When you list a commercial property today on an exclusive basis, you really do need to focus your efforts from the point of listing onwards to achieve the best results for the client. Don’t waste time during the campaign and make sure that you optimise your efforts of promotion from the very start.
Know what has to be done with every exclusive listing when it comes to pulling in the target market and listing enquiry. Ensure that the client has given you sufficient vendor paid marketing funds to achieve that level of promotional momentum.
Exclusivity Really Matters
When you have converted a property exclusively, the stages of promotion should be set out and actioned in a timely way. Make every moment count when it comes to creating enquiry and converting inspections.
How can you do this? You can split the campaign up into three distinct levels of momentum. They are:
- STAGE 1: The initial two weeks where you are releasing a property to the market and the target audience. During this time it is quite important to spread the word comprehensively across the local property zone or precinct applicable to your buyers and tenants. You really do need a marketing campaign to understand how you will reach the right people in the right way from all of your promotional efforts.
- STAGE 2: The next four weeks will be critical to lifting the levels of inspections and enquiry and encouraging any offers. Any potential negotiations should be occurring during this time. If the offers are not coming in, then it is a matter of looking at pricing the property differently or changing the method of sale or lease.
- STAGE 3: If the property has not sold or leased or during the previous two stages, then there are issues which need to be addressed. That is where a rethink or a different plan needs to be achieved in the marketing of the listing. Don’t let the property become stale and stagnant on the market. Stage 3 is the adjustment phase if the property is not creating real interest or inspections. Changes have to be made to lift levels of enquiry.
As indicated, split the property campaign into a number of weeks and stages of promotion. Change the campaign during that period of time based on the levels of enquiry that you are achieving.
Every exclusive listing should be placed on market and promoted to a strict time frame and task regime; in that way you can ensure the best outcomes are achieved. That is why exclusivity is so important for each individual agent or broker if they want to grow market share and potential income. Don’t waste your time on open listings unless you really need them.
Monitor the Property Campaign
Every moment of a property campaign should be monitored and optimised to achieve the best inbound levels of enquiry; refresh the listing appropriately based on feedback and inspection results. Understand why exclusivity is so important when it comes to promoting commercial property for sale or for lease. Exclusivity allows you to focus your efforts and commitment to the client and the property. Over time that means better results.
Ultimately a successful property promotion allows you to achieve greater levels of inbound enquiry, inspections, negotiations, and closure. Eventually that allows greater commissions and a growing level of market involvement for you at a personal level.
If you’re looking to win more commercial real estate listings and particularly those that you can convert to successful contracts and leases, have a serious look at your listing presentation and the points of difference that you promote as part of the presentation. Why are you special? Why are you better than the other agents? In simple terms you need to stand out as the top agent for the job.
Are you average or generic?
Far too many agents and brokers approach the listing process generically with little preparation and no strategy. A client then has little to choose from when it comes to better ideas and looking for a positive outcome. What can you do that is different and relevant to the property promotion?
A listing presentation is not all about providing discounted commissions and seeking low marketing funds. Discounts don’t attract results. The client has to spend money to make money, be it as part of a sale or a lease transaction. Your job in the property presentation is to help them see why that is important.
What does the client want?
The client wants results and the listing presentation you make should be designed to convey all of the correct facts in the right way. Help the client see exactly how you will connect with the right property people in the market in a timely way; those who will have a potential interest in the listing and occupancy or investment.
Here are some ideas to help your property presentation and listing pitch with the client, and to help them with interest and involvement:
- Split the campaign into time frames – A property promotion should be staged so that responses can be tracked and adjustments can be made. The stages are best set to the immediate property release (2 weeks), the inspection and negotiation stage (4 weeks), and the repositioning phase (4 weeks). You only need to move into the repositioning phase if the property has not created sufficient enquiry or inspections.
- Explain exactly who the buyers or tenants for the property will be – Clearly set out who the buyers and tenants for the property listing will be, and then tell the client exactly how you will reach directly into those segments of people or businesses.
- Show what competing listings are doing locally now – Use photographs to show the client the other local listings that are on the market now and explain what has been happening with enquiry in each case. How will your clients listing stand out around those other listings? What can you do in the property promotion that is special?
- Show specific tasks critical to the momentum – You are the property specialist and on that basis you should have some good ideas as to how you will make the listing stand out locally. Put yourself into the campaign with specific tasks and property market investigations. What can you do in the campaign that will create plenty of enquiries? Split those important tasks into your request for an exclusive listing. Put those tasks onto a time line for the client to understand what you will do, when it will be done, and why that is so.
- Get the client involved – There are things that the client can do as part of the property marketing campaign; get them involved. They could for example give you a summary of property history and ownership that would be of interest to the local community of investors or business owners. Interesting information will help your marketing campaign and your inspections.
These 5 simple strategies will help your listing presentation stand out as comprehensive and relevant to the property market today.