When you take a commercial property to the market today, the message about the property has to be clear and precise. There are limited levels of enquiry coming from most marketing campaigns given the current economic climate. This means that you have to do more with less.
It should be said that this is not a seller’s market, not a buyer’s market, but it is an agents market. We as property agents are well placed to encourage enquiry and connect with the right people. Your database is a key factor in this process.
We can produce the right momentum in marketing through developing a direct promotional strategy for each listing. The days of generic marketing are well gone. Specific campaigns create far more enquiry than the traditional generic approach.
When you take on a new listing, be very specific when it comes to structuring the marketing campaign and attracting the right target audience. It should also be said that the exclusive listing process in this market is far more effective than an openly listed property.
If the client chooses to openly list their property, tell them about the weaknesses of the process and the longer ‘time on market’ factors that normally apply. Most clients don’t like to be an ‘experiment’ when it comes to marketing; they want results and the exclusive listing process is the only way to do that with some control and reasonable success rate.
Here are some tips to help you with establishing a successful marketing campaign and correctly promoting a commercial property for sale or for lease.
- There is a significant difference between direct and indirect marketing today. The generic approach involves indirect marketing and most particularly advertising in the newspapers, placing a signboard on the property, and listing it on the Internet. This will only produce limited enquiry. With commercial property you must take the direct approach in addition to the more traditional promotional processes. The direct approach says that you need to get into the local area and take the listing to all of the property owners nearby, the local businesses, and the industry professionals. In this way you will attract more leads and opportunities. Talk to more people; that is the rule today and not the exception.
- The best method of sale or lease should be chosen for the property, the local area, and the target market. The method that you choose should encourage enquiry, inspections, and negotiation. Momentum is the key to getting a good result in commercial property marketing today.
- At the time of listing the property, undertake a comprehensive inspection with the client. Move through the asset together so that you can identify strengths and weaknesses that will need to be addressed as part of the promotion and the advertising. Any weaknesses should be carefully assessed and dealt with prior to the commencement of campaigning.
It is in property markets like that which we have today where the marketing process becomes more important than ever before. Attracting enquiry and converting more inspections is central to attracting offers and closing negotiations.
If you want to be a top agent in this market, take a serious look at your marketing efforts, and your listing processes. Everything needs to work in harmony.