To a large degree, the marketing results that you get today in promoting commercial real estate will help you with negotiations and client conditioning. The property market is forever changing.
Seasonal inquiry will reflect in both the time on market for the listing, and pricing strategies. The impact of seasonal marketing should also help you with the correct decisions when it comes to the method of sale.
In receiving the inquiry from your marketing campaign, you will soon know whether you are achieving the necessary volume of inquiry and the type of inquiry. Don’t let a marketing campaign continue for too long without appropriate assessment and marketing or media changes.
You only have a short period of time where you can generate the necessary inbound inquiries to achieve inspections. Here are some further thoughts when it comes to assessing the campaign for your quality listing:
- If the volume of inquiry is too low, it will be necessary to recommend modifying and increasing the marketing package to capture more people.
- If the type of inquiry is incorrect as to its demographics, you will need to adjust the marketing so that it reaches the right people more successfully.
At the end of the first week of the campaign, you should have seen significant results and obtained buyer feedback which will allow you to understand if you are reaching your marketing objectives and targets. Depending upon the outcome from inquiries, you will make the adjustments as mentioned earlier.
It is important not to allow the marketing campaign to proceed without monitoring and without adjustment. In most cases, the optimized promotion of a property will be for a period of six to eight weeks at the very start of the campaign. Beyond that time the property listing will soon become stale and unattractive. If the property has not sold during that initial promotional period, it is better practice to remove the property from public promotion for one or two months and then start again using a different strategy or method of sale.
It is standard practice with commercial property to seek vendor paid advertising with any quality listing. This then gives the agent some guarantee that the client is serious about selling the property; it also helps the agent when it comes to controlling inquiry, creating inspections, and negotiating directly with the client.
It is essential to seek payment from the client for the advertising campaign prior to its commencement. Many a client has delayed or avoided payment at a later time when it comes to marketing funds. Don’t start to advertise until such time as the promotional money has been paid by the client and is held in the bank account.
As a basic strategy, keep in contact with the client on almost a daily basis from the start of the campaign to keep them fully appraised of promotional activity.