In commercial real estate today, the marketing funds you convert with every listing will significantly help you in the overall conversion to a transaction.
Therefore, the best agents in the market can confidently and regularly convert vendor paid marketing funds as part of the listing process. If you want to grow your real estate market share, it is time to think about your approach to marketing with the clients you serve.
It is a fact that many top agents will convert over $50,000 of vendor paid marketing funds per month as part of attracting and converting listings. From that process, the enquiries for property locally will build, and transactions will become more frequent.
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Boost the Marketing Strategy
Like it or not, the marketing spend made by the property owner is a big part of building your real estate business. Are you ready to sell vendor paid marketing funds, and do you have a process for that?
Today I want to share some ideas behind the strategy and how you can build your real estate business more effectively using the advertising and promotional process. It should be said here that the exclusive listing and marketing process is the essential way to list any quality property.
The Listing Process and Choices
If the client will not list exclusively with you, then it is likely that they are not genuine in the sale process and have a hidden agenda (it happens pretty frequently). If that is the case, you have a choice not to take on the listing. Ask deeper property questions to try and get closer to the client situation and focus.
Let’s assume you know you can list the property on an exclusive basis, and the marketing approach is now the next question for the client to consider. So here are some ideas for that.
Firstly, the marketing programme for every listing must be strategically established. That will be with a focus on a target market. You can always go deeper into a target market discussion, where you will then explain how you will find the people and how you will approach them.
Most agents don’t do that ‘explanation’ very well and go far enough into the strategic process of real estate marketing. So make that the base plan of your listing discussions. First, put yourself into the target market activities. Then, put yourself into the listing recommendations.
Make your listing processes very specific, simple, and easy to understand. Be that point of difference that your client needs in solving their property problem.
Starting the Listing Strategy
Of course, you must start somewhere with your listing ‘base plan’. It would be best if you had a plan that is definite and not generic. Next, engage with the client to ensure that they understand the uniqueness of their property and the overall strategy that you will deploy to attract the inquiry. At that point, you can go deeper into what you will do with the listing and how that will be important to the client and their ultimate targets.
What is going on out there with commercial, retail and investment property today in your location? Everything has changed over the last 12 months, so review what is happening and what people are looking for, and get statistics on prices, rents, supply, and demand.
Typically, there are plenty of investors in the property market today looking for new purchasing opportunities. Given that fact, you can adopt a target marketing approach with every property listing and list more properties exclusively with vendor paid marketing funds.
Talk about where and how you will spend marketing money to get results. Of course, that only works well when you have set the target market of people by type and location. Have you done that, and can you improve that approach?
Base Plan for Getting Marketing Funds
Here is a checklist to help you get the marketing funds you need in commercial property listing today. Take these points and add any other local issues that you are aware of.
- Set the scene and location for the discussion and or listing presentation. Ensure that the conversations can be private and detailed. An hour will usually suffice to get the message across.
- Seek to understand the client and their targets. That will involve asking plenty of questions about what the client wants to do and the ultimate target. From that, you will be able to know if the targets are achievable.
- Provide visual indicators and statistics about the current property market and the property type. The visual approach works well. Give the client something ‘tactile’ to read, review, and handle. Graphs are great for that, and that can then support your approach to discussion.
- Provide a target market for the property as you see it today. From that, you can show fundamental strategies in your approach to boost enquiry. Ensure that you are putting yourself into the solutions of marketing and promotion. Show that you do know how to reach out to people locally to boost enquiry. Most agents don’t do that well. It can be the key advantage that you can develop for all your listing presentations.
- Make recommendations relating to the listing, the approach, the timing, and the inspections. Ensure that you have three different types of promotional campaigns and budgets for the client to consider.
- Ask for the listing and the marketing money as part of a total ‘package’. In other words, everything is linked, logical, and easy to follow. Make it easy for the client to use your services.
Using these ideas, you can improve your approach to listing any property, and your approach to marketing and listing can be more successful.
First, try it and then modify it to suit your situation locally with the preferred property types and clients you work with. Finally, ask for the marketing funds and have three alternative budgets and campaigns so the client can make some choices.