When you take on a property listing to sell or lease, there are a number of things to explore and investigate. Some properties are complex and others are simple, so you have to see the property for what it is, do the investigations, and then decide how you can handle the listing effectively and directly for your client. Determine if the property is marketable and how you should approach the process. Make the right choices.
Can you move the property?
Ideally you should only be taking on the properties that you know have a reasonable chance of success when it comes to the desired end result. You have limited time as a property professional so choose your property listings wisely. As a general rule only work your property listings if they are ‘exclusively listed’.
Only focus your property marketing efforts on the best listings that you have converted exclusively; in other words the client has trusted you to get a result for them and committed completely to your property recommendations and services for a set period of time.
The agents that commonly struggle in the property market are those that cannot in the majority convert exclusive listings and control their listing stock. You can’t run a commercial real estate brokerage business on ‘luck’. Exclusive listings are required.
Provide the facts
So let’s go a bit further here. Help the clients that you serve by defining the listing and marketing process in reasonable detail. Tell the client what you will be doing in each of the stages of listing and marketing. Communicating in this way helps you move the client closer to and in preparation for the ultimate negotiation that will eventually happen. Use the early stages of listing and marketing as a ‘trust building’ time.
Here are some strategies to work through in preparing a commercial property and listing for the marketing process. Get the client involved or at the very least make them aware of these stages and why you are doing them. Here they are:
- Pre-listing – This is a time where you can assess the market and the property so you know what factors will impact your promotions and campaigns.
- Property facts – Get all of the property facts so you know about the ‘hurdles’ that could arise later as you move to a negotiation. Resolve those problems before you go to market.
- SWOT analysis – Get the SWOT done before you do the marketing. In that way you can identify a few factors of focus and attraction to be fed into your marketing activities.
- Target market – Set the target market and define your marketing campaign accordingly.
- Marketing strategy – Spread the promotional activities into the right media methods both online and offline. Tap into the targeted segments of buyers or tenants as the case may be.
- Inspection strategy – How will you take people to and through the property? What resources will you need to make the inspection effective, information based, and positive? Make the right choices here so that you can help the inspecting parties make an offer.
So now you can see why it is a valuable process to break the commercial property listing up into definable segments where you can improve your results and market the property specifically for the client. It’s all about lifting conversions using a bit of preparatory work.