In commercial real estate agency, the listing process is critical if you are going to attract good property enquiry and create property inspections.
Quality listings will usually create good enquiry most of the time, but ordinary listings in average locations will take a lot of work to attract the right type of buyer or tenant enquiry.
This then suggests that the listing process is really important and can change the flow of the sale or lease situation. The listing process is like packaging the property ready for the market. Given that you income and commission stream is impacted by all this, I would be spending a good amount of time in the listing phase of the property process.
Firstly and in all listing situations, you should be seeking to understand the client’s needs, the property, and the prevailing market conditions. Here are some tips and ideas that I use when listing a property today:
- Inspect the property first with the client so you can both look at the improvements, the location, and then determine why people would find the listing attractive in this market.
- When it comes to the standards of listing, always seek exclusive listings, and vendor marketing funds. That is the way you build market share.
- From the inspection process you will know the best way to attract the target market of buyers or tenants to the listing. A lot will come down to the way in which you price the listing for sale or lease. The method of sale or lease will also be considered and set for the prevailing market conditions. Don’t choose a method that scares people away.
- Define the improvements in the property that help you in the advertising and promotion campaign. You should have 5 or 6 factors of attraction that you can feed into your marketing material.
- Take plenty of photos in and around the property. Some of those photos should be professionally taken as part of working up the flyers, brochures, and internet information for publication.
- Comparable properties in the local area will have some impact on your listing. For this reason you will need to understand just what those other properties are doing in today’s market in attracting people to inspect. Ideally you will need to do things better and differently.
- The local businesses and property investors will be a significant focus of your promotional processes. Get a signboard on the property to help with that, and then walk the area talking to local business owners as part of the property promotional process.
- Your marketing strategies should be special and unique. You will not win the listing if you are offering the same strategy of promotion that all other agents are putting to the client.
When it comes to promoting your property listing today for sale or lease, there is plenty of competition and for this reason you really do need to be very relevant and focused on the listing at hand.