Systems to Follow in Commercial Real Estate Marketing

Your ability to set up a clear marketing system will directly impact your results and enquiries in commercial real estate brokerage.  If you want to pull in the interest of buyers or tenants, then the marketing system should be specific and direct.

Don’t fall for the ‘general’ approach to property promotion.  Put your full efforts into your real estate business; talk to people and build promotional momentum in the target audiences.

As you grow your listing base and market share, you should have more exclusive listings under your control.  There is a limit as to the number of listings that you can handle at any point in time.  Property types and size of property will dictate the ‘limit’.

 

Know your Limits

Some property promotions can take a lot of your focus so know what you must do to attract the people to your property listings, and then seek the listing terms of engagement and marketing that you need.

Here are some ideas to help you develop your system of property promotion or marketing.  Add to the list as you see necessary:

  1. Inspect the property before you do anything else. Understanding the property and its location will give you more leverage in the client conversations around marketing and marketing costs.  Take plenty of photographs in and around the property as you do the inspection; those photographs will help condition the client in the marketing conversation.
  2. Develop an inspection strategy and use your photographs to illustrate the processes of inspection to be used. If the client can see that you do know the property and how to hold the inspection with buyers or tenants, then the listing and marketing conversion in a lot easier.
  3. Define a target audience and talk about where they come from, how you will reach out to them, and why that target audience will listen to you. Help the client see that you can engage with the target audience with great effect and in a timely way.
  4. Draft you adverts and then have another person review the layout, content, and correctness. Some brokerages today have a specialised person undertake that process for all advertising.  In drafting the adverts, remember the property features and the ‘keywords’ that are likely to attract more property enquiry.
  5. The ideal release of the marketing campaign should be part of a strategy and a timed process. Use a Gantt chart to show the client how you will approach the listing, inspection, and negotiation processes.  The visual approach helps when want to enlist the thinking and decision facilities of the client or prospect.  Gantt charts do that quite well.
  6. Mix your online and offline marketing effectively. It is a known fact that newspaper advertising is becoming less effective and is highly costly, so a balance of media choices should be given to the client when listing for their marketing consideration and reflection.
  7. Go direct where possible when promoting a listing. The direct approach helps with finding businesses and investors looking to move and or grow their property portfolio.  Every listing is a good reason to talk to many people.  You could say that ‘exclusivity’ is part of that process.
  8. Review all your activities weekly so you can see where things are happening and how small adjustments can happen to your business approach with prospects. A successful year in commercial real estate brokerage is a combination of many different strategies deployed to a plan and a system.

 

So, all these things will help you develop your approach to property marketing with your better-quality listings.  Take the steps forward to engage with your property market, prospects, clients, and business owners every day.

Your systems will help you achieve good results in your business.  Don’t wait for the enquiries to come to you; go out and find the enquiries.

How to Be a Successful Target Marketer in Commercial Real Estate Brokerage

You can win more local property business if you are a ‘target marketer’ for a location.  The clients that we serve in commercial real estate like to have the best agent with the best market coverage working for them in every way possible.  Random actions and the generic approach to the real estate business no longer works.  A top agent needs to be specialised and targeted in the actions and marketing efforts.

 

A good agent has to have some special processes of driving the real estate listings out into the property market and to the tenants or buyers as the case may be; not just relying on advertising online and in the newspapers to do that.  Only the ‘open’ listings of the market dictate a generic approach to marketing and client contact.

 

Think about your property listings now.  Split your listings into the two groups of ‘open’ and ‘exclusive’.  Your ‘exclusive’ listings should take priority in just about everything that you do as a broker or agent.  Review your marketing efforts and your client contact processes between the two listing types.  Are you connecting your listings to the right ‘target audience’?  Can you improve those connections?

