Commercial Real Estate Brokerage – How to Set Your Winning Listing Priorities

city view and bridge on river

When pitching for a listing, I follow some rules as a guide so I can get the best outcomes from a listing perspective.   Those rules are worth sharing.  This checklist approach can also help you get better results with your properties and clients. (NB – you can get plenty of listing tips in our ‘Snapshot’ program right here)

Why have this approach to the business and the properties?  There are too many variables in our ‘game’ and focus can be lost when presenting and pitching for a listing.

 

Property listing strategy

Understand what you want from a listing. A good outcome with a new property will reflect at least some if not all the following factors:

  1. Client awareness – always start with the client, what their property is, and what they expect as a ‘positive outcome’ to their property challenge. Ask plenty of questions to get to the key results and targets.  The client will have expectations regards price or rent, timing, strategy, and duration.  The prevailing property market conditions will cross over all those things; make sure the expectations of the client are realistic in today’s economic and property cycles for your city and location.  Some client conditioning may be required.
  2. Property facts – understand the location and the precinct where the property is located. Question all the issues of property ownership, cash flow, leases, investment, tenant mix, and operations.  If the property is large and complex, this step could take considerable time, and that is hours if not days. Research all the issues and make your notes as you go.  If the client tells you things that are relative to the property, make plenty of notes for later reference.
  3. Target market – from the known factors of the property and the client, you will be able to set the target market for the marketing of the asset or land. Be precise in the process as this strategy will help you considerably with your marketing campaign structure.  That then improves your inspection and inquiry chances.
  4. Correct marketing choice – look at the property and structure a marketing campaign based on a clear match allowing for the target audience and the attributes of the property. Get away from generic marketing campaigns; they simply do not help you with inquiry and results.   Focus the promotional campaign for the property and then make clear recommendations to the client as to why your recommendations and based on local area evidence.
  5. Market price or rent – do your research on the best price or rent given competing properties and existing campaigns in the location. Do a comprehensive competitive analysis to make sure you have all the local properties captured on your list.  You can use the ‘competing properties list’ as part of your listing presentation.
  6. Exclusivity and controlled campaigns – you simply must control your property campaigns; that means exclusivity. Practice your listing presentation regularly so your listing conversions to exclusivity are over 80% of everything you list.
  7. Inspection strategy – tell the client exactly how you will take qualified parties through the property. There is a strategic way to present most properties, considering the listing attributes, property design, and target market.  Know the features of the property that you will be merging into your property inspection.  Build a story for the listing inspection.
  8. Vendor paid marketing – know how much money you should get from the client as part of engaging and winning the listing. Present your promotional strategy and then give them 3 strategy choices, but always ask for the promotional funds based on logic, promotional coverage, and outcomes expected.  Go for a good promotional budget that covers the target market in all ways possible.
  9. Campaign strategy – there are many ways to promote a property today. Online and offline promotional tools can be selected to improve levels of enquiry.  Certainly, the elements of the property and the available promotional spend come into your decisions, but make sure you know how your campaign can be different and show the client those facts.  Put yourself into the listing strategy; show the client why they need you to list their property.

You can possibly add to this list based on your location and client situation.  It is highly likely that most of the items will be critical to your listing outcomes, so consider them and use them.

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