In commercial real estate, it is interesting to note that on average, most genuine property enquiry is made on the days of Wednesday to Saturday. This then suggests that we should focus our marketing efforts to that period of the week.
Commercial property internet advertising and newspaper advertising gets read more effectively and creates more enquiries on these days of the week. The averages here are likely to be driven from the way in which we live our lives and work in our businesses.
Monday Morning Market Update Call
If you look at the logical cycle that this produces, you can see that Monday would be a good time to touch base with all your clients to tell them what you will be doing in marketing their property for the week. It also is a great time to make contact with those clients to tell them what results came in from the end of last week.
Each week every listing should progress somewhat in the marketing cycle. Price adjustments and different approaches in marketing should occur to keep the momentum of enquiry moving forward.
Most of your exclusive listings will have only relatively short time duration where you can create some fresh enquiry from the local property market. It has been said that the difference between a fresh listing and a stale listing is about 4 weeks; I would tend to agree.
Early Stages of Marketing
All of our marketing efforts as commercial real estate experts should be focused on that early stage of marketing so we can get some good enquiry going. When you get some enquiry moving, you have something to work with. Grow your database of leads and opportunities from quality listing stock wherever possible.
Our clients expect us to be telling them where the property should be marketed and how it should be done. They expect a bit more than a generic marketing effort. You can’t just put an advert on the internet and hope that the property will be sold or rented in one week. The property market has changed a lot in the last 4 years.
Good Listings Bring Better Results
There is one basic rule in commercial real estate that is worthwhile remembering. Here it is:
- Good listings create enquiry and help build your database
- Poor quality listings or listings that are overpriced do not do anything for your business and career.
As we move into the next cycle of the property market cycle, new opportunities will come about and the players of the market will change; but there will always be people to buy and rent commercial real estate. We just need to find them. So the message is, start prospecting and talking to more people.