Vol. 5, No. 8, August 2024
E-ISSN: 2723-6692
P-ISSN: 2723-6595
http://jiss.publikasiindonesia.id/
Jurnal Indonesia Sosial Sains, Vol. 5, No. 8, August 2024 1970
KEYWORDS
ABSTRACT
Small Family Business;
Apartment; Property;
Marketing; Strategy
The property sector's increasing complexity, driven by rapid
urbanization, evolving consumer preferences, and stringent
regulations, necessitates a robust strategic framework. This
research aims to identify internal and external challenges faced by
Allure Realty Group, develop a strategic model to address these
challenges and implement actions to enhance operational
efficiency, customer engagement, and market expansion. A
systematic methodology combining qualitative and quantitative
approaches guides this study. The research process includes
problem identification, theoretical framework development, data
collection through surveys and interviews, and thorough analysis
using statistical and content analysis techniques. Internal analysis
employs the Marketing Mix 7P, VRIO Framework, and STP Analysis,
while external analysis utilizes the Marketing Mix 7P, PESTLE
Analysis, Porter's Five Forces, Competitor Analysis, and Customer
Analysis. Anticipated outcomes include an improved operational
framework, heightened customer satisfaction, and increased
market share, fostering business growth. Upon completion, this
research is expected to significantly contribute to business
management, particularly strategies for small family businesses in
dynamic markets. The findings aim to provide a blueprint for
integrating traditional business values with modern strategic
management practices, offering a valuable resource for academic
scholars and practitioners to understand and navigate the
complexities of the property market.
Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)
1. Introduction
Small-family businesses face a variety of complex issues in the ever-changing global property
market, which necessitates a flexible and strategic strategy. The International Journal of Business
Economics and Management Research (IJBE) highlights global economic trends that highlight the
property sector's growing complexity and competitiveness. The journal, which will be published in
Proposed Strategy for Maintaining a Small-Family-Business
Enterprise in A Competitive Property Market
Aliya Mayendra
Institut Teknologi Bandung, Indonesia
Email: aliyamayendra@gmail.com
Correspondence: aliyamayendra@gmail.com
*
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January 2023, emphasizes how consumer behavior changes, globalization, and technology
improvements intensify the challenges small firms confront and call for creative solutions to
survive.
The challenges of sustaining small-family enterprises in a particular area are increasing in the
competitive market (Wijayanti et al., 2021). Local regulatory frameworks greatly impact small
businesses operating in the property industry. The expansion of family businesses can be facilitated
or limited by zoning regulations, licensing requirements, and taxation structures. This highlights the
need for customized strategies that are suited to the specific regulatory environment (Kathuria et
al., 2023).
Proposed strategies become clearer after being influenced by these local and global
perspectives. Small family businesses in the property sector must adopt technology to improve
customer experiences and expedite operations. Simultaneously, the value of community
participation emphasizes that companies who actively engage in neighborhood events and foster
close relationships with the community are more likely to prosper in the face of competitive
pressures (Dowin et al., 2021).
The global problem of maintaining small-family businesses in a competitive property market
is complex and influenced by both local and global economic trends. The suggested approach, which
is based on academic study, promotes a well-balanced mix of technology innovation and community
engagement to successfully negotiate the complexity of the local and international business
environments (Cesaroni et al., 2020).
The Colliers reported that there were 220,451 apartment units in Jakarta in the fourth quarter
of 2022. This number grew 0.4% from last year (year-on-year/yoy). Based on location, West Jakarta
has the most apartments in the capital. The percentage reached 25% of the total number of
apartments in Jakarta last year. The distribution of the next largest number of apartments is in
North Jakarta and South Jakarta, each with 19%. Central Jakarta has a 15% apartment distribution.
Next, the Central Business District, aka the CBD area, has a distribution of apartments in Jakarta of
as much as 13%. The remaining 9% of apartments are spread across East Jakarta (Annur, 2023;
Prasetya et al., 2023).
As of Q4 2023, the occupancy rate in the Jakarta serviced apartment market remained
relatively stable at 60.4%. The primary demand drivers continue to be short-stay leisure guests,
particularly those attracted to newly opened projects where operators typically offer promotions
and discounts to entice guests. Further, despite the lifting of COVID-related restrictions globally,
2024 is expected to be a dynamic environment characterized by economic uncertainty and
heightened volatility amid complex geopolitical situations (Salanto, 2023).
