In commercial real estate, there is no point in listing a property unless you know what you are going to do with it. You need a marketing plan from the very start, and that plan should feature early in your client conversations and property presentation. Show your confidence so that the client can see that you are listing the property with a purpose. Put some strategy into your ideas and conversation.
Confidence in Property Presentations
So how direct and confident are you in your property
presentations now? While we are all different in how we approach
the listing process, your style and character can and should feature positively
in your listing process. Here are some
ideas to help you with that:
Client motivation and targets – Ensure that you question the client comprehensively and that you know the property in all respects before you go too far in the listing process. There will be strengths, weaknesses, issues, and facts to identify at the earliest stages of client and property engagement.
Set the target market – Be clear and precise about your property market and what it is doing. Your client wants to see that you understand things and how the client’s property fits into the local area and or the competition of other properties. Again, put some strategies in your comments on this. Lead the conversation with facts and strategies.
Define the inspection process and method – Tell the client how you will be taking people through their property and what you will be focusing on as part of that process. Build some stories around the features of the property and show how you see those features helping you with the inspecting people.
Give reasons for the best method of sale or lease – Don’t just put a property on the market for sale or lease. Show the client how you can vary the intensity of marketing and enquiry through choosing the best methods of sale or lease. Have some evidence to support the recommendations that you are making.
Set timelines to your listing approach and marketing process – It generally takes time to list and sell or lease a commercial property. You can simplify the whole process for the client by using a visual timeline that you can then show the client as part of your listing activity. That ‘visual’ approach can be the ‘roadmap’ to display your marketing efforts and listing strategy.
Schedule your marketing plan to a strategy – Just about every agent will use the ‘generic’ approach to marketing with most of their listings. They simply get a property into their listing books and then they promote in some basic way. They don’t overly consider timing, media choices, and intensity. You can change all that and show your client how important it is in the business approach you are taking to resolve their property challenge. Be different and relevant to your marketing recommendations; have a plan that is proven and logical. It is wise to have a solid ‘game plan’ when it comes to marketing any exclusively listed property. Notice the focus word here is with ‘exclusivity’.
So, these are specific ways you can list a property with a
real ‘purpose’; you are putting the client at the centre of your real estate
business. You can build a real support, and
directness to your professional property services. That will help the client see that you are
the ‘agent of choice’ when it comes to listing and marketing their property and
solving their property challenge. That
is how you will win more listings over time.
In commercial real estate brokerage, there will always be plenty of new business to convert locally when it comes to upcoming and current property development approvals. Part of your prospecting model as a broker or agent should incorporate that focus on new developments, incorporating a real strategy and approach to the right people.
When you tap into a new or upcoming local property development, the business that you achieve can be ongoing and the listings can be numerous. A property development can incorporate a number of stages and premises to be marketed. That being said the ‘front end’ work to a property development can be extensive and take time, so be prepared for that ‘down time’. It is the longer term and bigger focus on the development outcome that is important; understand just how many listings and or commissions will come from the final project when it is active. Is the project for you?
As a base strategy to get this concept underway, you will need to regularly visit the local planning office to understand where current and new property developments are being considered and will be located. You can then inspect the property location and approach the property owner and or developer accordingly. Get in early on any upcoming property development.
Local Planning Office
Visit the local planning office at least once per month to review the minutes of the planning committee or planning approvals board. Understand how planning approvals are processed in your town or city, how long they take, and how the approvals documentation can lead you towards future listing opportunity.
Relevance is the key to converting leads and opportunities from and with property developers. A property developer will be inclined to use the services of the top agent who can prove that they dominate the market segment, and achieve the best results in a timely way. Is that you? How can you display that?
Here are some ideas to help. Remember the motivations behind any new property development and consider the following factors:
Time on market will be a factor of concern for any property developer. They will need to know how the time on market can be shortened whilst they are still achieving the best levels of enquiry for the new property development and or premises. Show them how you will do that.
Vacant land in the local area will always be a good source of property development opportunities providing there is a relevant demand in the local area and the zoning for the property is suitable. Merge vacant land ownerships into your prospecting model. Determine how long it takes to create a new property development, what could be involved, and how you can help the process and outcome for your investors and or developer clients.
Redundancy in local investment properties will happen at any time in any city or town. Some properties reach the end of their serviceable use, and you can work with that. Businesses tend to move away from the older properties over time, and you can work with that. Those older properties can become renovation opportunities or redevelopment sites. Tap into the redundancy issues in your location.
Change of use and zoning use will occur locally. Look for the decisions and the changes of property zoning as they apply in your town or city. A change of property zoning will usually create future property churn be it as a sale or leasing opportunity.
Business migration and change are factors that we can always tap into. Look for the segments of the business community that are under pressure and change. Pressure factors can include business growth, expansion, contraction, or relocation. Connect with the local business community to understand where those opportunities will be occurring next and what those businesses will need to do.
Property developers can be matched to local investors. You can be the creator of future of development business and property opportunity. You can find the parcel of land, the appropriate developer, and the business investor to take this project forward. Any new property development and redevelopment change will usually take two or three years to complete. You can be the catalyst of matching the three main elements to create that project opportunity. Work with the local property investors to understand where they are focusing and what they are looking for. Find investors (with the funds backing) that can work with those property developers and then locate the parcel of land to suit.
You can attract property development business in commercial real estate brokerage. Understand what is happening locally and then drill into the market segment. Talk to the right people to open up the enquiry and leads for new property projects.
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:
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.
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.
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.
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.
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.