Today when you work as a commercial real estate agent, the marketing of property is a critical part of your efforts and business process. It is best to consider the marketing of the property as a complete campaign that is structured in balance with the target market you have defined.
Generic marketing does not work in this economic environment. Specific marketing with specific targets will be more successful. When you generate enquiry, you have opportunity to work with.
A well marketed property will create more business opportunity and enquiry. This will produce:
- The list of qualified buyers looking for property in your local area
- Information regards tenants seeking to relocate and move to other property
- Details regards local businesses and their property intentions
- Information and market intelligence regards property investors looking to expand or change their property portfolio.
This being said, the marketing campaign for each and every property listing will be critical to the end result and the overall market intelligence that you capture.
The most successful real estate agents in this market build opportunity around their current listings. A good listing that has been well marketed will produce market intelligence and lists of qualified buyers and tenants. In those lists you have opportunity.
This is where the database becomes a critical process to support your real estate business personally. A well maintained database with up to date details will always be of great assistance to finding and matching those buyers and tenants that help you create inspections and deals.
The database is very much a personal activity and not something that you should pass to administrative staff within your office. When the database becomes a personal component and commitment of your business day you will start to extract the results from it that you require. The database is the engine in your business.
A well constructed marketing campaign today should be built around key factors including the following:
- Establish and define the target market that will be attracted to your property listing.
- Vendor paid advertising should still be the norm when it comes to commercial real estate today. A committed vendor will always contribute to their property marketing; there is no better way to achieve enquiry and it shows you that the client wants a result.
- The first two or three weeks of the campaign will be so important to attracting enquiry and getting inspections under way. Ensure that the markeing in this period of time completely captures the target audience.
- Be prepared to adjust your marketing campaign should enquiry be low or not of the necessary type.
- Every enquiry that comes your way should be captured into the database for reference to other properties into the future. Think outside the square with every equiry made.
- Test and measure all marketing efforts. This means that all enquiries should be tracked and recorded as to the source of the enquiry, the relevance of the enquiry, and contact details for the people concerned.
- All enquiry should be qualified so you can do something with it. If the person making the enquiry will not be open and frank with you, then you know they are not genuine.
- Make sure that your marketing campaign comprehensively covers a number of channels such as Internet, newspaper, signboard, flyers or brochures, direct contact calls, direct canvassing of the local streets.
The agent that devotes the correct focus on marketing will produce the best enquiry. That is what this year will be all about when it comes to closing successful property sales and lease transactions. Make sure your marketing efforts are well considered and implemented.