One thing should be said here about commercial real estate today. The generic marketing of old really is of little help when it comes to attracting new clients and listings; the property market is refined and specialised. Personal involvement and direct action will get you better conversion factors with the new business that you require. You must establish your direct marketing solutions for your business and for yourself.
Average agents can improve
Do you know a few agents that are struggling with listing stock and transactions? In most instances those agents are not doing enough direct marketing at a personal level. Any system that they may have when it comes to prospecting is likely to be random at best. There is an opportunity here for those agents that know how to prospect in a direct and specific way.
Direct Marketing Systems
So it’s time to build your real estate business both in opportunities and coverage. Think about these things:
- Localize and Specialize – define your area of focus so you can drill down into property records and transactions. Only focus on the property types that you can relate to. Become a specialist in every way. Make sure that you are choosing a location for business generation that has future opportunity and current ‘churn’.
- Get the message out – lots of people need to know you as a property specialist for the location. How can you do that in an ongoing way? Let’s get back to the basics of business here; you really must get in front of local people and lots of them by way of meetings and introductions. Build some confidence so you can make plenty of business cold calls and door-knock many local businesses every day.
- Send letters and emails – use both of these methods of initial approach. Most adults like simple and direct communications. Keep your prospecting letters and emails simple and short. A few days after the correspondence would have been received, make a follow up telephone call to see what needs or interest a person may have in commercial real estate now or in the future.
- Segment and build your database – given that you should be talking to lots of people, you will need a database that is flexible to the way in which you are collecting data. There are some very good online database solutions out there today that can be accessed from many devices and computer systems or tablets; choose the system that gives you flexibility. Build that database every day by 5 to 10 new people. Soon you will have a pipeline of new business leads to feed from.
- Use your current listings as leverage – take every quality listing that you have and prospect people and business owners around it. I go back to the point made earlier. Talk to lots of people locally. Ask questions about property issues and challenges.
- Write articles and blogs – integrate your online marketing efforts using articles and blogs that talk about local property issues. You can then integrate that with your social media.
Direct marketing is the best way to find new business leads and contacts in commercial real estate. Be specific in your marketing efforts; talk to lots of people and find the local property business that is up for grabs. It will be there and your confidence based prospecting systems will help pull that business towards you.