 

Marketing Strategies that Really Matter

 

Let’s get to the facts of how and why targeted property promotions really work.  Put your exclusive listings into the process.  Here are the most important skills of a target marketer in our industry today:

  1. Providing the deep and relevant facts – with every listing, take the time to explain to the client exactly how their property sits in the local area by way of price, marketing, and potential enquiry. Do a SWOT analysis so that the client can fully appreciate how you can help them resolve their property challenge in a timely and meaningful way.
  2. Understanding how to reach the right audience – every listing will have a target audience of tenants or buyers as the case may be. Show the client exactly how you will connect with that audience in a deep and meaningful way. Put yourself into the connection process so that you are the real point of difference when it comes to finding the right people to inspect and negotiate on the listing.
  3. Creating momentum with property listings – take every listing and create momentum across enquiries, inspections, and negotiations. Soon the people in the local property market will understand that you are the agent of choice when it comes to creating churn and activity with a listing.
  4. Understanding how to inspect a property to show all the features comprehensively and thoroughly – with all of your exclusive listings, develop a special inspection process to feature the property in both layout and improvements. Create an inspection strategy and explain to the client exactly how that will work in encouraging offers from the right people.
  5. Building and segmenting a database for comprehensive property enquiry – your database can and should be at the centre of your real estate business. Each and every day you should be creating conversations with the VIP clients within the database, and adding new people to the list. It is a special skill to be refined and developed over time. If you are looking for new clients and new listings now, then review your database activities and your client list. How regularly are you connecting with those people in a relevant way? The top agents of the market know how to drive enquiry and interest from their database and their client list. Put your client list at the centre of your business so that you can find the right listing activity and the right buyers or tenants at the time of change and opportunity.

 

So the message here is that you can be a target marketer covering the specialized segments of the commercial property industry. In your town or city, review the best segments of the industry and the property types that will offer you the ongoing opportunity that you are looking for.

 

Look at how the property market is changing in your location and position yourself into the zone as the industry specialist. Market yourself accordingly in comprehensive ways. Let the local business owners and property investors see that you are the industry specialist that they will need when the next property challenge evolves. Help them remember you through deliberate and direct marketing activities.

How a Complete Commercial Real Estate Brokerage Practice Session Improves Knowledge and Skills

In commercial real estate brokerage there are a good number of things that require practice and refinement over time.  It’s a personal process that cannot be delegated.  It is the faster track to getting results in brokerage with listings and clients.  (NB – you can get our free commercial real estate course here)

 

So why is this so important?

There are many ‘top agents’ in a location be that a suburb, town or city, and they are all chasing the same new business across sales, leasing, and property management.  Your recommendations and solutions offered to your clients and prospects should be well considered and clearly displayed.  Your ideas have to be better than that of your competitors.  Can you stand out in that way now?

Your solutions have to be better than the others that are put to the client and that are available.  Expect the client to seek presentations from other agents as they work through their property challenge, and before they make a listing decision. 

Your pitch has to be better than the others that are out there; you should be perceived as the professional that people need.  Practice is required to achieve that status.  If you pitch your services comprehensively, the ‘exclusivity’ process is much easier.  Exclusivity is critical to market domination.

 

Practice your skills on key matters

Through your career in brokerage, you should practice your skills and strategies in a number of key disciplines.  You can put that practice into your real estate business through personal disciplines, team meetings, and role playing.  That specific practice will help you with deeper market confidence and better levels of communication; both are important factors when it comes to converting the client to your ideas and recommendations.

So let’s get this important business education underway.  Here are some strategies to help you get that practice incorporated into your real estate business:

  1. Listing pitch – Given the pressures of the current market, what are the better ways to list a property today to get faster outcomes in sales and leasing? That question has to resolved in any client presentation.  Your listing presentation can be supported by research, computer based aids, statistics, and case studies.
  2. Marketing solutions – Have some clear examples of other properties listed today and recently that have been taken to the market, and show the client exactly how the campaign and marketing process was critical to the challenge and the outcome reached.
  3. Negotiation alternatives – Every deal can be closed in a number of ways. Show the client how one negotiation stalled; also show them how another was resolved.  Put yourself into the solution as the facilitator of the positive outcome.  Stories will always help you with client communication.
  4. Vendor paid marketing – Show several examples of local property promotions where vendor paid marketing was the big difference in getting a positive outcome. As a general rule, vendor funded campaigns generally attract and facilitate more inquiry over the listing period, and the time on market is shorter when it comes to a positive result.
  5. Listing refresh – Package your presentation to allow you to refresh the advertising every 2 or 3 weeks. Don’t let a listing stay too long on the market.  Watch the trends of enquiry and tune your property advertising frequently.
  6. Client conditioning – How can you condition a client to the prevailing market conditions in your location? There are many different property challenges as there are clients.  Make sure that you can handle the most common client concerns in today’s property market.

