The process of ‘target marketing’ should apply in every sales pitch that you make as a commercial real estate agent. When you set the right target market, the client can see that you are the right person for the listing and the property promotion. That then makes your presentation a whole lot easier.
The logic behind ‘target marketing’ is that each property that you list should be analysed to suit a particular buyer or tenant as the case may be. The inspections and the marketing can then be designed to build the levels of enquiry that you get for the property promotion.
Here are some specific issues and questions to consider as part of this process:
- What are the features of the property and how will they match to a particular segment of property investor, buyer or tenant? The improvements in the property should be assessed for market relevance, but the features of the property are much more specific and will be of attraction for one reason or another. They should be escalated in the layout of all advertising and marketing material. Usually the features will be highlighted as ‘dot points’ in the marketing material.
- Given the previous point, what types of buyers or tenants will see the property as relevant and attractive? When you have this information you can decide how you should be marketing the property. Your choices of marketing material and channels to be used can then be set for the target audience.
- Are there any restrictions as to the timing of the sale and the interest of the target audience? Certain segments of the market may only be active at particular times of the year. These facts may even restrict you as to the commencement of the marketing campaign.
- When it comes to the marketing of the larger and more significant properties, the limited interest from the target audience may dictate a particular method of sale or lease. In some respects you may need to market a property confidentially and directly to the target audience. The size and value of the property may be so significant that the target audience may be limited to a small handful of property investors and buyers. Understand the property, the target audience, and then match the marketing process around those two things.
- Choose the right method of sale or lease that should apply to every listed property. Do not adopt a generic approach. Choose the best method of sale or lease that is matched to the target audience.
When you take a targeted approach to promoting your listings, it is much easier to find the required buyers and tenants. It is also a lot easier to work with new clients or present your services as a local real estate agent. The target marketing approach gives you more confidence in your connection with the client; they can also see your relevance as the agent that they require.