The advertising and marketing process in commercial real estate today should be well crafted and matched to the property type, the local area, and your target market.
With many properties on the market, each new listing needs to stand out as relevant and well packaged for inspection and negotiation. Gone are the days of the client overpricing the property with the intention of negotiating or dropping the price when a buyer or a tenant has been located.
Today the buyers and the tenants that we work with are well versed with the benchmarks of prices and rentals. If the listing is too highly priced the inbound enquiry from your marketing efforts will be minimal. Be firm and strong with your clients to help them understand the prevailing market conditions that they must match their property to.
Here are some tips to help you with the advertising and marketing process in commercial and retail real estate:
- Inspect the property to understand the improvements, strengths, and weaknesses that are part of the property package. Any weaknesses may need to be addressed as part of the preparation for marketing.
- When inspecting the property, do so from the viewpoint of a potential buyer or a tenant. Most listings are won and lost on the initial visual impact made.
- Other businesses and property investors in the local area will have an interest when it comes to your new property listing. Take the details of the newly listed property to the local area personally, and talk to as many people as possible. It is remarkable just how many leads and opportunities you will identify as part of that process.
- Review the other properties locally that may currently be available for sale or for lease. The factors of supply and demand will have impact on your marketing effort. Are there too many other properties locally available for sale or for lease? Assess the market conditions before you set the price or the rental.
- The listed property may have a history which will allow you to craft a suitable headline and editorial. Well-known properties are of interest when it comes to promotion.
- Get a high quality signboard on the exclusively listed property. Signboards are still one of the most effective marketing tools available. They help you tap into the local business community and the adjoining property owners.
- Define the target market that you will be approaching with each listing. Make sure that the clients understand your logic and strategies behind the target market choices.
When you put the effort into your marketing campaigns, you will find that people are always willing to talk and share their intentions relative to property sales and property leasing. That’s how you find the right buyers and tenants for the properties and clients that you serve. Track the information in a good database. Keep in regular contact with the people that will need your services in the future.