If you are starting a commercial real estate business or perhaps you are to be working in one as a salesperson, the key to building brand and identity is in getting lots of signboards into your territory and onto the best listings. Your name is everything when it comes to finding and converting the business. People must know you as a local property expert; signboards give that perception.
Whilst this may seem a bit obvious, the fact of the matter is that it is largely overlooked as a base strategy in building market share.
Signboards on property listings are the cheapest form of advertising, and yet the most effective in your local area. Given that most of your sales and leasing deals will come from your local area, the signboards are really important.
So what can you do to start a signboard strategy? Try some of these:
- When you get an exclusive listing, make sure that you also get vendor paid advertising and place a very good signboard on the property.
- Target the quality properties in your area that really drive the enquiry. When you attract the enquiry from the market, you can convert more of the deals.
- Look at all the redundant properties in the area that could be prime spots for redevelopment. Identify the owners and see if a project can be possible in the site. Project sales and leasing brings massive market dominance over time.
- Vacant land in your area should be identified and the owners spoken to. It is likely that a signboard could be placed on the property.
- Any listings with other agents that have been on the market for some time are likely to come up for expiry soon. Talk to the property owners to see if they are receptive to another agent taking over the listing.
- Should you take on ‘open listings’? It is a hard question to set a fixed answer. Over time you should eventually avoid open listings as they are largely uncontrollable stock and the clients are hard to work with; essentially they will listen to and work with any agent that spins them a story. Desperation does not drive your market share.
- Maintain your signs with a signage upgrade strategy so that the signs are replaced and freshened up monthly. In this way they will send a quality message to the local property owners and business proprietors. There is nothing worse than a faded, neglected, or graffiti covered sign on a property.
Your property market opportunity will be built on solid foundations of action and planning. Nothing of relevance comes from random focus and action. Start your planning process and build on the steps that you need to take.
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