In commercial and retail property marketing today, the message that you send regards your listings should be quite specific and well crafted. The more time that you spend on the process, the easier it is to get in the necessary enquiries and inspections.
This then says that the advertising and marketing process in commercial real estate agency should not be generic. Every exclusive listing should be subjected to a specific review process that identifies the right targets and opportunities for the property. Every listing should reach the target audience and it is up to us to figure out how to do that.
Here are some observations relative to the property market today and the challenges of marketing:
- If your listing conversions are commonly on an open listing basis, then you will find it hard to drive the opportunities from the market. In an open listing situation, you cannot control the property, the client, or the inspections. It is much harder to close on an open listing negotiation. Many times I have seen a client an open listing situation take advice from other agents as part of considering an offer put to them. The competing agents then seize the opportunity to derail your property negotiation.
- Most of the enquiry that you get for a property will come from the local area. On that basis you should be consistently prospecting through the region when it comes to property investors, local business owners, tenants, property developers, solicitors, and accountants. All of these groups will hold the opportunity for you to act in some respect. Your market advantages grow when you understand what these groups are looking for. On that basis you do need a good database and use it as part of a regular daily prospecting process.
- The Internet is increasingly important in our marketing efforts. There are many ways to use the Internet as part of a promotional process for the property and also for yourself. Most agents will list a property on a website or the industry portal. You can however go much further than this with strategies related to social media, blogs, e-mail marketing, newsletters, keyword placement, and online editorials. Technology is now a significant part of the advertising and marketing process. Take the time to understand how you can use the opportunities of technology in your local area and with your exclusive listings.
- Take the time to identify the correct target market for each of your exclusive listings. This then allows you to correctly establish the right marketing campaign using the correct media channels. The first three or four weeks of every marketing campaign are the most important. Track and measure the results that you get during this period. Make the necessary adjustments to optimise the inbound enquiries.
- One of the simplest and most successful forms of property marketing is that of the traditional signboard. Make sure that all your exclusive listings feature a good signboard with all the necessary keywords and property facts. The signboard should be well placed for passing traffic and visual impact. When the signboard is placed on the property, personally canvass for the surrounding businesses and local property owners.
To be successful in commercial real estate agency today, you need to incorporate specific strategies of advertising and marketing into every property listing. Approach the process on a specific basis so that you can extract the necessary enquiries from the market for every property that you list. Track and measure the results that you get through each and every campaign. Be prepared to make adjustments so that enquiry rates and inspections increase.
The advertising and marketing process in commercial real estate can be seen as a specific formula. That formula should be set for the property type, location, the client, and the improvements within the asset. The packaging of that information will help you get the results that you require.