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.
Every quality listing in commercial real estate brokerage should be the subject of a comprehensive and specific marketing plan. When the elements of the property are matched to the levels of enquiry, the prevailing property market conditions, and the client, the marketing plan is likely to produce the better results from the selected target market.
Most high quality listings today are the subject of a competitive tender involving a number of brokerages and agents. You may only have a short period of time or one brief opportunity where you can present your promotional ideas and marketing strategies to your client.
Your presentation, the listing pitch and the marketing plan will need to be of exceptional quality and relevance to attract the interest of the client and convert the listing. It is very likely that the best agent will win the listing based on recommendations, commitment, and confidence.
The Best Way to Set Out Your Marketing Ideas
Here are the elements of a property marketing plan in commercial real estate brokerage. These ideas will help you prepare your professional marketing plan:
- The title page – give the property and identity through the use of a title. That title should be specific to the property and where possible incorporate the history of the property. It is quite likely that the local property owners and business proprietors recognise the property in a particular way. That image or recognition can be incorporated into your marketing plan.
- Use professional property photographs – the front of your proposal or marketing plan should feature a professional photograph. That strategy should continue through the document. Most clients will be drawn to the proposal that features the asset in a creative and professional way. Through your marketing submission, you can add a number of professional photographs taken at different times of day, of different parts of the property, and use photographs that enhance the strengths of the asset to the target market.
- An executive summary – at the front of the document, make sure that you are using an executive summary to pull in all the features of the asset and the intended marketing campaign. The executive summary should be no more than one page in length and feature a number of dot points as part of the layout. You want the executive summary to attract the interest of the client and refer them further into the document for greater detail.
- A table of contents – simplify your marketing proposal with a table of contents so that the client can refer to the correct parts of the document as part of the review.
- A preference for simplicity – keep your marketing document simple and informative. Avoid bulky submissions that complicate the marketing process. Help your clients see the promotional strategy to be used with the target market. The best way to do that is through the use of a Gantt chart displaying the different marketing strategies and the timing process to be applied.
- Property analysis and recommendations – show the client that you really understand the property and its position in the prevailing market conditions. Summarise the property as you see it today and provide details of comparable property market activity in the location. From that information you can make specific recommendations towards a target market, the enquiries, and the inspections.
- The marketing plan – from the target market, you can specifically apply strategy to the marketing plan when it comes to the choice of the right media, the timing, and the expenditure. Help the client see exactly how you will be spending the money and why that is so. Show the client that you are in control of the property marketing process and the feedback to be encouraged.
- Implementation and control – make it easy for the client to formulate a decision and move ahead with their marketing challenge. If there are any problems within the property that need resolving prior to promotion, provide specific solutions and ideas to help that occur. Make it easy for the client to see the best way forward with their property challenge based on the attributes of the asset and the local property market.
Taking all of these things into account, you can make your marketing proposal stand out as specific and special with any good quality commercial real estate listing. Make it easy for the client to select your services as the agent of choice in resolving their property challenge.