In commercial real estate brokerage today every listing should be assessed for time on market and deal opportunity. The promotion of the property should not be a generic process.
When you convert a client to a listing activity, ensure that the exclusive listing process is chosen. In that way you can focus on the required efforts and activities over an agreed period of time. Send a complete and concise message about the property to the market through a staged promotional campaign. Make the right choices when it comes to spreading the message about the advantages that the property offers.
When you look at the factors of time on market, you will see patterns that apply to the property type and the region. It should be said that most exclusive listings and quality properties will sell or lease faster. That is due to the dedicated effort on the part of a broker or the agent to the promotional process.
To develop the right promotional strategies and shorten the time on market, consider the following questions and ideas:
- Review the property in a comprehensive way. Understand the advantages that are provided to the target market when it comes to improvements, services, and amenities. From those points you can create a series of promotional strategies and feature factors.
- Establish the marketing campaign using a consistent and directed message about the property. Focus on five or six features that can be merged as dot points into every advertising layout.
- It is likely that the property will have a story of relevance to be merged into the campaign. Tenant profiles, location, property history, and recent ownership may provide some ideas for you to write about.
- Put together an editorial that can be used in parallel to the advertising activities for the property both online and in the newspapers. Successful editorials are constructed around interesting facts and history about the property. Generally the newspapers will publish editorials providing they help the readership of the paper.
- As soon as the property is released to the market, personally distribute brochures to the surrounding area, business owners, and property owners. This should occur within three or four days of the property release.
- Review your database for qualified prospects that may have an interest in the new listing. Encourage inspections at the earliest possible time. The feedback from those inspections will allow you to package the listing through the campaign.
- Each week, feature a quality listing in your e-mail newsletter. You can also adopt the same strategy in a prominent position on your website. Only those listings that are exclusively listed as part of a vendor paid marketing campaign should receive that special attention.
- Start calling people from your database to create ongoing interest and potential property inspections. Other agents and brokers within your region should be encouraged to introduce of buyers or tenants as the case may be.
From the above points, it is easy to see that personal involvement and a definite plan of promotion will help you shorten the time on market for the property listings you take on. Commit to the process, and you will find the listings and the inbound enquiries will improve.