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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.

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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.

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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.

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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)

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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.

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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)

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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.

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Commercial Real Estate Brokerage – Email Marketing Attracts Good Enquiry So Use It

Have you ever got an email from someone that was unclear, confused or full of grammatical errors?  In commercial real estate brokerage, the emails that we send should be of the highest quality in all respects.

Low quality communications are usually ‘deleted’ faster than you can imagine.  They are typically not read beyond the first sentence.  If you want to have any chance of converting new business from email marketing and communications, your messages should be accurate and specific.

Email Frequency

We typically send out lots of emails every day as part of connecting with prospects, clients, and colleagues.  If anything, the volume of emails that we send is growing.  Quality in the email process is really important.

It is not unusual for a top agent to be sending out 40 direct emails per day with specific client or prospect communications; you can add to that number a few hundred or perhaps thousand emails from marketing based auto-responders.

Rules to Electronic Marketing

The quality of your email and written message is a direct reflection on your business skills and communication intelligence.  Consider these factors in your email marketing campaigns and or general business emails:

  • Property updates – If you are sending out property information make sure that it is up to date and accurate. Generic property information doesn’t work in our industry.
  • Personal facts – Always ensure that you have the person’s name and title correct for the purpose of sending the email. Any errors with addresses and names made will ‘kill’ your message and content.
  • Contact information – Provide your contact information so it is easy for the other person to connect with you. Include your email, website, mobile telephone, and social media connections.  Give the other person some alternatives in reaching out to you.
  • Informational – If you are providing attachments, convert them to pdf so that the formatting is stable and presentable. A pdf will usually get to the other end or person with accuracy and integrity.
  • Spell check – Get a spell check done automatically as part of message creation. You can set the email client program to do that for you automatically.
  • Timing – If you are sending a marketing based email it is generally more effective to send it around the middle to end of the week. Certainly avoid sending marketing emails from Saturday to Monday (inclusive) as most people have other interests away from business on those days.
  • Length – Long emails are generally not read in entirety. Your message should be contained in just 3 or 4 paragraphs.  Adults don’t like to read long and complex marketing emails.  The ‘deletion’ button is the common approach to lengthy emails.
  • Images re-sized – If you are sending photographs then make sure they are re-sized for dispatch. Compress the image size so it can send easily across the internet.  There are plenty of image based programs that let you create smaller file sizes for images.
  • Headings and highlights – If you have something specific to say then you will have a need for heading simplicity and highlighting of key issues within the message. Understand the important points that you want the other person to note.  Highlighting those points in a particular color is helpful with some important communications.
  • Hyperlinks – Check out your hyperlinks before you send the message.
  • Follow-up calls – If you are sending out marketing type emails, then you should be making follow up calls.
  • Title or topic relevance – If you are sending out emails as part of a marketing process, choose your key words and images with relevance and care. Professional photographs and message copy will always help open conversions.

The email process in commercial real estate is specific and direct.  Make sure you have all the elements of the communication process under control and optimized.

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How to Amount to Something in Commercial Real Estate Brokerage in this Market

Motivation is something that can be considered as an essential ingredient to the success of any commercial real estate agent or broker.  Every day there needs to be a degree of personal motivation in each agent to do the difficult tasks and confront regular challenges in the industry.

Every day there will be issues with clients, listings, negotiations, and marketing activities.  Given that you may have plenty of listings on your books, you can easily get distracted and diverted from the things that really matter.

In saying that, it is preferable that every agent and broker focuses on exclusive listings rather than open listings.  In the open listing situation you cannot control the stock and you have very little control over the client.  You will never really know exactly what is going on with the property at any given point in time.  An open listing is only useful if you want to quote the property to people within your database.

The clients that prefer or demand the open listing process can waste a lot of your time.  Most top agents in the market today will refuse to take on open listing knowing that the real results that they create will come from exclusivity.  On that basis they improve their sales pitch and presentation around the logic and the processes of exclusive listings.  It would be wise for you to consider the same strategy.

Motivation

So let’s go back to the topic of motivation and the role that it has to play in the performance of a real estate agent or broker.  If you have a system to work to each day, it is quite easy to stay ‘on track’ when it comes to the essential real estate tasks such as prospecting, marketing, and negotiating.  In that way it is easy to recognize when a time wasting issue arises.