The purpose of this study was to: Identify Challenges: Researched Allure Realty Group's
internal and external challenges in the competitive property market, including rapid urbanization,
changing consumer preferences, and strict regulations. Strategic Model Development: Designing a
strategic model using frameworks such as 7P Marketing Mix, VRIO, STP, PESTLE, Porter's Five
Forces, and Customer Analysis. Strategy Implementation: Implement strategic actions to improve
operational efficiency, customer engagement, and market expansion, to drive sustainable business
growth. Contribution to Business management: Contribute to business management, with strategies
for small family businesses that combine traditional values with modern management practices.
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2. Materials and Methods
This research follows a systematic methodology, using qualitative and quantitative
approaches to collect and analyze data. The data collection methods that will be used in this
research are primary and secondary data. Primary data is the first sample information obtained
from observations of a certain condition. There are more insights to be gained from combining
qualitative and quantitative research than from combining qualitative and quantitative research
alone. Combining both provides a broader understanding of the research problem (Creswell &
Creswell, 2017). The stages of this research include problem identification, development of a
theoretical framework, data collection through surveys and interviews, and in-depth analysis using
statistical tools and content analysis techniques. The framework used for internal analysis consists
of Marketing Mix 7P, VRIO Framework, STP Analysis, while external analysis uses Marketing Mix 7P,
PESTLE Analysis, Porter's Five Forces, Competitor Analysis, and Customer Analysis.
3. Result and Discussion
Internal Analysis
a. Marketing Mix 7P
The marketing mix 7P analysis purposes are conducted to analyze all aspects of the marketing
strategy that are considered and aligned to meet the needs and expectations of target customers
(Kennedy et al., 2022; Tanjung, 2021). The marketing mix analysis of Allure Realty Group as follows:
1. Product: Allure Realty Group offers a range of apartment units with different amenities and
furnishings. The product offering includes various apartment types, from simple to
luxurious, accommodating different needs, preferences, and budgets. Options include fully
furnished, semi-furnished, and unfurnished units. This range allows Allure Realty Group to
cater to diverse customer groups, including students, single professionals, and families
looking for short-term and long-term accommodations.
2. Price: Pricing strategies at Allure Realty Group are flexible and responsive to market
conditions. Rates vary depending on the apartment's size, location, and level of luxury.
Pricing adjustments are made based on the economic climate, competitive pricing, and
customer feedback. Discounts and promotional rates are also employed to attract tenants,
such as offering one month free on a yearly lease, demonstrating a dynamic pricing
approach to maximize occupancy rates.
3. Place: The apartments are strategically located across Jabodetabek, ensuring they appeal to
a broad market. Locations are chosen based on accessibility to key amenities such as
transportation hubs, business districts, educational institutions, and entertainment areas.
This geographical spread ensures that Allure Realty Group can target different segments,
from students needing easy campus access to professionals requiring proximity to business
centers.
4. Promotion: Allure Realty Group utilizes various promotional channels to market its
apartments. These include online platforms like OLX, ApartemenJakarta.com, and social
media, as well as traditional word-of-mouth. Special offers, such as the previously
mentioned rental discounts, are also used to attract new tenants. The use of diverse
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advertising methods helps Allure Realty Group reach a wider audience and fill vacancies
more effectively.
5. People: Allure Realty Group's emphasis on customer service is evident in its commitment to
responsiveness and tenant satisfaction. The owner mentions prioritizing fast responses to
tenant complaints and queries, ensuring a high level of tenant service and care. This focus on
service quality helps in retaining tenants and fostering a positive reputation in the market.
6. Process: The rental process at Allure Realty Group is designed to be tenant-friendly,
accommodating various tenant needs for lease terms and furnishing options. The process
includes everything from the initial inquiry to contract renewal, with an emphasis on ease
and convenience. The use of digital platforms for inquiries and transactions also reflects a
modern approach to tenant management.
7. Physical Evidence: The physical environment of Allure Realty Group's properties includes
well-maintained apartment buildings with security and additional facilities like gyms and
swimming pools in some locations. The quality of the physical environment is a critical
retention.
b. VRIO Analysis
VRIO analysis is a strategic planning tool used to evaluate a company's internal resources and
capabilities to discover whether they hold the potential to provide sustained competitive
advantages (Murcia et al., 2022; (Astawa, 2022). The framework evaluates resources based on four
dimensions: Value, Rarity, Imitability, and Organization (Lacaze et al., 2024).
1. Value on Allure Realty Group Yes
- Trust and Reliability: As indicated in the conversations with Ibu Nanda and other
respondents, apartment owners highly trust Allure Realty Group to manage their units. Ibu
Nanda mentions that her decision to delegate the management of her properties to Allure
Realty Group stems from a longstanding trust and the convenience it provides her, as she
does not have the time to manage the properties herself. This trust has been built over a
decade, underscoring Allure Realty Group's reliability and consistent service quality.
- Customer Satisfaction: The documents reflect a high level of tenant satisfaction with Allure
multiple times, indicating that they are happy with the living conditions and management
provided by Allure Realty Group. This satisfaction is crucial in the competitive property
rental market, where positive tenant experiences can significantly influence occupancy
rates and renewals.
-
processes, from marketing to tenant move-out, suggests that the company has developed
efficient operational procedures. These processes are designed to enhance customer
satisfaction through streamlined procedures for contract signing, maintenance, and tenant
support, which are integral to sustaining long-term business relationships.
- Strategic Property Management: Allure Realty Group's ability to maintain a well-
functioning and attractive portfolio of properties across desirable locations in Jabodetabek
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provides it with a competitive edge. The emphasis on clean, homely, and well-maintained
living spaces is a significant value proposition that attracts and retains tenants.
- Community Engagement and Family-Oriented Approach: Allure Realty Group's family-run
nature and its focus on creating a community atmosphere not only differentiate it in the
marketplace but also foster strong relationships with tenants. This approach is mirrored in
their engagement with neighborhood events and activities, enhancing their local
reputation and tenant loyalty.
2. Rarity on Allure Realty Group Yes
- Family-Run Business: Allure Realty Group is described as a small, tight-knit, family-owned
enterprise. This family-oriented nature is relatively rare in a market that is often
dominated by larger, more corporate entities. The familial approach likely contributes to a
more personalized service, focus on closer relationships with tenants, and a community
atmosphere that can be hard to replicate by larger, impersonal companies.
- Localized Expertise and Community Engagement: Allure Realty Group's deep engagement
with the local community and its active participation in neighborhood events are rare
traits that not all property management companies possess. This involvement not only
and community ties. Such grassroots engagement can be a unique selling point, particularly
in a culturally rich and community-oriented market like Indonesia
3. Imitability on Allure Realty Group Yes and No
Allure Realty Group's business model is both imitable and non-imitable, the nuanced aspects
rooted in family ownership, community ties, and built-up reputation make certain parts of its
operations and brand identity not easily imitable.
4. Organization on Allure Realty Group Yes
Allure Realty Group's organizational value inside the VRIO framework is demonstrated by its
solid and strategically oriented family-centric business model, which greatly improves its
operational efficiency and customer service. Allure Realty Group, operating as a family-owned
enterprise, utilizes the strong dedication and personal engagement of its members to provide
prompt decision-making and adaptable business methods, which are crucial for adjusting to shifting
market circumstances. This framework enables a customer-centric approach, with a focus on
developing cozy and pleasant living areas that enhance tenant happiness and encourage consumer
loyalty. Furthermore, Allure Realty Group's active participation in community events not only
improves its local acceptance and recognition in the marketplace but also relates to its strategic goal
of understanding and quickly responding to client requirements.
External Analysis
a. PESTEL Analysis
PESTEL analysis shows that while Allure Realty Group is affected by a broad range of external
factors, its community-centric business model and adaptive strategies are crucial in navigating these
challenges. Here is the PESTEL analysis of Allure Realty Group's business situation:
1) Politics
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Urban development strategies often promote high-density living to manage urban
development and enhance economic efficiency, leading to increased construction of apartment
complexes. For example, zoning laws may prioritize multi-family homes, boosting apartment
availability. Additionally, political initiatives like housing affordability programs can make
apartments more accessible to lower and middle-income families through subsidies or tax
incentives. Infrastructure developments, such as improved public transport systems, make
apartments more attractive by reducing commute times and enhancing connectivity to urban
centers. Also, stringent construction and safety regulations ensure that apartments meet high
standards of quality and sustainability, further encouraging their adoption as a preferred
housing option. These government measures collectively shape the attractiveness and
feasibility of apartment living in the region.
