In most towns or cities there are plenty of properties for sale at any point in time. When a quality property comes to the market it has to be intensely marketed by the agent in a comprehensive way.
The ‘generic’ approach to marketing really doesn’t work; if selling is part of your commercial real estate focus then work hard to be an excellent marketer, as it will help you with listing conversions and settled sales.
Top agents in the industry are usually great marketers. They know how to take a property sale to the target market segment, and they do so uniquely. When you look at the newspapers and the internet, the properties listed by those top agents will stand out through deliberate promotional strategies and choices.
There are many channels of media you can use in marketing any commercial or industrial property. Ensure that you chose the right methods of promotion for your area and stand out above the comparable properties on the market today.
Here are some ideas to help you with marketing intensity:
- Completely understand the property factors, the market, the location, and then the targets of the client. You can then formulate a promotional campaign to satisfy the prevailing all the market conditions. The campaigns you create will be more successful when you drill down into specific strategies and media channels taking into account known facts from the local area.
- You don’t need to spend a large amount of money in promoting a commercial investment property for sale but you do need to spend it specifically. A budget of 1% of the expected sale price will usually be sufficient, and that cost of the campaign should be vendor funded. It directly follows that you should recover that cost from the client before you take the property to the media and advertise.
- It is a fact that most property enquiries of any value will come to you from the internet. The industry portals that you use for listings will have alternatives of promotion such as ‘prime’ or ‘elite’ listing posting. Every exclusive listing for sale should be listed in that way. The cost of this prominent ‘elite’ listing strategy is high; however without it the property is likely to be lost in a suburb online listing category and therefore not found.
- The first few weeks of property advertising and the rolling out of the campaign itself are very important. Track the enquiry results that you get in that short time and measure the responses. If there are limitations in enquiry then you will need to adjust the campaign.
- Every quality listing should feature professional photographs, and three different formats of advertising. You can then test the responses from each of the advertising copy and build on the ones that are bringing in the enquiry.
- In most cases the property enquiry will come from the local area. A full 70% of your campaign costs should be directed locally and specifically to the target audience of buyers. Define just who they are and how you will reach them so the client can understand the process and work with you as inspections and negotiations commence.
I go back to the point that the top marketers in commercial real estate really do get the results as agents. Build your real estate efforts as an agent on quality listings and direct marketing campaigns that have been well considered and planned.