You only have but one chance to market a commercial investment property today without it soon becoming stale and stagnant from a marketing perspective. The first few weeks of the marketing campaign are really important to attract the buyers and create the inspections. If that momentum is not occurring in your property marketing then things need to be looked at and addressed very quickly.
Every exclusive marketing campaign should be intensely structured to draw in the enquiry. The factors that will affect your campaign should be assessed as soon as possible when the property listing comes in. Understand what you can do to lift the enquiry rates and inspection results. Adjust your campaign for the best momentum given your location and the surrounding property types.
Property Marketing Assessment
I like to do a property marketing assessment and provide such to the clients involved in the listing before the property is taken to the market.
So what can you look for? Here are some factors to watch for in promoting and marketing your commercial real estate listings:
- Adjacent properties – review the nearby properties for problems and issues that can impact your listing. Pay particular attention to boundaries, stormwater, services, and proximity. Also look for encroachments, rights of way, and encumbrances crossing between properties.
- Seasonal enquiry patterns – at certain times of year, property enquiry will be impacted by seasonal trends such as holidays and climate. Business cycles also come into it as well when considering the best time to sell or market a property.
- Best methods of sale – noting other properties on the market locally in any town or city, some will be more effectively matched to the right method of sale. What exactly is the best method of sale to reach a timely sale result? Do your research to watch the trends.
- What methods of marketing are more effective than others – the internet is fast overtaking most other methods of marketing in commercial real estate. The variety of websites and online promotional tools are extensive. As part of every campaign you can track the results from every marketing process and then choose the best ones for the future.
- Time on market – watch the indicators with time on market. When the time extends out to longer than acceptable standards, find out why that is the case; the market may be going through a price or enquiry shift.
- Listing quality – a good listing requires a top quality promotional campaign. Exclusivity in the listing process is the only way to achieve that listing standard. When you pitch and present your property services, always focus on exclusivity as the best way to control marketing and inspection outcomes.
- What people are looking for – track the feedback from inbound property calls and inspections. Soon you will see what people are looking for by way of property location and improvements. That information is valuable in the placement of other properties and promotional efforts.