2) Economic
Economic conditions in Jabodetabek significantly influence the demand for apartment
rentals. Factors such as economic growth increase disposable income, boosting the demand for
housing, including apartments. For example, lower interest rates set by the Bank of Indonesia
can make loans more affordable, encouraging both developers to construct more apartments
and individuals to consider renting or buying them. Additionally, inflation impacts purchasing
power; when controlled, it stabilizes long-term investment in properties, but high inflation can
make renting more appealing than buying. The region's ongoing urbanization, driven by better
job opportunities in urban centers, also fuels the demand for conveniently located apartments.
Infrastructure developments like the Jakarta MRT and LRT enhance accessibility and
desirability of living in specific areas, further increasing apartment demand. Employment rates
correlating with economic activity directly affect housing needs, with higher employment often
leading to a greater demand for apartments near workplaces. The property market in
Jabodetabek tend to be sensitive to changes in economic conditions such as inflation and
interest rates. Higher interest rates could make mortgages more expensive, thus affecting buyer
sentiment and demand for new apartments. On the other hand, any significant economic
recovery could boost the property market if it enhances consumer confidence and spending
power.
3) Social
An increase in urbanization and changes in living preferences among Indonesians,
especially among young professionals and students, influence the demand for the types of
properties Allure Realty Group offers. In Jabodetabek, social factors influencing the choice to
rent apartment units include the return of expatriates and normalization of business activities,
which have improved occupancy rates and rental prices in the region. Young professionals and
smaller households prefer apartments due to their strategic locations and amenities, aligning
with modern lifestyle preferences and economic efficiency. This trend is bolstered by
urbanization and the evolving demographic profile of the area, which sees increasing numbers
of people moving from rural areas in search of better opportunities The average rental
occupancy rate in Jakarta's apartment subsector recorded a slow increase to 61.2% in the first
half of 2023, compared to the previous semester (Fitri, 2023)
4) Technological
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The integration of property management software, online rental payment systems, and
digital marketing strategies can enhance operational efficiency and customer service, providing
Allure Realty Group a competitive edge. Increased use of online platforms for apartment
searches and reviews also affects Allure Realty Group's marketing strategies and customer
interaction.
5) Environmental
Renting an apartment in Jabodetabek, particularly in densely populated areas like Jakarta
can significantly contribute to reducing vehicle pollution and traffic congestion. Apartments
typically consolidate many people in a smaller area compared to suburban sprawl. This higher
density can lead to reduced distances to workplaces, amenities, and services, encouraging
walking, cycling, or the use of public transportation. These factors collectively decrease the
reliance on personal vehicles, thereby reducing traffic congestion and lowering vehicle
emissions, which is crucial for improving air quality and reducing the overall environmental
footprint of urban areas.
6) Legal
Compliance with tenant-landlord legislation, which covers tenant rights, safety, and
eviction procedures, is crucial for Allure Realty Group to manage legal risks and ensure smooth
operations. Government Regulation No. 30 of 2019 in Indonesia updates and replaces the
previous regulations on apartment housing, particularly those outlined in Government
Regulation No. 4 of 1988. This regulation modernizes the legal framework for the management
and ownership of condominiums, which include apartments and other multi-story residential
buildings. The regulation clearly defines condominiums as inclusive of apartments, flats, and
similar vertical housing units within a multi-story structure. It further details the Certificate of
Ownership for Condominium Units (SHMSRS), the legal document validating individual
ownership of a unit. Management responsibilities are outlined, requiring a management body
that includes unit owners tasked with the maintenance, repairs, and administration of
communal facilities. The regulation specifies the rights and obligations of residents and
managers, where residents are entitled to use communal facilities, live in a safe and
comfortable environment, and comply with management fees and regulations.
b. Porter's Five Forces Analysis
Porter's Five Forces Analysis highlights the complexities and challenges within the
competitive property market. While there are threats posed by buyer bargaining power and
competitive rivalry, the moderate nature of supplier bargaining power and the potential for
strategic differentiation present opportunities (Isabelle et al., 2020). The proposed strategy for
maintaining a small-family-business enterprise should consider these forces, leveraging strengths
and addressing weaknesses to ensure a sustainable and competitive position in the dynamic
property market.
