Press Releases As Strategy? Do It Right So You Don't Get Black Listed

One of the things I love about Bigger Pockets is that I can come here at any given time, day or night, and learn something. There is such a giving and free flow of information, it can be overwhelming at times. The differing opinions and suggestions can send a less strong person reeling. And I do readily own my role as a newbie real estate investor. But my saving grace is I know business basics. 

Having run businesses before, there are things I learned early on. Some were harder lessons than others, but a learning lesson nonetheless. So while I try to stay in my lane here at BP, I can't help but cringe when someone gives what I feel is bad business advice. I never want to chastise anyone or embarrass them publicly. I don't roll like that. But this is my blog so I can share my wisdom right here and hope many of you find it helpful.

We can all agree that marketing in all its glory is a topic in heavy rotation around these parts. There is no one right or wrong way to do it. As creative as your mind and your budget allows you to get, you can make it happen. But sometimes a tactic can get you blacklisted and not taken serious. Come on, we are all business owners here, right? I mean that is the foundation of your real estate investing isn't it? 

I was follow a marketing conversation and was enjoying the tips being shared. But then there was one that was shared that didn't offer any caveats nor any real strategy for making it work. Someone suggested using press releases when they have a high end property that they want to start getting some traction on. Now that's all good and well, if you're pitching to the local real estate section of your newspapers, magazine, radio shows or tv stations. And even then, it may not be. Do you know how many people just like you are out there? I would say be careful using press releases as a strategy. 

I'm not arguing whether it works or doesn't for some. Clearly this is a case by case basis. But in order to use this strategy, you have to map it out. You can't just distribute press releases and hope it gets picked up. That's like closing your eyes and throwing a dart at a map and thinking you're going to find a gem of a property where that dart lands. What if said dart landed in the middle of the ocean? I'm sure you get my point. Well that's what press distribution services are like. Often times they don't customize your campaign (although they say they do) and they can't guarantee yours will get picked up. 

So why not go about it in a way that will almost guarantee that the media will at least not put it in the trash? Much like with everything else, it's all about relationships. 

Not everything is considered newsworthy and the landscape is changing. With social media and the blogs, what is considered "newsworthy" isn't the same these days and in fact can piss off editors/journalists. When creating a press or media campaign, you have to always think about whether or not your "news" is of interest to the viewing audience at large, even if you're only targeting a small pocket. Unless your property has some major significance to the area as a whole, the chances of getting picked up are slim.

If you're in a metropolitan area like New York, Dallas or Los Angeles, you'll have a harder time getting coverage. If you're in a smaller town of like 5000 people, you might get picked up. Here's an article (I don't have any interest or engagement in the site) about what makes something newsworthy. https://bitesizepr.com/what-makes-a-story-newsworthy/

Now what I would do is reach out to local editors or journalists and ask what type of stories are appealing to their audience (or rather what makes the cut to get published or broadcasted) as related to real estate. Start building relationships with them before you have a story to share. Relationships with them will either make or break you. Many have a social media presence and some will even tell you flat out in their posts, tweets, etc what they are and aren't looking for. No not waste a lot of money on those PR distribution services because many don't customize. They do a blanket submission whether or not your story fits, and that can cause you to look unfavorable to editors and journalists.

As a rule of thumb, always see how you house ties into a story in a meaningful way. If it's historic, that's usually a warmer draw than "hey I just remodeled this home and it's gorgeous and ready to have it's first tenants". If it's a home that was a former drug den or something infamously happened there, that is a warm draw as well. Just use common sense and keep your emotions about the property out of play when deciding to do a press release.

Find out their submission preferences (email, fax, idea pitch, etc), their deadlines (because sometimes they are under the gun and need information at a certain time or it can't be used), how their story angles work, and what beats they cover. And when they reach out to you, be prepared. Know how your story fits into what they are asking you for and get it to them when they need it. Remember, if you have something prepared (like a release) that helps because then they will be able to edit as needed. And trust, it will be edited and will not be as you had it written. Make yourself available to have a conversation (read: interview). it won't be shared word for word, but it's your chance to touch on the main 3-5 important talking points.

Finally, don't be shy about sending them potentially newsworthy leads and stories that do not pertain to you. They look at you as a resource. When they are familiar with you and what you do, and see that you've helped them, they'll start coming to you for help. I have that happen a lot. An editor who writes about me may have another topic that they know I may know a good fit for and reach out. I always oblige them. I've been in major media (MSNBC, Fox Business, Forbes, Black Enterprise, etc). So trust me when I say those relationships are golden.

If you REALLY want to see how journalists feel about the subject, go on Twitter and look up #journchat. That's a real, honest ongoing chat they have been doing for a few years and they'll tell you straight up.

Hope this helps.