Every property listing will have elements of marketing response that are worth sharing with the client as the property owner. If you have covered the target market comprehensively in the campaign and the promotion, then the responses you are getting back from the advertising is worth considering and comparing to other listings. (NB – you can get our free brokerage course here)
There are indicators that will help you modify your marketing processes to get better inquiry.
Consider these all too common facts:
- Some listings will be well marketed, others not so; you can learn from that.
- Some properties are more popular than others. You must find out why that is the case.
- Some target markets are very ‘special’, more so than others, therefore they will take longer to respond.
- Some rental and price ranges have a ‘ceiling’ and are difficult to penetrate, perhaps even overpriced.
- Every advert is unique and should be shaped to the property and the target market.
- Most properties are advertised by agents and brokers with little care and commitment.
- Every advert should be refreshed every 2 or 3 weeks.
Given these factors of property promotion, you should be giving your client plenty of feedback in a regular way about their property promotion and campaign. You can use those facts as a conditioning process. If you have listed the property exclusively, then the promotional campaign deserves special attention. Here are some ideas to help with that:
- Target market focus – tell the client how you are reaching into the target market with the property promotion, and how successful that process is.
- Listing hits online – track the promoted listings online so you can see and compare the results of one listing against others of similar location and type.
- Inbound calls – how many inbound calls are you getting with your property advertising? The client should be advised as to the results achieved. That then leads to the possibility of an advertising ‘refresh’ on a regular basis.
- Qualified parties – tell the client about the inquiries that are coming in and how you have qualified them before moving to the inspection process.
- Property inspections – every property inspection should be reported on, and as part of that make sure you include the comments of the inspecting parties. That ‘third party’ feedback is valuable in client conditioning.
- Improvement feedback – given the existing property improvements, the strengths and weaknesses of the asset and the third party feedback from the inspections, you may need to adjust your property promotional strategies. Be wise and aware of what people are thinking and seeing in the level and condition of property improvements.
- Price or rent feedback – if the price or rent set for the asset is too high, then give the client some comparable facts about other listings so they know why that is the case. Then condition their thinking with third party comments. Help the client see how they can adjust their approach to price and rental issues.
So there are many good things that you can do here in providing feedback to your client about their listing and how it compares in local area marketing. Provide the right information in ways that the client can absorb the importance of what you are seeing and saying. Convert the listing to a better promotional strategy.