How to Be a Successful Target Marketer in Commercial Real Estate Brokerage

You can win more local property business if you are a ‘target marketer’ for a location.  The clients that we serve in commercial real estate like to have the best agent with the best market coverage working for them in every way possible.  Random actions and the generic approach to the real estate business no longer works.  A top agent needs to be specialised and targeted in the actions and marketing efforts.

 

A good agent has to have some special processes of driving the real estate listings out into the property market and to the tenants or buyers as the case may be; not just relying on advertising online and in the newspapers to do that.  Only the ‘open’ listings of the market dictate a generic approach to marketing and client contact.

 

Think about your property listings now.  Split your listings into the two groups of ‘open’ and ‘exclusive’.  Your ‘exclusive’ listings should take priority in just about everything that you do as a broker or agent.  Review your marketing efforts and your client contact processes between the two listing types.  Are you connecting your listings to the right ‘target audience’?  Can you improve those connections?

 

Marketing Strategies that Really Matter

 

Let’s get to the facts of how and why targeted property promotions really work.  Put your exclusive listings into the process.  Here are the most important skills of a target marketer in our industry today:

  1. Providing the deep and relevant facts – with every listing, take the time to explain to the client exactly how their property sits in the local area by way of price, marketing, and potential enquiry. Do a SWOT analysis so that the client can fully appreciate how you can help them resolve their property challenge in a timely and meaningful way.
  2. Understanding how to reach the right audience – every listing will have a target audience of tenants or buyers as the case may be. Show the client exactly how you will connect with that audience in a deep and meaningful way. Put yourself into the connection process so that you are the real point of difference when it comes to finding the right people to inspect and negotiate on the listing.
  3. Creating momentum with property listings – take every listing and create momentum across enquiries, inspections, and negotiations. Soon the people in the local property market will understand that you are the agent of choice when it comes to creating churn and activity with a listing.
  4. Understanding how to inspect a property to show all the features comprehensively and thoroughly – with all of your exclusive listings, develop a special inspection process to feature the property in both layout and improvements. Create an inspection strategy and explain to the client exactly how that will work in encouraging offers from the right people.
  5. Building and segmenting a database for comprehensive property enquiry – your database can and should be at the centre of your real estate business. Each and every day you should be creating conversations with the VIP clients within the database, and adding new people to the list. It is a special skill to be refined and developed over time. If you are looking for new clients and new listings now, then review your database activities and your client list. How regularly are you connecting with those people in a relevant way? The top agents of the market know how to drive enquiry and interest from their database and their client list. Put your client list at the centre of your business so that you can find the right listing activity and the right buyers or tenants at the time of change and opportunity.

 

So the message here is that you can be a target marketer covering the specialized segments of the commercial property industry. In your town or city, review the best segments of the industry and the property types that will offer you the ongoing opportunity that you are looking for.

 

Look at how the property market is changing in your location and position yourself into the zone as the industry specialist. Market yourself accordingly in comprehensive ways. Let the local business owners and property investors see that you are the industry specialist that they will need when the next property challenge evolves. Help them remember you through deliberate and direct marketing activities.

Using Property Features to Market Your Commercial Property Comprehensively

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:

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