Commercial Real Estate Brokerage – Seller Paid Advertising Rules for Marketing Campaigns

In commercial real estate brokerage, the advertising and marketing process is a big part of enquiry generation.  The advertising process can be running at the same time that an agent is directly promoting a listing to the businesses and investors in the local area.

A good listing and particularly an exclusive listing should be directly marketed; since you control the listing, there is no other better way to create enquiry.  Things get a little bit ‘skewed’ however when an agent doesn’t have many people in their database to talk to about property listings as they come in.  Your database, its size and segmentation, and its growth are critical parts of commercial real estate enquiry generation and listing conversion.

Understand the relationships and important issues at play here.  Direct marketing and general advertising are both very important tools to be used with any good quality listing.  When you connect with local people about your listings you will find other local information and leads that you can work with into the future.

Exclusivity Really Matters

Take every exclusive listing and promote it directly and locally.  Then take the same listing and use seller paid marketing funds to comprehensively promote the property through advertising both online and offline.  Good agents convert advertising money from the clients that they service.  That is how they create more enquiry at a higher level than those agents that just list properties online and hope that something will come from the property listing.  The ‘list and hope’ method of marketing has no place in commercial real estate brokerage.

Exclusivity sits at the center of all of these things.  There is huge value in the exclusive listing process.  Are you up to the challenge of converting seller paid marketing monies?  Top agents convert marketing money.  That’s a fact not to be overlooked.

A Story of the Property Market

A young and perhaps relatively ‘new’ agent recently raised a point with me recently that exclusive listings are just not done in his city; he claimed that fact based on his experience and because ‘that’s the way things are’.  I then had to correct him and say that ‘he was very wrong’ and was quite likely not rotating and working in the best levels of the market with good listings and clients.

High quality listings are never marketed ‘openly’.  Any quality property is given exclusively to the best agent that can pull in the property enquiry.  An ‘ordinary agent’ listing average properties is never likely to know that or change their listing results.

If any agent is not converting ‘exclusively’, then it is not the market that is at fault, it is the agent.  Agents in that situation should look at their value and business strategy.  It is likely that they are not regarded as the best agents locally for the market segment and property type.

Seller Marketing Funds

So let’s say that you have converted seller marketing money.  Here are some specific rules to the process of directing such a campaign to convert better outcomes:

  1. Full Marketing Campaign – Spread your advertising spend across a period of time where you can focus your promotional momentum. Typically a marketing campaign should be over an 8 week period.
  2. Client approval – Have your client sign off and approve of the campaign and the advertising formats before you do anything. In that way any debate and disagreements about the core marketing message can be removed from the promotional efforts.
  3. Primary targets and Secondary targets – From local investigations you should have a very good idea of who your targets are for the property and where they are located. Split those targeted property segments into primary and secondary.  Spend most of your money in the primary segment of prospects.
  4. Get your money up front – If your seller has promised and committed marketing dollars to your advertising campaign, get that money upfront before you spend any time and effort in the campaign.
  5. Online and Offline balance – Understand just where your buyers for the property are located. From that information, drill down on a balance of promotional spending that attracts the people looking to purchase currently and into the future.  Understand and choose the right media channels that will help you get the message out there locally.
  6. Feedback from enquiries and inspections – Help your client understand just what is happening from the advertising spend. Tell them about the number of enquiries coming in and what the comments are from the inspections undertaken.  If anything you should be able to condition your client from the comments received from your inspections.
  7. Track enquiries on all similar properties – Sometimes one property will attract more or less enquiries than others by type and location. Look for the variations in property enquiry and shape your marketing campaigns for the best results.  Give the client plenty of reasons to move on your promotional recommendations.

So there are plenty of good things that you can do here with your advertising spend funded by the sellers of your listing (your clients).  Get the clients involved from the very start and keep them fully appraised of just how the promotions and marketing effort is working with their property.  That is what top agents do all the time.

You can get more commercial real estate marketing tips in our eCourse Snapshot right here.

Keys to Top Sales Team Performance Today

Some sales teams are built with focus to bring in the results.  Others are seen as just a group of people that have been given a name tag and a department within the overall business.  The performance between these two teams is radically different. (NB – you can get more commercial real estate tips in Snapshot right here – its free)

 

Sales Team Focus

The sales team is the life blood of the business (or should be).  When they are producing the results you get all of the following:

  • More clients
  • Referral business
  • Greater volumes of sales
  • Customer satisfaction
  • Dominant market share

I weak link in a sales team can slow or destroy the foundations of growth and client stability.  So what are the characteristics of a top sales team today?  Try some of these:

  1. They will have a clear understanding of the goals for the business and where they sit in the overall plan.
  2. They will understand how they can improve the business from their position in the market.
  3. They will have and accept key performance indicators both as a team and also as individuals to which they agree to strive and achieve.
  4. Objectivity will be the case in any team assessment as the year progresses.  Members of the team will accept guidance and objectivity.
  5. The team should be cohesive and committed to each other in building the results for the overall business.
  6. Whilst the team will have a leader, each person will understand that they are leaders themselves in what they need to do with their clients and territory.
  7. There will be a high degree of trust between members of the team, and where required the team will support each other in any client or sales requirements.
  8. A good sales team is flexible so that the overall goals are encouraged through the pressures of any single transaction or client connection.
  9. The members of the team will understand each other’s strengths and weaknesses, and provide backup to fill the shortcomings of each other.
  10. The team will have a strategic plan of action that they stick to in business and as part of ongoing team performance.
  11. Knowledge and service will be high on the agenda when working with and serving clients and prospects.
  12. Every team member will understand the priorities of growth and stability as it applies to the clients that they have.

To manage a sales team you need a leader of skill and drive.  A sales team is a unique business unit that is different than all others and that requires direction, and seeks respectful leadership promoting the core values of business.