of these notes was spread over a period of 30 months to the expiration of the lease. All of these notes were met promptly and the tenant has since renewed his lease for five years more. Had the agent failed to meet the situation in this way and had he instead taken the collection of rent to a court of law, thus dispossessing this tenant, he would not only have lost the tenant and been out the cost of redecorating and brokerage, but the probable vacancies and the decrease in rental would have equalled or exceeded the total payment of rent which was extended and eventually collected.

Whenever a rental delinquency of a reliable tenant extends into the second month, step in as a large creditor; talk things over in a friendly manner and make a deal to keep his tenancy.

Holding Back the Payment of Rent.-Never allow a tenant to hold back the payment of his rent on account of some minor complaint or grievance. Have him first pay the rent; then properly take care of his grievance. For if the tenant is allowed to hold back the rent until repairs are made, he will become a bad tenant. Thereafter he will never pay his rent without first finding a grievance, and his demands will increase from a request for minor repairs to a request for major repairs. He is only sparring for time; "call his bluff," and enforce collection.

When such demands are received make your decisions promptly, grant them or to refuse them, and inform the tenant of your decision. Do not by your silence lead him to believe that you plan to allow his request, and then by a refusal create more ill-will than if you had refused promptly.

When the Landlord May Become the Tenant's Best Friend. Whenever a tenant is involved in the hands of his creditors or a receiver, the first deal the creditors and receiver usually make, in continuing the business, is with the landlord. When there has been a peaceful tenancy the landlord is generally the tenant's best friend. As a rule at the creditors' meeting the landlord asks either for an extension of time or for a reasonable settlement. If he offers to allow the embarrassed firm to continue in his premises, this offer usually has the desired effect upon the other creditors.

Slow payment makes for lapses in sound economy and has many undesirable by-products, such as the development of professional movers and "dead beats." Ordinarily, rent is a charge upon the current month; therefore it should always be paid in the month against which it is a charge, as slow payment of rent is nothing more than a bad habit, tenant should be educated to good habits in this respect.

Form Letters an Unsatisfactory Method of Collection. -The mailing of a form letter is the means usually employed for the collection of rents long overdue. The information which a collector can gain from a personal call on a tenant so far outweighs the return which comes from a form letter that it makes the latter seem of little value. On the other hand, a personal and individual letter written by one who knows the tenant is often the most effective means of bringing a satisfactory response. The telephone, too, is very helpful to the collector of rents.

Importance of Educating the Rent Collector.-The relationship between landlord and tenant should be a friendly one, extending as it usually does over a long period of years. This good relationship depends largely upon the ready acceptance on the part of the tenant of the obligation for the payment of rent to which he is pledged in his lease. Years of experience teach the collector novel and effective means for establishing, without friction or ill feeling, the habit of prompt compliance with the terms of his lease. It might even be said that the collection of rent involves the education of the rent collector fully as much as the tenant, because the mental attitude of the collector has a great deal to do with keeping tenants friendly and willing to renew their leases. Equally important in the creation of this attitude of mutual trust and friendliness is the realization on the landlord's part that rent is paid for value and service received. He must ever be willing to maintain his end of the agreement and to render promptly the full measure of value and service which he has agreed to give.

CHAPTER XXI

ADVERTISING REAL ESTATE

By WILMOT LIPPINCOTT 1

The use of the automobile has extended the field for the sale of houses, lands, and factories far beyond the boundaries of any one borough or state. A few years ago the real estate dealer was a local operator. Now he has become an interstate merchant of properties, and more and more must he give consideration to the methods by which other merchants develop interstate business. The "For Sale" or "To Let" sign on his property, and the usual formal notice in his local newspaper, will no longer suffice. They are supplemented by constructive advertising, particularly adapted to the property he is renting or selling and based upon a careful survey of the field.

A volume could be written on real estate advertising, but the present chapter attempts to do no more than suggest some of the ways and means that may be employed. Each man must be guided by the inspiration of his opportunities and must draw upon his own experience in developing the methods adapted to each particular property.

Working Up the Selling Points.-It must first be clearly determined what are the attractive qualities of the property to be sold or leased, who are the likely prospects, and where they may be found. To get a clear vision, the facts must be assembled. Any weaknesses of the offering must be faced, any advantages appreciated, and then the realtor is ready to go at the problem with the courage and enthusiasm born of the

1 Wilmot Lippincott, educated Bowdoin College, Author of “Outdoor Advertising," published by McGraw-Hill Book Co., Inc., 1923.

confidence that comes from actual knowledge and understanding of all the conditions. He must foresee the doubts and objections that a prospect may have, especially a distant and unknown prospect. He must offset these by thoughtful wording of his advertising. Many advertisements do not attract because of a failure to make a natural, sincere, pertinent, or believable appeal that can be backed by the facts when the realtor is, later, face to face with the prospect. He must know his property and believe in it.

He will find it helpful in analyzing the possibilities and in determining the way to handle a property, to obtain answers to questions somewhat like the following. Similar questions, with others, will occur, quite naturally, to the one interested in the sale or letting of real estate.

1. What are the advantages of the location of the property?

2. If it is used at present, does this use best develop the value?

3. What is the character of adjoining properties? Who are the neighbors?

4. What is the mental attitude of the community towards the proposition?

5. To what use is the property best adapted?

6. Has the property a special fitness for any class of business or profession?

7. Is the price justified? Can it be featured as below conceded value, or does the total of the advantages make it necessary to educate prospects up to a new price level?

8. What competition is there with other properties, and how is competition likely to affect this property? 9. What is the condition of the real estate market? 10. How have similar problems been handled by others? In the various divisions of property certain characteristic appeals are in common use, and these are mentioned here to show some of the universal needs to be appealed to by any copy that is to bring results:

Real Estate Mortgages, Bonds: safety, stability, protection.

Investment Properties: safety, investment return, occupancy, location, stability, personal direction.

In renting Office Buildings: accessibility, prestige, light, utility, neighbors.

In renting Apartment Houses: comfort, arrangement of rooms, social position, service, appointments, accessibility.

In renting Loft Buildings: light, business district, standing of other tenants, possibilities of efficient arrangement of space for use.

In Industrial Locations: shipping facilities and freight rates, power, factory accommodations, labor market, housing conditions, sanitary conditions, other conditions of suitability for any particular industry.

In Speculative Ventures: immediate return, prospects of enhancement in value, easy terms.

In City Lots: the future value, the miracles of the past, topography, character of ground for foundations, proposed transit lines.

Subdivisions or Suburban Developments: landscape values, home comfort, social advantages, transit to the business district, community values, schools and churches, construction and financial arrangements.

Farms: fertility, nearness to town, water, community prosperity, neighbors, roads, transportation, schools and churches, social advantages.

The Mediums. From this information, as revealed by careful analysis, the complete plans for promoting the sale or rental of a property are made. In these plans the forces of advertising usually play an important part. These advertising plans involve the selection of the mediums, the preparation of the copy, and the time for its release. The mediums generally used for real estate advertising are signs, billboards, classified and display advertising in newspapers, and magazines, circular letters, telegrams, booklets, pamphlets, and, to a limited extent, catalogues.