To be successful in attracting inquiry in commercial real estate brokerage, every exclusive listing should be exposed to a dedicated marketing system that is comprehensive and complete. Any open listing by contrast is more of a process of luck; don’t spend too much time on marketing those listings.
What is the best selling marketing system for your location or property type? To answer that let’s go back to the exclusive listing marketing process. It should be quite specific as you only have a limited time to reach out to find the right buyers or tenants. The first 6 weeks of any marketing campaign are the most important; beyond that point things get a bit ‘stale’.
Here are some ideas that you can apply to your marketing system today with quality listings:
- Marketing channels – what will be the marketing tools or channels that you can use effectively? Traditionally they are the internet, newspapers, signboard, newsletters, database, direct calling, and email. When you look at each of these you can be quite specific in how you spread the message. For example the internet process could be enhanced with keywords and professional photographs that relate to the property.
- Push marketing – this process is quite specific and pushes the property to the marketplace generally. In most cases and with many agents this will be the primary source of marketing activity. Every listing will be pushed to the target market and cover the general location where buyers and tenants can be located. It is quite important to be specific in the marketing process to attract the right buyers and the tenants as the case may be. A property assessment and target market analysis will be valuable tools in preparing the marketing campaign.
- Pull marketing – this is the reverse of the previous point mentioned above. In this case you are pulling people towards you regards a particular property type or property speciality. Pull marketing is only useful with a specialist approach to property types. When you are regarded as the true specialist for the property type in the local industry, people will call you to find the necessary property that suits their needs. Pull marketing is also quite useful when it comes to tenant advocacy and the activities of a buyer’s agent.
- Attracting attention – with every exclusively listed property, you are attempting to attract attention. The top real estate agents know how to do this very well and will usually have a comprehensive marketing campaign with any quality listing to achieve that. A quality listing will always generate more enquiries individually. Vendor paid marketing should be part of your sales pitch and presentation to the client. Every exclusive listing should be supported by vendor paid marketing and a focused promotional campaign.
- Marketing formats – with every quality listing, you can attract greater levels of enquiry through the same advert written in different formats using different advertising copy. With any exclusive listing, you can create a number of different advertisements for use at the same time across the media channels. As a case in point, you can place the same property of a number of different web sites with alternatively worded advertisements.
If a property is struggling to attract the right levels of attention in the marketplace, get on top of the matter quite quickly with the review of the promotional campaign and the expenditure. In most cases any property should be attracting enquiries and inspections in the first week of promotion. If however the property has been on the market for a long time, take a serious look at the pricing structure, and the marketing message.