So there are some real things that you can practice here.  Take the pressures of the properties that you work with, and practice your pitch and presentation recommendations.  That practice will help you stand out as the ‘agent of choice’ for the client and their property today.

Branding Solutions for Commercial Real Estate Leasing Agents and Brokers

In commercial real estate leasing you want the tenants and landlords to remember you as a leasing specialist, and thereby use you at the times when they have a leasing challenge.  On that basis you really should know lots of people locally that own or occupy investment properties. Your database should be the lifeblood of leasing commissions and vacancy opportunities. Your brand and your image should feature in your professional leasing marketing plan.

 

You want the tenants and the landlords in the local area to remember you as the industry specialist at the right time and in the right way. The best agents and brokers have a reputation for resolving leasing challenges effectively and directly. The understand how to shape the lease and rental transactions for the best outcomes possible for their clients.

 

Whats happening?

 

Consider the leasing market over the last 12 months. Think about how the rents have changed and the enquiry rates similarly so for the different property types. Somewhere within that change and churn you will have the opportunities for tenant placement and vacancy resolve.

 

The local leasing market will always be under change and churn, and the commissions can be found when you tap into the changes in the property market.  Rents will alter, as will the vacancy factors throughout the year.  An active leasing market will have plenty of opportunities for commission growth. Look for the tenants that need help when it comes to occupancy and premises expansion or change. Ask the right questions, and comprehensively talk to all of the tenants through your business zone or precinct.

 

Know the tenants

 

So the message here is that you can and should talk to plenty of tenants each and every day. Understand what the tenants are thinking and doing when it comes to lease occupancy and rental intentions. Some of those tenants will need to expand or relocate their business operations. Other tenants will be coming to the end of lease occupancy and will be looking for better value from a rental and occupancy cost perspective.

 

The agent or the broker with a comprehensive tenant database will be of great value to the landlords that they serve. Market your leasing services accordingly, using your database as part of your lease listing pitch.

 

Your database rules

 

A good leasing agent will have several thousand local businesses in their database, and that database will be fresh and up-to-date. All of the tenants and business owners in the list will be contacted in an ongoing and complete way. Their leasing status will be changing in the database over time.  Track and measure the changes and the challenges of local tenants.

 

Here are some other ideas to help you build your brand awareness with the tenants in the landlords in your investment leasing market:

 

  1. Comprehensively canvass all of the local businesses within your territory – take an organized approach to buildings, streets, precincts, and property types.
  2. Connect with all of the landlords within the region – some landlords will have a valuable portfolio of prime properties to lease. Work with the landlords that have or offer the most opportunity for you over time.
  3. Offer specialized vacancy resolution services – develop some unique and valuable leasing services to help resolve vacancy challenges and local leasing requirements fast and efficiently. Tenant retention plans, tenant advocacy services, and lease negotiation services are all valuable services to offer to the local area and the people therein.
  4. Provide tenant mix strategies and clustering solutions – office buildings and retail shopping centers have unique challenges when it comes to tenant mix strategy and clustering. The mix of tenants in the building can make or break the growth in market rental over time. The types of tenants can also strengthen or weaken the occupancy within the building over time.
  5. Understand how to improve the value of a lease – a long-term occupancy can improve property cash flow and values over time. The rental structure can include variations in rent reviews, outgoings recoveries, and option periods. Think about how you can negotiate leases with due regard for your client and their investment circumstances.

So you have five ways here to help improve the leasing services that you offer locally.  As a direct result, your personal brand can grow in the local area with tenants and landlords.  That is the best way to build your leasing business.

