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A Simple System for Commercial Real Estate Marketing

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:

 

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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)

 

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Getting Better Marketing Results for Commercial Real Estate Clients

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.