In commercial real estate today, agents are and should be responsible for marketing themselves. That requirement is in addition to the general brokerage marketing process. At a personal level ‘information marketing’ can be a valuable strategy for individual agents to develop and use. You can build it into your personal sales plan.
So what is ‘information marketing’? It is the provision and use of ‘quality information’ to attract prospects and people online. When correctly implemented, that ‘attraction factor’ can help real estate agents get substantially more online profile as an ‘expert’ in a property type and or location. The strategy works well in commercial real estate and will help you attract more property enquiries locally, and people to use your real estate services.
Here are some of the big issues to help you get started in ‘information marketing’ as a real estate agent or broker:
- Focus your information and efforts on your local area and your property type. Everything that you do in the marketing process should be centred firmly in your market ‘niche’ and location. To achieve this, decide what area of your town or city is your ‘territory’ of focus. Within that area, what property type(s) will be your special field of endeavor? All of your local marketing efforts should be built around those answers. For example, you may focus on ‘industrial warehouse leasing’ or ‘shopping centre sales’. Choose on market segment and drill down into it. Define your market ‘niche’ and work within it as part of your marketing processes.
- Start a real estate blog on one of the blogging platforms (Blogger, or WordPress) and focus your blogs on your property type and location. Everything that you post to your blog should stay within those niche factors; that will help the search engines see you as an agent and the relevance of information that you provide. Topic consistency is the key to the process.
- All of your blogs should be written about the location and the property type. The blogs should be ‘informational’ and not ‘advertorial’; in other words your blogs should be helpful and useful. When you provide valuable local property market information, you start to build trust with your readers.
- On your blog site, link an auto responder and database service to your blog articles so interested people can register for more information about your property type, and town or city. You can now see why fresh ‘information’ is so important to making this marketing process work. Lots of agents advertise prolifically, but not many actually help people with local property information in a convenient way such as an online blog.
- Integrate your blogs and articles to your social media platforms. Whilst most social media platforms concentrate on being ‘social’, most agents only achieve and focus on that level of interaction (which can be self centered and of little interest to others). Take a step further in personal marketing by being ‘helpful’ with local property market information and articles from your blog; provide the links accordingly across all of your social media channels.
All of the above strategies are simple and yet advanced. They can be implemented to a substantial and successful level by any agent in real estate. They are very suitable for commercial real estate agents and brokers. If you are struggling with being ‘seen’ as a broker in your local town or city, now might be a good time to start the online marketing process. Use local information marketing to achieve that.
Personal branding in commercial real estate is quite important. At a personal level you can be a ‘cool brand’, and that by definition is someone that is good to know and an expert in their field of real estate and in the location. On that basis clients and prospects will seek you out at the ‘go to person’ for solving property problems. You could say that you then have real ‘market attraction’.
This image will help you with listings and growth of market share. Are you up to the challenge? Let’s look at this a bit more.
So how do you create this very special image as a top agent and expert in your field? Prospecting will help you a lot, but in saying that you can add some rules and processes to the prospecting process. There is no point in being ordinary in our industry as you will just fade into the already large group of other brokers and agents; every listing pitch will then be a competitive event. Consider these alternatives:
- Ideas person – many properties and clients will be unique and challenging. For that reason you can be an ‘ideas’ person to help solve the complex property situation facing the client. Every exclusive listing should be handled with a high degree of creativity in marketing and promotion.
- Great negotiator – some properties are challenging as to the complexity of the sales contract or property lease. Make sure you have enough knowledge to build the negotiation momentum for your client. Any hurdles to the marketing of the property should have been resolved early in the property listing process. Preparation is the key to resolving negotiation issues.
- Solution provider – some of your competitors will be quite ‘generic’ when it comes to marketing a property and establishing a campaign. Your solutions must be better than all the other agents; that’s how you can convert exclusive listings much more effectively.
- Stand out in a crowded market – to help you stand out in your area and sales territory get plenty of sign boards into your zone. As a priority make sure your signs are more effective in placement and detail. That will mean some vendor paid funds to take the listing to the market.
- Commitment to task – many clients will talk of ‘agents that have failed them’. The fact of the matter is that the generic support for clients with their property today will be of little benefit in converting a sale or lease. If a property is special then you should provide special ideas and momentum to the promotion process. You can only do that when the client has given you an exclusive listing. Can you convert more exclusive listings? If not, why not? Set yourself a challenge to list only exclusive listings of a quality nature.
When you review these points, apply them to your own personal marketing profile. How do you match the image? Can you do better?
Today it is a fact that email newsletters are a part of commercial real estate marketing. Every agency should have a solid system of client or prospect contact using a database and an email newsletter.
