Marketing Tips for Commercial Real Estate Brokers
To be a good commercial real estate agent with plenty of market share and commission growth you really need to be a good marketer. A successful commercial real estate brokerage is made up of agents that are working to a common goal. They comprehensively cover their zone and property type.
Here are some marketing ideas to help you improve your relevance and connections with people that could be clients or prospects in your real estate market:
- Split your territory into zones of activity. If you have a number of agents in your team, split the area or territory up into property specialists and sales or leasing zones. When the team works in zones they get more properties covered and can dominate the signboard presence in the local area. Cold calling and door knocking of local businesses and property owners should occur in each zone.
- Understand your competitors both in activity and listings. Some agents and brokers will be better than others. Watch the better ones to see what they are doing across their local area. You can replicate the better agents and improve on those skills with practice.
- Review the listings on market to see what is selling and what is staying on market too long. Quality listings will always create good activity so make the better properties and clients in the local area your targets.
- Practice your sales pitch and presentation for each property type and method of service. A sales presentation is very different to a leasing presentation, and the same rule applies with property management and retail property management. Understand the differences in how you sell your services and make each presentation special.
- Time on market will change during the year. Sometimes that is due to seasonal changes, economic climate variations, and local business sentiment. In many cases you may find that you have a seasonal market of just 9 months in every 12. Optimise your marketing efforts and property enquiries by establishing a personal marketing plan that builds on your skills and local property knowledge.
- There are better methods of sale and lease to use in each property listing situation. Making the right choice for the property and the market will help you reach the correct target market.
- Understand the trends in prices and rents. You can chart those numbers for the current and previous year. When shifts occur you can show your graphs to clients and prospects as part of the client conditioning process. It is very hard for them to ignore real figures and trends established on market evidence.
If one of your clients or prospects asked you why you are different as a real estate agent and why they should list their property with you, what would you say? It can be a very difficult question for some agents and brokers.
Develop some clear points of difference and relevance in the market that can take you forward as a specialist property agent and industry expert. The ‘generic’ approach doesn’t work in our industry. Be the best agent that you can be.