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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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)