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What to Know About Signboard Strategies in Commercial Real Estate Brokerage

Signboards in commercial real estate are a critical part of branding for both the brokerage and also for the agent.  The greater number of signs you have in your territory the easier it is for you to build your listing opportunities.

Most of the clients that use our services don’t want to list their property with a ‘secret agent’.  They want the agent with the best exposure to the market that can attract the enquiry fast and efficiently.  Signboards help with that.

I should qualify this further and say that ‘exclusive listings’ are better for your signboard profile and exposure.  On that basis every sales pitch and presentation should be centred on converting a listing in that way.  Top agents dominate the market with ‘exclusives’.  When you control the listing stock, the market has to come to you.  That assumes that you have listed the property correctly and at a market rent or price.

So let’s go back to the matter of ‘signs’.  Here are some tips to using this marketing tool effectively for building your profile individually and for the brokerage.

  1. Do a ‘sign count’ each weekend so you know exactly your position in the market with listings and board visibility.  This monitoring process also gets you into your territory on a regular basis so it helps with market awareness.  The best time to do the ‘count’ is on a weekend when traffic and access is easy.  For some brokers this is first thing on Sunday morning.
  2. Understand the regulations that apply to the placement and approval of boards on properties.  Some local councils or municipalities will have regulations that set some rules to stick to.
  3. Have a contractor check your signs weekly for vandalism or weather damage.  Nothing detracts more from a listing than a damaged sign.
  4. On any quality listing and particularly any exclusive listing, the board cost should be covered by the vendor paid marketing fees.  On that basis the board should be specially created for the listing and the location.
  5. Use ‘dot points’ on the sign so the features of the property are easily read and captured by passing traffic.
  6. Put a reference of the property on the board so the person reading the information can call you and quote a reference number to take you immediately to the listing information.  Be prepared to take telephone enquiries about a property at any time (that includes weekends).
  7. Size does matter in this type of property marketing.  Understand the best legal size for the board and its placement strategy.  Face the board to the passing traffic.
  8. When you place a board on a property, directly contact all surrounding businesses and property owners.  A new listing is an excuse to talk to many people in the area.

Respect the opportunity in marketing that this sign strategy offers you.  It is silent and yet so effective.   All quality listings should feature a great signage marketing solution.

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Market Knowledge Tips for Commercial Real Estate Agents

city buildings on harbour

In commercial and retail property sales, as a commercial realtor or agent, it is essential for you to understand the trends of the local market and sustain the right type of market knowledge.  This information will help you greatly when it comes to the listing and presentation stages of interacting with the client.

Most clients would like to think that they know a lot about the property market, and most particularly their property, however, the truth of the matter is that they are sadly lacking when it comes to true market awareness.

real estate prospecting
Commercial real estate prospecting system for agents and brokers

 

 

Be Market Fact Informative

On that basis, we should take the client through an informative presentation that helps them understand just what is going on in the property market today.  Here are some guidelines for that.

  1. Existing listings on the market now in the local area will have an impact on the particular property being listed.  Look for those other listings in the local zone or precinct that are comparable to your listing and priced to sell quickly.  The question will be just how long those properties have been on the market and why they may not have sold yet.  Those questions will give you some trending factors for your listing.
  2. Prices being asked will vary from property to property.  In some cases, the type of enquiry in the market today will have limits on the amount of money that can be spent.  As the price of a property goes up or is in the higher price range, the levels of qualified and valid enquiry fall away.
  3. Prices achieved in an actual sale should be tracked.  It is sometimes hard to get the sale results from a particular property however over a few months the word will get out and you will know the difference between the original asking price and achieved sale price.
  4. Time on the market will extend when the market is slow or the property is unusual.  Look for those factors at the time of listing.  The client will need to be briefed and primed for the slow sales cycle.  That being said, there are always ways to shorten the time on the market.
  5. Where the enquiry for the property comes from during the year will vary.  Sometimes the enquiry will be local, whilst at other times you can look at a broader market for the potential property buyers.  These facts will impact your marketing recommendations and decisions.
  6. What are the people or buyers looking for when it comes to particular properties today?  Older properties may be challenged by technology and the services and amenities that are available in the listing.
  7. What is the target market for the property?  On that basis, the question should be asked as to how the property should be featured in any marketing activities.  You are the expert so your opinion and expertise can solve that question.
  8. Tell the client of the best method of sale to suit the market and the property today.  The client wants results and the best method of sale will have an impact on the type and volume of enquiry that you get.

All of these factors will help you in showing the client the best way forward.  When you list a property for sale, the client’s decision to list should not be based on the discounts that any agent offers; but rather the combination of strategies that evolve from all of the above.  That is the making of a top agent today.