Exclusive listings are just so important if you want to build your business as a commercial real estate agent. Open listings are a waste of time in the market share equation; sure, you may sell or lease a few open listings, but only exclusive listings will help you build market share. That’s the way it is.
The clients that trust you with exclusive listings really do believe in what you can do for them; you have made the connection in your sales pitch and they expect a great marketing effort. When you have won an exclusive listing, is it time to act with speed and relevance; it’s ‘show time’, as they say.
Marketing exclusive listings should always be at a higher and more comprehensive level than that of ‘open listings’. Some agents forget that fact! Here are some ideas to start the exclusive listing marketing campaign:
- The local area is a high priority in getting the message out regards the property. Most sales and most leases occur in the local area with people that are not far away from the subject property. That is an observation that rings true quite often. Your property is a good excuse to get into the local area and talk to other businesses and property owners.
- The simple signboard on the property will always create local interest and encourage results. Ensure that the signboard is well placed and well designed. Exclusive listings should get special treatment when it comes to the signboard.
- When an exclusive listing goes to the market, I tell salespeople to personally canvass 50 local businesses as part of each campaign for an exclusive listing. That means knocking on doors and meeting the business owners. Now this has great benefit; those people are likely to tell you what is going on in the area; that is what will give you leverage with your property listings.
- With each exclusive listing you can have a specific inspection strategy that can be designed to feature the property in a particular way as you take people through the property. I tell sales teams to document the inspection strategy as a point of difference in preparing for the property sale or lease, and get the client involved in approving it. They then have some involvement in your ideas and campaign.
- Always keep in touch with the client when it comes to exclusive listings. Every couple of days you should be talking to the client and giving them feedback on the inspections of advertising. This process will help when you have to negotiate at a later stage with any interested parties.
Exclusive listings are the best way to build your market share. They give you the leverage and control of your listing and your client. Take the right steps forward; list all your properties exclusively and design your sales pitch for that process. Why waste time on listings that are ‘open’ and listed with so many other agents?