Commercial real estate advertising is quite a special process. It requires an understanding of the target market, the property, and the prevailing market conditions. That being said, you can always design better commercial real estate promotional marketing material.
Every property promotion should be carefully constructed to create enquiries and results. It is worth noting that quality listings will always produce better levels of enquiry. Some agents are only focus on the higher quality listings for this very reason. Poor quality listings are always hard to move and can waste a lot of your time.
It is very difficult to build market share when you are working with listings that are of lower quality. As a general rule, you should avoid those listings and clients that are of lower quality. It can be said that open listings are generally of a low quality.
Here are some rules to help you optimize each marketing campaign for the quality properties that you work with.
- Meet the client at the property as part of the property review process. Get the client to take you around and show you the factors that they believe are most important to the promotional process. Ask the client about the history of the property and the reasons why they acquired it.
- Most clients really do not understand the facts of the prevailing property market. This then says that you will need to question them selectively and drill down on those factors relating to price, rental, marketing, and competing properties. You will need some market evidence to support any recommendations that you choose to make. If the client remains reluctant to accept the market facts as they are today, you have a choice as to accepting the listing on your terms or theirs. Most top agents will walk away from a client if they are too restrictive when it comes to realistically packaging the property to create the right levels of enquiry.
- So let’s presume that you are to list the property on favorable terms. You will need to consider the correct method of sale or lease that should apply to the asset. That choice will then direct the strategies behind the marketing campaign.
- When you have inspected the property, you will understand the features that will help you create interest from the advertising. The best advertising strategy involves simple and brief content, professionally taken photographs, and a call to action. All of these factors should be targeted to the correct audience of buyers or tenants as the case may be. Send the right message from all the advertising that you do.
- Make sure that you are fixing any problems in the property prior to any marketing campaign commencing. There is no point struggling with difficulties and hurdles every time you take prospects to the asset.
- Most of your marketing should be directed into the local area. Local property investors and business proprietors understand the local area and are more likely to show an interest. If the property is overpriced or incorrectly marketed for the local area, then you are effectively killing the enquiry before it gets started. Some clients will say that the buyer or the tenant that will be interested to enquire will come from outside of the area; a client may even ask for a higher price based on that fact (assuming that their property is so unique). I go back to the point that most enquiries will come locally and you need to be prepared for that.
- An effective marketing campaign is a mixture of direct and indirect promotional activity. When it comes to exclusive listings, you should get personally involved in talking to the local business owners and property investors. A good listing is always a good excuse to have a conversation.
When you have a quality listing to promote, take time to prepare the correct marketing campaign and draft the advertising accordingly. Get the client to approve the marketing before you proceed.