In commercial real estate brokerage today can find many sources of marketing feedback and marketing information to interpret and work with. Essentially you do need to interpret the information regularly for achieving the best results in property promotion.
There are many different marketing indicators (on-line and off-line) applying to sales and also leasing. The indicators vary by property type and location. Understand what is working for your clients and listings and then do more of it.
The idea here is that you can deliberately track certain promotional indicators that will give you valuable feedback. From the feedback you can recommend to the clients that you serve, certain and specific strategies to pull in the inquiry and convert inspections. You are the property expert and you should also be the marketing expert. When you focus on the location and property type, that equation and focus is easy to achieve.
Look for Changes in the Property Market
You can also be said that the level of property inquiry during the year will change significantly due to seasonal holidays, business sentiment, investment activity, and local property supply. Track and measure all of those things so that you can see how they will impact your property advertising and marketing campaigns.
So here are some ideas to help you tap into the feedback and local property information from a marketing perspective:
- Track the number of advertisements on the Internet and in the newspapers – on a weekly basis keep track of the advertisements both online and offline. Some specific advertisements can be tracked for time on market. Only track advertisements in that respect if they are exclusive advertisements from exclusive listings. Open listings have no relevance in the calculation when it comes to property market analysis and marketing content.
- Monitor the competition – some agents and brokers in your area are likely to be reasonably active and promotional savvy. They will be doing certain things on a regular basis to attract inquiry and position their listings for the best levels of inquiry. Understand what they’re doing and assess the success of their promotional processes. There may be some advantage or advertising system that you can replicate with your listings. Learn from the best, and improve your systems accordingly.
- Levels of inbound inquiry – keep a tally of the number of inbound property inquiries that you receive every day and each week. Certain days of the week will be busier than others from an inquiry perspective. Typically you will find that the levels of property inquiry are higher between Tuesday and Friday of each week. On that basis they are likely to be the better days of the week to advertise and promote properties and listings.
- Numbers and feedback gained from the inspections – as you take people to and through your property listings, make a note of their observations, inquiries, and feedback. Soon you will have a pattern of information that relates to market sentiment and the recent levels of inquiry. That information will be valuable when it comes to client interaction in any listing presentation or property presentation.
From these simple sources of market intelligence and promotional feedback, you can understand where the best levels of inquiry are coming from. That will then help you make the correct choices about the right media channels and promotional strategies. Valuable promotional information can then be applied across your quality listings and priority clients.