When you work in commercial real estate sales and leasing it pays to have a good awareness of your competition and what they are doing with their clients and listings. The focus in doing so is to know why they have their market share of properties and clients, and to determine if any of that business can be redirected to your brokerage.
The fact of the matter is that some of your competitors will be prime targets because they may not be doing things very well at all. You can tell that may be a fact of opportunity by watching the key competitor indicators such as:
- Extended time on market
- Listings that are not promoted effectively
- Clients not happy with the marketing of their listings
- Lack of feedback to the client
- Overpriced properties
- Poor quality marketing
Various industry protocols and standards will say that you cannot and should not openly target your competitor’s exclusive listings, and with that I would generally agree up to a point. You can however be a better agent and brokerage alternative to help those unhappy clients as they come out of exclusivity (those clients that are not being served well). They will be looking for another brokerage solution.
There are plenty of property owners with listings that may soon to be redundant or stale on the property market. Poor marketing and promotion will have led to low levels of enquiry and listing redundancy. Some clients are thereby likely to be looking for some alternative brokerage help and guidance with their property.
Property Solutions are Necessary!
Are you a good solution for local clients? Do they know about you?
Think about these factors:
- Can you promote your properties and listings more directly and effectively than your competitors?
- Are you a better choice when it comes to marketing and moving a property in today’s market in any sale or lease?
- What can you do for a property owner that is relevant and different to attract enquiry?
The point of all this is that you can do things quite differently and directly for new clients or those that are struggling with the results of stale property marketing through your competitors. If you want to win and convert these rejected listings there are things that you should do to make your offering and real estate processes more effective than the others in the industry in your location. Think about being different.
Setting Your Property Targets?
So what are your targets to help you do this? Try some of these to get started:
- Vary your marketing on a weekly basis with modified advertising copy.
- Seek vendor paid marketing funds every time you take on a listing.
- Understand and use the better days of the week to promote your listings.
- Get involved with your properties with a high degree of direct marketing to local people and business owners
- Track enquiry rates and know what people are looking for in property selection.
- Become a marketing expert when it comes to property promotion locally.
- Make plenty of prospecting calls to local people.
- Use your database as leverage in any property promotion.
You can be quite successful in listing these older struggling listings, as long as you have a plan and process to convert them to the finality of a contract or a lease. Set your plan in motion.