1) Threat of New Entrants Medium
Regulatory obstacles, financing needs, and brand recognition are some of the variables that
determine how dangerous new competitors are in the cutthroat real estate market. Small-
family enterprises may have less obstacles to entry, but established competitors and
complicated regulations may discourage them. A well-executed plan can improve brand
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perception and foster customer loyalty, strengthening the company's position and reducing the
danger. High competition among property businesses in Jabodetabek, requiring unique
strategies to stand out. While initial capital investment and understanding local market
dynamics can pose challenges, the barriers are not insurmountable in the property
management industry. The specialized knowledge and community integration that Allure
Realty Group possesses do create some protective barriers, but motivated new entrants can
overcome these with sufficient resources and strategic alliances, the property management
sector is still accessible enough for new companies to enter, especially if they can differentiate
effectively or leverage technological innovations.
2) Bargaining Power of Buyers High
Tenants have numerous options in the rental market, empowering them to choose based
on factors like price, location, amenities, and service quality. Economic conditions that affect
tenants' income can increase their price sensitivity, further enhancing their bargaining power.
As tenants have significant influence through their ability to easily switch providers, especially
in a competitive market with many alternatives.
3) Bargaining Power of Suppliers Medium to High
The availability of properties can limit business scalability, potentially increasing the
bargaining power of these suppliers. Dependence on third-party service providers for
Allure Realty Group's reliance on both property owners and various service providers can
influence pricing and terms significantly.
4) Threat of Substitute Products or Services Medium
Alternative investment choices, different property types, and rental options might
present a threat to the real estate market. To ensure they stay competitive in the market, small
family businesses can counter this threat by separating what they provide, offering special
services, and being aware of how customer preferences are changing. With diverse customer
profiles including students, employees, and professionals, it necessitates tailored customer
experiences. The availability of other rental options, home purchases, and innovative platforms
like Airbnb provide viable alternatives to traditional apartment rentals. Although Allure Realty
Group differentiates itself through a community-focused approach, the effectiveness of this
strategy in mitigating substitute threats can vary. There are several substitutes available, allure
-driven model provides a competitive edge that all substitute
offerings may not easily replicate.
5) Industry Rivalry High
The property management sector in Jabodetabek is highly competitive, with many
strategy to differentiate based on quality and community involvement helps it to stand out, but
the overall competitive intensity remains high due to the active presence of numerous
competitors. Due to the significant number of existing competitors and the aggressive
strategies employed by these firms to capture market share. Small-family businesses can set
themselves apart using the suggested strategy framework, individual property features, and
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personal customer service. Strong rivalry can be managed and thrive in with the support of a
comprehensive strategy.
c. Competitor Analysis
1) Cloud Property
Cloud Property, managed by Ibu Niar, is a property management business that has been
active since 2008, with a focus on managing apartment units for various clients including film
crews and corporate clients. Initially managing around 80-90 units before COVID-19, Cloud
Property now oversees about 30 units due to the pandemic's impact and changes in ownership
and management. Located primarily in Cibubur Village, the property caters predominantly to
professionals working nearby and those involved in film production who require temporary
housing near their workplaces. The proximity to major transport links like the LRT and busway,
as well as local amenities like malls, makes it a preferred choice due to its convenience and
accessibility. Cloud Property utilizes online platforms for its marketing efforts, steering clear of
mainstream social media and relying more on targeted websites like SewaApartemen.net,
tailored to specific accommodation needs. The rental process is efficient, with Ibu Niar
maintaining a hands-on approach, ensuring flexibility and personal engagement with potential
and current tenants. Operational management is handled by a small team, including an office
boy and a partner, allowing for personal and direct service, crucial for maintaining high
customer satisfaction and addressing immediate tenant needs. Cloud Property stands out in the
competitive apartment rental market through its strategic location, personalized service, and
flexible rental arrangements, catering especially to the needs of those involved in the local
entertainment industry and nearby corporate sectors.
