In commercial real estate, you need to plan your advertising campaign to attract the correct levels of inquiry and build the potential for good property inspections.
It is no secret that there are plenty of properties on the market today for sale or for lease. This then says that every advertising campaign should be carefully considered and structured.
An Exclusive Focus
Typically an advertising campaign will be created for an exclusive listing. Openly listed properties are promoted randomly and have little strategy or funding to attract inquiry. If you choose to work on open listings, recognize the fact that you do not have control the stock, the client, or inspection results. Don’t spend too much time on open listings. The best way to expand your market share is through exclusive listings; that’s the rule.
Plan the Campaign
Here are some tips to help you with planning a comprehensive marketing campaign in commercial real estate today. This process would normally apply to quality exclusive listings and clients.
- Get the property facts so you know what the strengths and weaknesses are that you need to work with. If there are any weaknesses within the property, they may need to be addressed prior to the marketing commencing.
- Define the target market for the property. Determine the features of your property that should be built into the campaign thereby attracting the target market.
- The target market or the audience to be reached with your marketing material may have an ideal time of property interest and activity. Choose the best time of year or season to connect with this target audience.
- Select the right channels of media to be used for the property and the promotion. Most commercial and retail property campaigns occur over a period of 6 to 12 weeks. Within that time frame, the first 4 weeks are critical to attract inquiry and generate inspections. That will be the primary window of time where you spend most of your marketing effort and funds.
- Determine the duration of the campaign and the frequency of advertising. Your budget will dictate some of the decisions here. Set your budget to utilize vendor paid marketing funds in the best way possible, and get those funds paid prior to the campaign commencing.
- Develop a response mechanism that will be reliable and timely to gather the inquiries off the marketing material. Normally you will be utilizing office telephone, mobile telephone, and e-mail. There may be a number of people involved in taking inquiries for the listing. It is important that they capture the entire inquiry as it comes in and respond appropriately when the prospect has been qualified. Test and measure all the marketing results as they come in.
- Draft the necessary advertising material for the approval of the client prior to the commencement campaign. Get the client to sign off and approve all advertising material.
Some of the biggest mistakes made in commercial real estate marketing today are any of the following:
- Failing to recognize that the marketing of one property can be integrated with similar properties in the same area and listed by the same agency. This approach can help you compound your inquiry opportunity and the potential inspections.
- Some are agents attempt to take shortcuts when it comes to lead times on structuring a campaign. This invariably leads to poorly constructed advertising and generic marketing with average outcomes. You need a full week to structure a good marketing campaign before it commences.
- Some agencies are inclined to skimp when it comes to the cost of marketing for the sake of capturing the listing and getting the funds from the vendor. The reality of the property market today says that we must comprehensively connect with the target audience. This requires adequate and well directed marketing funds. Don’t skimp when it comes to marketing costs.
When you have listed a quality property, take the time to establish the best marketing campaign that will encourage inquiry. That’s how the top agents succeed in the industry.