambiance without even considering the economics and upkeep.
However, the article attributes the successful lease-up and increased social media engagement directly to these artistic efforts. As any seasoned investor knows, correlation doesn't imply causation. Could a small sign, some banners, or balloons have achieved the same result? Without a control group, we don't know.
When visiting most underperforming properties, the root of the problem often isn't a lack of eye-catching murals but rather the need for new staff or thorough training on the basics. A well-trained team, competitive pricing, and proper leasing incentives are the true drivers of success.
Remember, while aesthetics and innovation have their place, they should never overshadow the fundamentals. After all, a well-painted facade means little if the foundation isn't solid.
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