 

(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)

How to Deliver High End Marketing Solutions for Exclusive Listings in Commercial Real Estate Brokerage

The quality and focus of your marketing campaigns in commercial real estate will attract volumes of clients and prospects over time, providing you build quality and target marketing into your promotional processes.  Build your brand through your current marketing processes with all of your listings.

(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)

So the rule here is typically that ‘a quality focus in promotional activity generally attracts quality new business in local property’.  The best clients and investors locally like to work with the agents that have a market domination of the location and the property type.

Compare the competitors

Compare your marketing solutions to those used by your competitors:

  • Can you claim to be more relevant and real as an agent in your property activities?
  • Do your advertising efforts stand out as the best for the property type or the location?
  • Will people remember you at the right time?

Review and research your market position when it comes to your brokerage and your personal profile.  Examine where you are now in the order and ranking of local agents.  Drive a better profile.

Here are some ideas to help you stand out as a ‘go to agent’ for your location:

  1. Property and target market match – Always match your property to a target market before the campaign of promotion commences. Help the client understand the target market that you are chasing and why that is the case.
  2. Local area coverage and regional coverage – When you promote your listings, devote different strategies to the local area, versus the broader region. Vendor paid marketing funds should allow you to specialize your property coverage and penetration.
  3. Online marketing versus traditional marketing – You will need to mix and match your marketing to the online and offline media outlets and channels. Think about everything from the traditional signboard through to website coverage, and the industry portals.  Your exclusive listings should get special attention in that process.  Use the email marketing system as well as the more traditional approaches to listing distribution.
  4. Brochures and photographs – Some people like to review the local papers and or get a brochure in the mail, so photos and brochures are valuable in property marketing. Use them in directly marketing the listings that you have.  The direct marketing process has merit as long as you are taking the time to follow through with telephone calls and direct contact.  If you have spent the money in mail outs, then make the calls to see what others think of the listing and the brochure.
  5. Editorials – When you have a good quality listing coming to the market, get an editorial ready for release, and promote that editorial to the local papers and media outlets. If the property has a good history or local relevance, an editorial is a good strategy to use promotionally.
  6. Database – Use your database in your client and prospect discussions. Create a shortlist of people from your database to inspect a property as soon as it is released to the market for sale or lease.  It is hard for a client to overlook a relevant database of local contact.
  7. Feedback – Seek comments from the people that you take to your listed properties and hold inspections with. Allow their comments to shape your clients thinking and their perceptions of the property as it is being marketed.  This is called ‘third party conditioning’ and it is a valuable strategy in shaping a property for better listing and or negotiation outcomes.
  8. Reset and refresh your listing advertisements – Don’t let an advert for property remain unchanged for too long. Refresh your listing stock promotions with different promotional copy and feature points every 3 weeks or so.

These simple and yet direct strategies are valuable in delivering high quality property promotions.  They allow ‘high end’ coverage, and will attract better levels of inquiry.  Refine and revisit all of your commercial property promotions accordingly, with a real bias towards your exclusively listed assets.

Finding Robust Market Conditions in Commercial Real Estate

The commercial property market is always changing, and the shifts and swings each year will move from buying to selling, as well as owning to renting.  Property developments also come and go from the market based on expected growth in a location.

Somewhere in those changes you will find property opportunity to work with the right clients and prospects.  The foundation of your real estate business will come from your database and the people that you are connecting with on a regular 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)

Some clients are very active on property matters for the long term, whilst others are irregularly moving in and out of the industry.  Have you categorized your clients and prospects?  Who are the clients that will be doing things soon?  When you know the answers to these questions, you can take some direct action and move on some leads and property requirements.  Timing is everything in our industry ‘game’ so understand just where your clients and prospects sit in the timing cycle of change and activity.

