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What I Have Learnt About Local Marketing in Commercial Real Estate Agency

In commercial real estate, is far easier to sell and lease quality properties, than it is to work on average or below average properties.  Every property listing demands the same amount of effort and commitment on the part of the agent.

That being said, you should not take on a listing unless you are fully prepared to commit to the entire marketing, inspection, and negotiation process.  Top agents focus on quality listings and properties.  As a general rule that should work for you too, as long as you prospect regularly and specifically.

It is very hard to get enthusiastic about a property that is overpriced, or where the landlord is not committed to the marketing process and the prevailing market conditions.  That is why exclusive listings are more productive in today’s economic climate.

How many exclusive listings can you take on at any one time?  It is an interesting question; however the averages seem to indicate about 15 to 20 properties.  Beyond that point it is hard to keep up to date with all the marketing and inspections needed.

How many open listings can you take?  As many as you like; that is because you do not service them to any great degree over time.  You put a sign on an openly listed property and then you wait to see what happens.

Locational factors will help your listing enquiry and conversions.  Look at the location of the property and then market into the location.  That will mean things like:

  1. Check out the adjoining properties and then speak to the property owners to see if they want to purchase your listing.
  2. Talk to all business owners in the street that you can find.  They may have a need for expansion or alternative premises.
  3. Get a signboard on all your listings.  Most enquiries will be locally based.  The signboard also helps your personal brand as an agent in the local area.
  4. Create a flyer of current listings and circulate that flyer monthly into the local area.
  5. Set up a blog on the internet for yourself.  The blog should talk about local property market issues and changes.  That being said do not advertise property on the blog; that is not what it is all about.
  6. Every successful sale or lease should be directly marketed into the local area.  That is a personal thing and you are the best person to do that.

When you have a commercial property to market, think local and drill your marketing into the local area comprehensively.  Over time you will get more opportunity that way as a specialist agent.

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Commercial Real Estate Agents – Visibility Brings Success to Agents

The most successful salespeople in commercial real estate are the highly visible salespeople.  They are known through their local area and every deal that they do is well publicised into the region.   Here are some tips from our Newsletter.

Success breeds success in our industry.  Use every commercial real estate deal and listing as a reason to talk to more people and grow your database.  Those salespeople that struggle usually fall into one of two categories:

  • They are not talking to enough prospects and clients on a regular basis, or
  • They are unskilled when it comes to the industry and the property types that we work with

The great and most notable thing about the industry is that it rewards those salespeople that work with focus and consistency.  We have to be of relevance to our market, and you cannot specialise in everything within the industry.  Choose your property type and territory and then prospects with great precision inside that area each and every day.

You can gain more visibility with some commonly available tools and systems.  You can mix and match these to suit your efforts and market.  Here are some ideas to help you with that:

  1. If you are comfortable speaking in front of a lot of people, you can offer your speaking services to community groups and business groups.  You can talk about the local property market and the trends of development.  Everyone has an interest in property in one way or another.
  2. Write articles about your local property market and the trends that you are seeing.  The articles can be sent to Newspapers as editorials, or posted online in a blog that you could establish to talk about your property market.
  3. Every person that you talk to should be entered into your database.  From that database you can send Newsletters via mail or email.  Auto responders are a good way to keep the process moving ahead.
  4. Use your business card everywhere.  It is perhaps the most effective method of contact for building relationships with new people.
  5. Direct mail letters and brochures are still very effective, albeit more time consuming and costly than email.  If you send a direct marketing piece through the mail about your property market, take the time to call the person about 7 days after the mail would have been received.

Personal marketing is all about visibility.  It is your job to promote yourself each and every day.  Prospects and clients will take your services when they trust you and respect your relevance to them.  To be relevant the marketing process is ongoing and consistent.  Are you ready for the challenge?

You can get more tips like this in our Newsletter for Agents.

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No Brainer Top Marketing Tips in Commercial Real Estate Agency

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.

What’s New?

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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Marketing Tips and Systems for Commercial Real Estate Agents

In today’s property market, we have marketing systems to support our personal branding and our property listings.  These are two distinctly different challenges when it comes to marketing.  The properties will come and go from the market, however your personal brand needs to consolidate and grow.

So let’s look at some different aspects of marketing and the challenges to be handled.

When it comes to property marketing, you will be competing against other properties, the market trends, and other agents.  Through all of this, you need to attract the right level of enquiry and then qualify that enquiry for potential conversion.  Given that the property market currently is rather challenging, every marketing effort must be specific, direct, and effective. 

The ultimate goal of every marketing campaign should be to establish enquiry from the target market.  When you get enquiry, you can create inspections.  Over time the enquiry that you create will allow you to improve your database of qualified prospects; those qualified prospects can go into your database for regular ongoing contact.  That is exactly what top agents do and how they create better transactions from the market over time.

To correctly market a property today, you need sufficient funds and a dedicated marketing campaign.  Vendor paid marketing should be the rule and not the exception.  That being said, you should also ask for an exclusive listing to allow you to spend the necessary time in marketing the property for the clients that you serve.

The property market today requires real effort on the part of the agent.  That effort can only come through exclusive listings.  Those exclusive listings also allow us to build our market share and database of qualified prospects.

Here are some factors to incorporate into a property marketing plan:

  1. Determine the features relative to the subject listing.  Those features and improvements will dictate the target audience.  The advertising that you create should be directed at the target audience with a consistent message relative to the property.
  2. You will need to determine those three or four factors that create the interest relative to the property today.  Those three or four factors will need to feature in each and every advertising or media channel used.  Consistency is the key when it comes to property marketing.  Every advertisement should send the right message consistently, given that the same person may see the property in a number of different media channels.  Eventually the right message could very well encourage the person to lift the telephone and make an enquiry.
  3. Understand the differences between the different types of marketing today, and use the ones that are most successful for your property type and local area.  In most cases, newspaper advertising is becoming less relevant to the commercial property industry.  Direct marketing and internet marketing are taking over as the tools of choice when it comes to creating property enquiry.
  4. Research the keywords that are used on the search engines relative to your property location and property type.  Those keywords can be easily researched and then incorporated into your property advertising and marketing.  That will therefore allow each advertisement to be tuned to the requirements of property enquiry today.
  5. As part of the property marketing effort, use plenty of professionally taken photographs in the advertising and in the brochures.  You can always see when those professional photographs are used.  The placement of the property on the Internet will also be enhanced by quality professional photographs.  Most commercial salespeople and agents do not have the knowledge and experience to take photographs from the right angle or the time of day.  You only have one chance to market the property, and on that basis the photographs need to help you in every way possible.  The cost of getting the photography done is minimal when you consider the value of the property and the potential sale price or rental.

When it comes to marketing any commercial property today, create a plan relative to the client, the area, and the property.  Drive that plan in a way that encourages enquiry.  It is the enquiry that you want and that will help you with conversions.