In commercial real estate brokerage you will win more business by using the ‘one on one’ marketing approach. By definition that is the direct approach to people that may need your real estate services as an agent. The services can be across sales, leasing, or property management.
There are two alternatives in marketing for you to use:
- The generic canvassing approach to the market at large. This is usually by generic letter drops, brochure drops, advertising, and business card drops. In most cases the person getting your material will not connect with you and hoping that they will is a ‘false reality’.
- The specific approach to specific people as part of a contact plan. They get to talk with you and or meet with you. The ways to specifically connect with them are cold calling, door knocking, meetings, and direct mail. The key to the process is in creating conversations with people in the property market.
It is a fact that you will win many more new business leads by the specific and direct contact approach. That is due to the contact and relevance you create as an individual. By comparison the ‘generic’canvassing approach in real estate brings very low results; it is interesting to note that many newer agents use that ‘generic’ method due to the convenience of it. Invariably the generic approach to prospecting and client contact is a big waste of money and time.
One thing should be said here about the ‘one on one’ marketing strategy is that it takes specific research to make it work. Connecting with the right people in the right way can only occur when you have researched the person and or the property.
So here are some steps to help you with this marketing method:
- Choose your targets by location and by type. In an organised way work down the streets in your business territory. Find out who owns what property and make the contact personally with that person. Getting the ownership detail can be from a variety of different methods or a combination of all. They will include title search, talking to the occupants of the property, talking to property occupants nearby, and a company search. This does take time so stay on track with your systems and investigations.
- It is a daily process of personal marketing. Devote at least 2 hours to the process and stay on task. Eventually you will get traction in the process and move ahead.
- Make repeat contact to the same people every 90 days in case their circumstances are changing in property use or occupancy.
- When making contact offer information of value and substance to the local area. Property investors and business owners will have interest in local information.
- Always ask for referrals to others. Some people will share valuable contact information or leads with people that they know. Invariably business owners will know a lot about the property activities of associated businesses and suppliers.
- Establish a VIP strategy or approach with contacts that can offer you substantial business leads or commissions over time. A VIP prospect may be someone with a larger property, many properties, or higher value assets. It can take some time to reach these people and gain their business so make your marketing specific and direct to them as a VIP.
If you want to build your share of the local commercial real estate market, establish your contact system similar to that mentioned. The benefits of ‘one on one’ marketing are very clear to commercial real estate agents today.