In commercial real estate agency, the properties that we list need to be carefully considered for the prevailing market conditions and the best marketing solutions. When you make the right choices, you can create enquiry and build on your inspections with the right people.
So the marketing process is quite special and unique to your area, the property, and the client. As an industry specialist, you need to make the right choices when it comes to promoting the listing. Your income depends on it. Put yourself into the marketing process.
Here are some rules that should apply to the listing promotion:
- When possible, choose an exclusive listing process for the subject property. Obtain the exclusivity for a period of at least 90 days. That will give you time to tap into the target market, create inspections, and generate the momentum with the enquiry. Some properties will require a longer exclusivity period and perhaps as long as six or nine months. A lot depends on the age of the property, quality and the location.
- Ask the owner of the property for marketing funds. Every exclusive listing should be supported by vendor paid marketing. As part of your listing presentation or pitch, provide the client with three or four alternative strategies of marketing. The choice process will help them with the final decision and acceptance of the listing.
- Understand the locations of competing properties in the same area. They will have an impact on your listing. Also review their marketing processes and price structures with those other properties.
- Choose the right method of sale or lease as the case may be. Some properties will be quite special and will require particular consideration when it comes to the method of sale or lease. Understand the target audience or the prospects that will be inspecting the property and how they would prefer to transact a contract or a lease.
- Most property enquiry today comes from the Internet. A good slice of your marketing budget should be devoted to online advertising, banner placement, and priority listing. All of these factors will require special funds from the vendor as part of the process.
- Traditional newspaper advertising still has a place when it comes to commercial real estate today. That being said, it does have a limited life in promoting a property. Be careful not spend too much money in the local newspaper in a bulky and unproductive advertisement.
- Track the enquiries that you are getting from every exclusive listing marketing campaign. The tracking information can be supplied to your clients and prospects as part of the presentational process.
- Depending on the property type, your marketing campaign will extend over a number of weeks or perhaps months. That being the case, you do need to track the inbound enquiries that you achieve from each advertising strategy. In that way you will know what is working and what needs to be modified. A successful marketing campaign is something that shifts and changes subject to the levels of inbound enquiry and the target market.
Any listed property should be specifically marketed. The generic listing and advertising approach has no place in today’s property environment. Be quite specific and helpful to the clients that you serve by taking their property specifically and directly to the targeted segment of buyers or tenants as the case may be.