Today we have many types of commercial and retail properties to advertise. As part of that process we have a limited amount of people that can act on the sale or lease as buyers or tenants. On that basis every property has to be optimized for advertising and marketing. Generating inquiry from your marketing and then converting the inquiry to a realistic offer is really important.
Where are the people?
When the property market slows or gets tougher, the buyers and tenants are still out there, it’s just that they are slower to react and have a set of criteria that must be satisfied before they sign up on the property. This is where we as agents and salespeople can bring real expertise to the client and help move that property faster given all of the prevailing market conditions.
We should market ourselves as the experts that can bring in the results. Our listing presentations and sales pitch should be built around those facts and show the client exactly how we can solve the property problems quickly and effectively. Experience really matters today when it comes to moving a property for a client.
What are the marketing issues?
So the concerns to be satisfied in marketing commercial or retail property today should include:
- Attracting the target market that will pay the best price or give the best rent for the property
- Motivating the buyers and tenants to call you and arrange to look at the property in an inspection on site
- Encouraging offers for the property, either for sale or lease as the case may be
Advertising of property today has to be quite specific and well planned. Every dollar spent on advertising should be part of specifically designed marketing campaign that is attracting the right people to the property given the location, improvements, and the range of asking price or rent.
The Advertising Rules
To do this effectively advertising strategies can be designed for your location and property type. Here are some ideas to help:
- LOCAL AREA FOCUS: Most inquiries on advertising a commercial property come from the local area. A significant part of your budget and campaign should be devoted to the local businesses in the general location. It is best to contact local businesses personally as part of that process.
- INVESTORS ARE VALUABLE: Property investors are a good source of activity when it comes to selling a property. Review your database from previous campaigns to revisit people that did not make an offer or who were unsuccessful.
- DAYS OF THE WEEK: In a standard business week, the bulk of property inquiry comes in between the days of Wednesday to Saturday. Most of your marketing should be dedicated to these days of the week.
- GET PERSONALLY INVOLVED: Personal contact remains the most important component of property marketing today. If you have listings on your books, then you have a reason to talk to people. Every day you should devote a part of your day to doing just that.
- LOCATION BASED CONTACT: Canvass the local streets around every listing personally. Do this to discuss property activity and to spread the word about your listings. It is remarkable just how much opportunity you can find when you do this. Condition your clients with local market evidence.
Today you must advertise any property listing comprehensively. This can and only should be done with those clients that give you an exclusive listing. On that basis you can devote the time to the marketing process and generate the right type of inquiry. Vendor paid marketing funds are part of that process.
If a client gives you an ‘open listing’ that is listed with all agents in the local area, the process of marketing should only be random until you find the right type of inquiry.