Check your client list

So let’s look at your database and location now.  How well do you know your property market now?   Where are the next opportunities arising?  Have a think about these questions and answers:

 

  1. Where is the vacant land currently that could be the subject of a new development in the future? Whilst property development will come and go from the momentum of the market, future demand will eventually ignite a new building or property complex.  Watch for the zoning changes that could lead to a property release and new development.
  2. What are the classes of property that seem to be creating the most inquiry now and into the future? A regional assessment will help you pick a few property classes that seem to have most of the interest from the market.
  3. What can you do with investors to open up some buying and selling activity? Some investors are very aware of the need to grow or shift certain property holdings in their respective portfolios.  You can achieve some real momentum in knowing what these owners are thinking and planning for.
  4. What are the local businesses looking for when it comes to property occupation? There will be parts of your town or city where businesses like to occupy premises.  Look at the trends and pick those areas.

 

These 4 simple facts allow you to optimize market conditions in commercial property.  Stay close to the transaction momentum and the current listings in your territory.  Listen to what people are saying and identify what they are thinking; pay special attention to investors and local business people.  Within those groups you will find the future property deals that you are looking for.

(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)

The essential components of a professional commercial real estate marketing plan

Every quality listing in commercial real estate brokerage should be the subject of a comprehensive and specific marketing plan.  When the elements of the property are matched to the levels of enquiry, the prevailing property market conditions, and the client, the marketing plan is likely to produce the better results from the selected target market.

Most high quality listings today are the subject of a competitive tender involving a number of brokerages and agents.  You may only have a short period of time or one brief opportunity where you can present your promotional ideas and marketing strategies to your client.

Your presentation, the listing pitch and the marketing plan will need to be of exceptional quality and relevance to attract the interest of the client and convert the listing.  It is very likely that the best agent will win the listing based on recommendations, commitment, and confidence.

The Best Way to Set Out Your Marketing Ideas

Here are the elements of a property marketing plan in commercial real estate brokerage.  These ideas will help you prepare your professional marketing plan:

  1. The title page – give the property and identity through the use of a title. That title should be specific to the property and where possible incorporate the history of the property.  It is quite likely that the local property owners and business proprietors recognise the property in a particular way.  That image or recognition can be incorporated into your marketing plan.
  2. Use professional property photographs – the front of your proposal or marketing plan should feature a professional photograph. That strategy should continue through the document.  Most clients will be drawn to the proposal that features the asset in a creative and professional way.  Through your marketing submission, you can add a number of professional photographs taken at different times of day, of different parts of the property, and use photographs that enhance the strengths of the asset to the target market.
  3. An executive summary – at the front of the document, make sure that you are using an executive summary to pull in all the features of the asset and the intended marketing campaign. The executive summary should be no more than one page in length and feature a number of dot points as part of the layout.  You want the executive summary to attract the interest of the client and refer them further into the document for greater detail.
  4. A table of contents – simplify your marketing proposal with a table of contents so that the client can refer to the correct parts of the document as part of the review.
  5. A preference for simplicity – keep your marketing document simple and informative. Avoid bulky submissions that complicate the marketing process.  Help your clients see the promotional strategy to be used with the target market.  The best way to do that is through the use of a Gantt chart displaying the different marketing strategies and the timing process to be applied.
  6. Property analysis and recommendations – show the client that you really understand the property and its position in the prevailing market conditions. Summarise the property as you see it today and provide details of comparable property market activity in the location.  From that information you can make specific recommendations towards a target market, the enquiries, and the inspections.
  7. The marketing plan – from the target market, you can specifically apply strategy to the marketing plan when it comes to the choice of the right media, the timing, and the expenditure. Help the client see exactly how you will be spending the money and why that is so.  Show the client that you are in control of the property marketing process and the feedback to be encouraged.
  8. Implementation and control – make it easy for the client to formulate a decision and move ahead with their marketing challenge. If there are any problems within the property that need resolving prior to promotion, provide specific solutions and ideas to help that occur.  Make it easy for the client to see the best way forward with their property challenge based on the attributes of the asset and the local property market.

 

Taking all of these things into account, you can make your marketing proposal stand out as specific and special with any good quality commercial real estate listing.  Make it easy for the client to select your services as the agent of choice in resolving their property challenge.