2) Dashwanhaus Property
Dashwanhaus, managed by Pak Ari, is a property management business focused
exclusively on the Cibubur Village area. The company has been operational since around 2016
and currently manages approximately 50 apartment units. Dashwanhaus offers a mix of studio
and two-bedroom apartments, with options ranging from basic to fully furnished setups. The
company utilizes a dual approach to marketing its properties: online platforms such as Travelio
and Traveloka, and a more traditional, referral-based system that involves local security and
cleaning staff, who receive a fee for their referrals. This method ensures a steady flow of
tenants primarily consisting of local workers and film crew members who need convenient
access to their workplaces in nearby areas like Bogor and Depok. Dashwanhaus's rental
agreements are generally flexible, with a focus on monthly rentals to accommodate the
transient nature of many of its tenants' requirements. Pricing varies depending on the level of
furnishing and includes additional costs for utilities and parking. The operational team at
Dashwanhaus is streamlined, consisting of just two people, including Pak Ari, which allows for
personalized and responsive service to tenants. The company maintains a good relationship
with property managers to ensure tenant needs and regulatory requirements are efficiently
handled. Dashwanhaus distinguishes itself through its strategic location near key transport
routes, its flexible rental terms, and its effective use of both digital and personal networking to
maintain high occupancy rates.
3) Sky Property
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Sky Property, managed by Mas Laudy, is a property management company operating in
the Jakarta area, specifically in Cibubur Village and Trans Park. Established around 2015, Sky
Property manages a portfolio of approximately 25 units, with 10 units located in Cibubur
Village and about 15 units in Trans Park. These properties cater to a diverse clientele, including
young professionals, families, and athletes attending local events. The units offered are fully
furnished, available in studio and two-bedroom configurations, and are designed to cater to
both short and long-term stays. The pricing strategy is tiered based on the type and location of
the unit:
a) Cibubur Village: Prices range from IDR 300,000 to 400,000 per day. The available types are
studio and two-bedroom apartments.
b) Trans Park: More upscale, with studio apartments starting at IDR 500,000 per day. Two-
bedroom units are priced between IDR 800,000 to 900,000, and three-bedroom units
range from IDR 1,000,000 to 1,200,000 per day.
Sky Property leverages a variety of marketing channels, including digital platforms like Agoda
and OLX, complemented by direct walk-ins facilitated by its physical office presence. The
operational approach is flexible, utilizing freelance staff for maintenance and cleaning tasks, which
aligns with the varying occupancy rates and client needs. The company's competitive advantage lies
in its strategic location, quality of interiors, and flexible pricing, making it a preferred choice for
those seeking convenient, quality, and versatile housing options in Jakarta.
d. Customer Analysis
renting apartments for few months and years, and analyze the survey conducted with cluster
analysis to determine each cluster of customers. Collectively, these customer insights reveal that
strategic location, cost management, responsive management, and suitable living conditions are key
factors influencing tenant satisfaction at Allure Realty Group. These elements highlight the
importance of maintaining high standards in property management to meet the diverse needs and
expectations of residents. Based on the questionnaire survey conducted, the author also analyzes it
into a customer profile, behavior, and cluster analysis. The author has calculated the samples
required by using Slovin equations, which is 204 respondents. The author has achieved 230
respondents for this research.
e. Implementation Plan
The author prepares and provides plans for the execution of Allure Realty Group's marketing
strategy in the Jabodetabek area as part of implementing Allure Realty Group's business strategy.
This tool facilitates the segmentation of action plans to capture the processes involved in growing a
business. The implementation plan is scheduled for the upcoming year, with priorities focused on
addressing the challenges encountered by Allure Realty Group.
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Table 1 Implementation Plan
Actions
Q1
Q2
Q3
Q4
Digital Marketing Overhaul
-
-
-
Launch Referral Program
-
-
Flexible Pricing Introduction
-
-
Community Engagement Plan
-
-
Monitor and Adjust
-
-
4. Conclusion
Allure Realty Group has a strong and diverse suite of products and strategies in which they
are positioned, including a broad portfolio of strategically positioned properties. Although pricing
flexibility and promotional methods are now advantageous, they require continuous improvement
to maintain a competitive edge in the market. Proposed marketing strategy for Allure Realty Group
to increase the unit rental that Allure Realty Group should enhance its market reach and
engagement by developing a robust digital marketing strategy, which includes an updated, SEO-
optimized website, an active social media presence, and targeted online advertisements.
Additionally, implementing a referral program that incentivizes current tenants with discounts or
rental credits for referring new tenants can boost occupancy rates. Introducing flexible pricing
models that offer discounts for longer lease terms and promotional rates during off-peak seasons
can also attract more tenants. Furthermore, increasing participation in local events and
sponsorships will not only enhance brand visibility but also strengthen community ties, which are
vital for effective word-of-mouth marketing.
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