Permission marketing is part of the email process in that you should only send these emails to people that have agreed to be part of the process. You can easily get ‘permission’ through refined strategies when talking to clients and prospects. That will be in:
- Telephone calls
- Property inspections
- Previous marketing efforts with other listings
It should also be said that the email system you adopt should have an opt-out provision and capability so that any person can step out of the newsletter system if they require.
What do you want to do?
If you are going to create a newsletter in this form, it is essential to develop the right strategy and processes. There are just too many poor quality email newsletters sent today. Relevance is everything.
So let’s look at how you can improve the process and make it a valuable part of your marketing effort.
- Use an auto responder to send the emails and track the open rate. You will then see what articles or properties create more interest.
- Many agents struggle with the issue of frequency in sending the newsletters. At a minimum they should be sent every 2 weeks. In an ideal situation they should be sent every 7 days with meaningful and new market information and listing detail.
- The best time to send the newsletter is between Wednesday and Friday. The ‘open rates’ on emails are generally higher at that time. Publish on time every time. Get a pattern to sending your emails.
- It is easy to get an email template established to start your newsletter. You simple add content inside the shell of the email
- Add to the value of the contact process by providing quality professional photographic images of properties for sale or for lease. Think and display quality at all times in your newsletter. One poorly photographed property will detract from the entire newsletter.
- Your exclusive listings should be marketed in your newsletter. Open listings should not get the newsletter treatment (open listings are a process of luck). If the owner of a property did not trust you enough to give you an exclusive listing, then they do not get the quality marketing processes.
- Have property relevant information in your newsletter that tells the reader about the local commercial real estate market and any changes that are coming up. At the top of the email, have an editorial area for this process. As agent you should write the commentary of 3 or 4 paragraphs and include a photograph of yourself in the process. You are building your ‘brand’ remember, and a photograph will help with that.
- All of your newsletters should feature links to your website listings, your informational blog, and your social media channels (Twitter, LinkedIn, and Facebook). Make it easy for people to follow you.
- Each email newsletter sent should be about 6 properties in depth, plus an editorial. If you work on different property types, you may like to make the newsletter specialised to the property type (eg Retail, Industrial, or Office).
When it comes to marketing yourself and your listings today, these are critical issues to take your listings and your real estate business forward.
You can get more tips like this in our free Newsletter for Commercial Real Estate Agents.
In this commercial property market, you really do need to market yourself comprehensively and consistently to the clients and prospects that you deal with. Your competitors will be doing everything possible to undermine your listings, attract your clients, and interfere with your leads and opportunities. It’s a tough industry, but it is also very rewarding for those agents that can systemize their actions and keep up their focus.
There is nothing new here of course when I say that it’s a tough business world today; our industry is competitive. Before everything else in commercial real estate, you must be a good marketer of your skills and services. Every day you should be reaching into your database of contacts to consolidate your brand even further.
Here are some tips to help you consolidate your personal marketing plan as a top commercial real estate agent.
- From a marketing perspective, you will always get more leads and opportunities from quality listings. This then says that most of your listing efforts should be directed towards properties of quality and desirability. If you list low grade properties, you will attract low grade enquiry. Get to know the right people with the best properties locally, and network them regularly.
- Each listing that you take on should be a controlled listing. This means that your listings should be ‘exclusive’ by nature. You should have control of those listings for a reasonable period of time. Avoid open listings unless you really believe you can find the right person to take the property on. Open listings are generally a waste of time given that you have no control over the stock. In the open listing scenario, the clients are always listening to many agents at the same time and are therefore quite untrustworthy.
- Every quality controlled listing should be supported by a dedicated marketing program and vendor paid marketing funds. This then goes back to the point and the importance of exclusive listings. The equation is quite simple. When you control the stock, you control the enquiry, and therefore you can close on more successful transactions.
- A successful sales or lease transaction should be communicated into the local business community and the surrounding property owners. Any success that you have with a listed property is an excuse to spread the word of the positive result. Be known as the local real estate agent of success and results. Spread the message of your success locally. Most of your leads and opportunities will come from the local property market exclusively.
- Every quality listing and exclusive listing should be personally marketed into the surrounding property owners and business community. This means lifting the telephone to talk to the right people, and door knocking the streets surrounding the listed property. Use every listing as an excuse to talk to more people.
In this property market today, there is an abundance of stock and a shortfall of qualified enquiries. Some buyers and tenants cannot act in a market like this today. For this very reason, every listing that you bring into your books should be optimized for maximum enquiry and market penetration. Use that quality listing to get the message to the market.
You can get more tips like this in our Newsletter right here.