Every good quality commercial investment property should be specifically marketed to targeted groups of investors or business owners with a vendor paid promotional campaign. Some agents struggle with the listing pitch process and can’t convert the client to accept that funding fact. (NB – get our commercial real estate course here)
It is important to remember here that our clients as property owners, must pay promotional funds to escalate inspection and inquiry results with their property. Their property should be promoted specifically to stand out in the current property market.
So, what do you do with vendor funds? The features of the asset must be seen to be fully appreciated by the available and active buyers or tenants; that is why advertising is so important. Coverage is critical.
Some clients fail to understand facts of marketing and or try to save money in seeking a sale or lease without contributing to the process. That is a bad move and you should show them why that is the case. There are no shortcuts in property promotion today. The internet has changed the way property interest is generated, and inquiries occur. A well promoted property will always achieve more inquiries and inspections. That is how negotiations are encouraged and eventually start.
Spread the Word
How do you spread the word about your exclusive listings? Online and offline promotional efforts should always happen in parallel when a good quality property is promoted. What tools are you using now in property promotion? Think about your strategies with:
- Direct marketing
- Data base contact
- Email contact
- Telephone calls to qualified parties
- Social media
- Online promotions
- Websites and portals, etc.
You can see why a vendor paid marketing campaign is just so important and needed. Show the client exactly what you will do with these things.
Property owners must pay money their money to spread the word about their asset and its availability. That is not an agents cost. The agent is there to provide the promotional skills, listing momentum, inspection activities, and the negotiation results.
Any agent still has a big role to play in creating promotional momentum, and that is why exclusivity must be part of the listing process, but promotional activities and promotional campaigns are also part of the listing process. Vendor marketing funds are required to make things work.
It is a competitive property market for all brokers and agents; listings and client requirements must ‘fit’ into that state of play. There are always other properties for sale or lease in any town or city, and some of those properties will be very attractive to buyers and or tenants. Competition factors apply in commercial real estate today as businesses and investors shift and change their property decisions. Show your clients how their property fits into the ‘competition’.
Good properties create interest, providing the promotional message is clearly set and spread into a target market. The property owners that we work with from a listing perspective should be helped to understand how that promotional strategy will work for them, their property, and why that is so important to the results that they seek.
Convert More Advertising Funds
Here are some ideas to help you do that and convert more advertising funds with your clients:
- Relevance – put their property into today’s property market in a relevant way by showing them the points of difference you will be promoting.
- Timeline to marketing – create a window of time where all the key elements of property promotion will be used strategically.
- Packages and budgets – provide alternative promotional packages and budgets so the client has some choices.
- Target market – define the target audience and show the client how their campaign will reach into that group of buyers or tenants.
- Primary and secondary zones – think local and think regional with your promotions and marketing; define strategies for each.
- Samples of marketing – always have some samples of adverts, editorials, photographs, and online layouts to show your clients as part of the vendor paid marketing pitch.
- Competing listings – have a good selection of photos and adverts with you relating to competing listings in the local area.
Simple strategies like these will help you build real relevance in your listing pitch and vendor paid marketing efforts. You can’t sell a secret property that the buyers and tenants of your city know nothing about.
Your job is to spread the word about the client’s property. The ratio of money spent on property marketing versus the resultant price is very low, and the clients you pitch your services to should be sold the idea of vendor paid marketing value on that basis.
Get the full text report on vendor paid marketing here: