In commercial real estate brokerage you can gain a lot of leverage with your clients (and particularly the sellers) if you have regular marketing campaign strategy meetings to talk about the enquiry results to date and changes that can bring in more opportunity.
Rarely will a marketing campaign be successful from the very start. Over the period of the campaign there are things that can be changed and improved including timing, advertising copy, photographs, and direct marketing. That’s how you lift conversions.
Before I go too far here I will say that these meetings should only happen with those clients that have given you an exclusive listing. They are the clients that have trusted you with their property listing for a reasonable period of time and as part of that process they have given you some marketing funds. That trust deserves excellent service and feedback.
So the ‘campaign strategy meeting’ is part of the client communication and feedback process where you can help them understand what is happening with their property and its promotion. Information can be shared and the best marketing solutions can be shaped and improved. The client can then get closer to required campaign changes and property repositioning’s to attract more enquiry. Trust is also a big part of the client contact process.
Good communication will always help with client conditioning and their decision making processes. Here are a few of the important factors that can be merged into a client meeting of this type:
- Enquiries coming in – You can’t do much with any property promotion without enquiries coming in. Those enquiries should be tracked both online and offline so you know what is happening in the market and what people are looking for. Where are the best levels of enquiry coming from? Track and measure your marketing efforts. Tell the client where the best enquiries are coming from and what people are looking for.
- Marketing results by media type – There are some real differences in enquiry today between the promotions of internet based listings and traditional property marketing. There are also some major differences in promotional costs between the media types. Do a cost value analysis for property types and target markets. Provide your client with the facts that are provable by statistics
- Feedback from enquiries – What are people saying to you when they make an enquiry from an advert? Do they have expectations? What do they think about the price and property? Simple questions like these will help you relate to property positioning and any promotional adjustment that may be necessary.
- Inspections created – If you are not getting inspections underway quickly from the start of property marketing, then you have an issue with the listing or the message. Something is then not working and you have to look at all elements of the property activity, the target market, and the advertising spend.
- Offers coming in – Are you attracting some momentum with fresh offers from buyers? Do you know that some people are considering making an offer on the listing? If you are not attracting offers and if you have comprehensively covered the target market then something is wrong so you must look at all promotional efforts including price and method of sale. Adjustments may be needed.
From all of these things, you can see why the marketing campaign for any property listing should be comprehensively communicated to the client, and from that initial communication they should be kept up to date on changes and opportunities all the way through. An informed client is a valuable client when it comes to the final sale negotiation and close.