Marketing Mix Modeling for Commercial Real Estate Brokerage
In commercial real estate and brokerage activity, your brand should support your efforts in the property business and the local industry. Your brand is both that portrayed for the brokerage and for yourself. Those brand elements have to be strengthened and consistent if you want to create churn and change in property listings and client activity.
(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)
Stop the struggle!
Have you ever seen a local broker or agent that is struggling with finding new property business and creating local enquiry? I have seen plenty of them over time, and generally they have little market presence; it is commonly a self-generated problem.
The struggling agents have generally not done enough prospecting activity over time to cover off professionally on the location, the property types, the targeted clients, and the marketing mix. The struggling agents are not ‘professionally’ memorable and lack the trust of the core client segments.
Focus on building local presence with the right people, and also build trust with the people that really matter. Who are these very important people? Some research is required.
Better relationships win opportunities
Our business is based around and on personal relationships with property owners, business owners, and industry professionals. In those 3 groups there are many leads and opportunities to be had by the astute industry professional. Need more business now? Look at the size of your database and the people that you have in it now.
Your strategy?
So some real promotional strategy is required here if you are to succeed in the industry and grow market share. To open up on the issue a bit further, there are a few concepts to help with commercial marketing mix and property promotion:
- Online – Look at how you use the commercial websites and particularly the portals. The best agents tend to convert more ‘enhanced’ or ‘elite’ listings that dominate the front pages of the portals when certain property types or locations are searched. This concept is really important if you have a lot of other competing listings in the suburbs that you work in. When you pitch for a listing, make sure you are asking the client for the funds to use the portals with ‘dominance’ for the property type and the suburb.
- Websites – Most agents use websites for property advertising. Commonly the advertising placed on brokerage websites is a bit ordinary. If you have a quality property to promote, then have a serious look at the words and the photos that you use. Make sure that the advert pulls in the ‘eye’ of the reader.
- Social media – To build a brand online, the various social media portals are very useful. Don’t use too many of them, but use a few consistently and thoroughly. Regularly put a message professionally out into the social media channels.
- Local newspapers – Try to get some editorial space in the local newspapers, so you can talk about local property trends, industry changes, investment alternatives, and property interest issues. Talk to the editor and see what he (or she) requires to sell more papers or to interest readers. Help the editor of the local newspaper with editorial content and make sure that content matches into local issues and property matters. Be creative and interesting in what you write about; you can be a bit controversial if something of such nature is impacting local property. You are the specialist in commercial so have something to say about the industry, properties and investment.
- Direct mail and telephone contact – The basic rule to follow in commercial property is to connect with local people. The traditional direct mail piece and the telephone will help you do that effectively. Remember the right categories of people to talk to such as the local businesses, landlords, and property investors.
Why are the top agents of the local property market so successful at what they do? It is usually something to do with local area marketing and coverage. Are you ready for the listing challenge?