You can create a ‘victory log’ to help you see where results are being achieved and momentum is occurring.  In that way you can see how some more activity directed towards the right things will help you get further results.  Here are some factors to merge into your ‘victory log’ on a daily basis:

  1. Cold calling activities – Track the number of cold calls that you make every day to new people in your local area.  As part of that process you can track the number of calls that convert to meetings.  Make it a target to convert two new meetings every day from your calling activity.
  2. Meetings per day or per week – The commercial real estate industry centers very much on the personal approach and the number of people that you know.  On that basis the number of meetings that you create per day and per week will help you get traction and dominate the local property market.  As mentioned in the previous point, an achievable goal would be two new meetings per day with new people.
  3. The listings per week – The number of listings that you create each week will be important to growth of market share.  Some of those listings will be converted to a successful transaction.  Conversion rates are always higher when it comes to exclusive listings (as well as a shorter time on market), and on that basis ensure that your focus is always on exclusivity.  Open listings can waste a lot of your time given that you have no control the stock or the client.  So in tracking the number of listings that you create, give priority to exclusivity; it is questionable whether it is even worthwhile in tracking the numbers of open listings for the reasons mentioned.
  4. Successful transactions and commissions – Some deals take a long time to put together.  A continual focus on active transactions and the status of negotiations will help you lift your conversion rate and ratio of results.  So the message here is that you should monitor your transactions, your clients, your commissions, and your negotiations.  Practice and role playing will always help you develop your professional skills around the things that really matter and the high quality properties that you list.  Track the number of successful transactions that you close on a weekly and monthly basis.  Also track those numbers quarterly and relate them back to your business plan and business goals for the year.
  5. Growth of database – The database that you use should be updated each day so that all the current conversations, meetings, and listing quotations are accurately tracked.  Make sure that you fully understand the capabilities of the database software you are using, and how it is integrated into your marketing processes, social media, and listing activity.  Ideally, your database should be growing on a weekly basis and that should be as a direct result of a prospecting and cold calling plan.

Taking all of these things into account, you can see the benefit of creating a victory log as part of the goals and targets process.  In commercial real estate brokerage your motivation and your momentum will grow when you track the right numbers efficiently and directly.  Look for the incremental improvements in all of the five categories mentioned, so that you can see what is working for you when it comes to growing your property business.

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Using Property Features to Market Your Commercial Property Comprehensively

When it comes to selling or leasing a commercial property, the features of the property will have a lot to do with designing the marketing campaign and building upon the factors of attraction to pull in more prospective tenants or buyers.  Those factors of attraction are to be used strategically and the marketing process.

As part of establishing the listing and marketing timeline, you should completely inspect the property beforehand so that you can build on the strengths and weaknesses of the asset directly and appropriately.  Identify the strengths and weaknesses of the asset, and then determine where the property sits in the market today from a quality and pricing perspective.  How relevant will this listing be to the target market that you define?

Look for the strengths

The strengths of the property should be merged into the promotional campaign and may even feature in the advertising layout as dot points.  In that way you can attract and improve on the levels of enquiry.  Any weaknesses in the property should be removed prior to the commencement of the campaign.

Look at the property from the perspective of a buyer or a tenant.  The visual aspects of the property will be of the greatest impact to the momentum of the inspection.  Are there any factors that should be addressed to help the property visually?  The client may need to spend some money to solve the weaknesses in the presentation of the property prior to the commencement of the marketing campaign.  The dollars spent by the property owner in preparing the property can be compounded when it comes to the final price or rent negotiation.

Look for the features

The features of the property will help you understand the target market; you can then build your marketing campaign and strategy to attract the target market effectively and directly.  From that target market you can also define the current levels of enquiry coming to your office and what those buyers or tenants may be looking for.

Here are some of the more common factors to understand and control in your listing and marketing processes:

  1. The location of the property will have a lot to do with the levels and the volume of enquiry.  Inspect the property completely and thoroughly in preparing for the listing to go to the market.  After completing the inspection, review the local area for competing listings, evidence of prices and rents, and the most successful methods of selling or leasing as the case may be.  Look for the matters of change, opportunity, and threat that could derail your marketing efforts.
  2. The marketing campaign for any property listing is most effective in the first few weeks of momentum.  Choose the right media channels and promotional strategies to attract the highest levels of enquiry.  If you are already tracking enquiries on other listings, you should know what is working when it comes to promotional activity and inspection conversions.
  3. Every quality property should be listed exclusively.  Your priority should be to achieve that.  The marketing campaign for every exclusive listing should be heavily tracked and monitored.  Each week the results of the marketing to date should be reported to the client and adjusted appropriately to optimise further enquiry.  I go back to the point that the first few weeks of the campaign are the most important.  A listing today can become very stale and stagnant on the market in a short period of time.  If you are not getting the enquiry that you need, it is the time to seriously look at the marketing strategy and make adjustments where necessary.
  4. Help the client understand the conditions of the property market today.  Take them around the local area to see other listings and the results of successful transactions.  Most clients will take some time to accept the prevailing market conditions and understand how they will impact the listing activity.  It is your job to help them see that and accept that.
  5. When you clearly define the target market for the client and for yourself, you can comprehensively direct the marketing campaign to achieve the best levels of enquiry.  Have a pro forma checklist relating to the definition of the target market and how you will tap into that group of tenants or buyers.  From that pro forma checklist, you can show the client exactly how you will direct the marketing process and optimise enquiry.

The marketing of any commercial, industrial or retail property does not need to be a complex process although it should be professionally explored and implemented.  Top agents know how to help the client see the factors of promotional strategy and timing; those factors will help significantly when it comes to achieving a positive result with the listing process.  Develop a strategy or a checklist to help you improve every client interaction and marketing activity.