When you have a property to take to the market you will have a number of options to consider as you reach out to the target market. You can promote the property selectively and directly to the right people, or you could undertake a public campaign to the general market. So a good degree of strategy is required to find the right buyer or tenant as the case may be. Understand the listing and the client before you get started in designing your marketing campaign.
Drill Down on the Property Facts
You are the professional person to establish the promotional strategy, and then make the marketing campaign work. You can do things generically, or you can drill down into the real facts of the market and the property; your choices here are critical to the end result. Your marketing choices are really important to the resultant ‘time on market’ and price or rent achieved. When you help the client understand those facts, the conversion of vendor paid marketing funds is a lot easier.
A property marketing campaign is a bit like a sales drive, and that process will be supported by the many promotional tools that we have today both online and offline. Sometimes you can use gimmicks to attract the attention of the buyers and tenants in your target market, but the end resultant inquiry will usually be driven by the facts of the property zone and the listing itself. It is a personal selling process.
Professional Systems in Commercial Marketing
You are the professional to take a property listing forward, so convert the listing exclusively for a good period of time, and then match the promotional campaign through a deliberate mix of advertising strategies including geographical concentration, marketing message, and target marketing. Here are some ideas to help you do that:
- Understand the client first – What does the client want to achieve, and what must they achieve in the marketing of their property? You should understand those facts.
- Inspect the asset – When you comprehensively understand the asset, you can penetrate the targeted segments of buyers and tenants. Don’t do things generally. Promote with focus and significance.
- Resolve problems and challenges – Every property will have issues; some of those issues will be real hurdles in the marketing and promotional process. Resolve those property problems before you go to market.
- Comparable properties – Check out the competition and the other listings in the location. See if there is any conflict with other properties in the region and adjust your marketing efforts to encourage inquiry given all of those other properties still on the market.
- Marketing alternatives – Understand the promotional tools at your disposal for the property and then make the right choices to get the property out into the location or target market of buyers or tenants.
- Focus the budget and the campaign – Achieve target market coverage. You can cross sell and promote all of your listings, providing you really understand the strengths of each of the listings; cross selling is a great concept in commercial real estate brokerage. When you work the target market comprehensively, there is a reasonable chance of gaining inquiry inertia and better results with all of your properties listed.
Take these marketing ideas, and apply them to your clients and commercial listings. Upsell your services where possible and cross sell your listings where the inquiry allows; do more with less, that’s the rule. There are good commissions to be converted in commercial real estate today; there are plenty of business owners and investors looking for a property resolve.
A blanket approach to your listing territory and your property segments will help you to get to know the right people in the right way.
(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)