Taking a commercial or retail property to the market is a very specific process. Any quality listing will require a comprehensive marketing campaign that is well prepared for public release across all the media outlets that are to be used. Care and planning is required on the part of the real estate agent or broker.
The first 6 weeks of any campaign are the most important. Reaching out to the target audience and attracting their interest can sometimes be a complex issue. It is very easy today for a property to be ‘swallowed’ into the generic marketing funnel of all of the other local properties.
A good property has to stand out in promotion and value. That’s what a top agent can do.
Consider these questions:
- What makes your property special?
- What will be the target market?
- How will you reach the target audience in a comprehensive way?
- How much time and money do you have to devote to the marketing solution?
- What is the ideal outcome for your clients?
So let’s look at some things to help you ‘roll out’ a commercial real estate marketing campaign for a quality client and listing.
Consider these facts:
- Is the property totally ready? Understand the weaknesses in the property and how you will work through them. The weaknesses may need addressing prior to commencing your marketing campaign. You don’t need hurdles when you are inspecting and marketing any property.
- The strengths of the property will give you something to work with when it comes to selling features, advert copy, target market, and editorials.
- Do your research on surrounding properties, rents, prices, and competing listings. Get the facts of the market ready for any negotiation, presentation or inspection.
- What will be the targeted buyers or tenants and how will you qualify them before you take them to the property?
- Get the inspection strategy sorted. That will be the way that you should take people to and through the property.
- Information memorandums and property information should be ready for distribution to qualified and interested parties.
- Signage for the property must be ready and in place. Hopefully you will have a special sign created for the ‘featured listing’.
- Website listings and selected industry portals should be considered. Don’t repeat the advert across all sites; use different words and messages so that you are exposing the property to the search engines in a comprehensive way.
- The print media will be of some use albeit limited. You will get better ‘mileage’ from online and database marketing with most properties today.
- Brochures should be ready for distribution directly via email and through the mail. They would normally be sent on the day of or the day before property marketing release.
- Team response systems should be set up for larger projects and properties. Some properties require a team to take enquiries from all parties. When that happens, make sure that all enquiries are centralised for follow-up within the team. You don’t want a genuine enquiry to get ‘lost in the system’.
- Database and online marketing will include your newsletter, website, blogs, emails, social media, and established client list. It is likely that your property buyer or tenant is in your database somewhere. All of your agents or brokers should be working on their database of contacts to generate inspections and interest.
Given all of these things, how will you track inbound enquiries and feedback? Generally you will need a single point of contact as the ‘portal’ to the client. In this way you can relate the facts of the market to the client and channel back the strategies to the team.