The Key Facts About Marketing In Commercial Real Estate Brokerage
The marketing process in commercial real estate today is critical in so many different ways. Treat the topic with care, specialization, and professionalism. Your career success evolves around marketing and the many variations of that.
So why worry so much about promotion and marketing? You can and should be promoting yourself and your exclusive listings through a staged and targeted process. In promoting yourself, you should also be comprehensively covering in your area as the industry expert with a bias towards property and location specialization. If you can’t get the ‘word out’ to your local area about your skills and relevance as a broker or agent, then listings will pass you by.
Do You Specialize?
What do you specialize in and where? Is your property specialization really important to the property people in your town or city, or are you just another broker or agent? Make sure that your choice is specific and real to the property market, the clients, and your prospects. Stand out as the ‘best’ at what you do; strive to improve in property coverage. Clarity is critical in commercial real estate marketing. Your brand is part of that. Don’t be ordinary; be special and relevant.
So let’s say a couple of special things here when it comes to property promotion. Just about every broker in your town or city will have an abundance of open listings, and some (if not most) of those listings will take a long time to convert to a transaction. The best agents will have a small and tight group of good quality exclusive listings that they work comprehensively to particular target markets as part of a staged and direct process. That is an important part of our real estate business.
Different Listings
There are some real differences here with listings to be observed and optimized. Exclusivity really matters when it comes to property promotion and listing conversion. The time on market factors with exclusive listings will always be shorter; the client in an exclusive listing tends to listen to their agent and accept both market feedback and their brokers findings.
The top agents of the market will usually only work with exclusively listed properties. Everything else is a process of luck in our industry, and you can’t build your real estate business easily on just luck alone. Most of our listings and commissions will always be converted through the direct marketing process; that says you should be talking to ever more property and business people in targeted ways.
Every working day spent in brokerage should be directly across a number of different promotional strategies, both online and off-line. Inbound and outbound promotional strategies will be active with quality listings at an exclusive level. Every opportunity needs to be followed through for the best results to be achieved. Do more with the property inquiries coming your way. Track the inquiries and follow through.
The Marketing Rules for Brokers
Here are some rules to apply to your listings and property promotional activities:
- Personal marketing is required for each and every exclusive listing. Get more involved with your exclusive listings at a personal level. A good listing is a big reason to talk to other people.
- Vendor paid promotional funds should be targeted for every listing. Merge vendor paid marketing funds into your promotional activities.
- Every inbound inquiry should be explored and tracked for opportunity. Know what people are thinking and doing with their property needs, inquiry, inspections, and negotiations. Go deeper into their property need.
- You can improve your conversions by practicing your listing presentation. Make your listing presentation very special. Relevance is the key to attracting the interest of clients. Your brokerage offering should be real and significant when you take into account the property and the location.
- Quality listings really matter if you want to improve your real estate business faster. Ordinary listings take more time and create less inquiry. There is a lesson here for you with that. Focus your real estate business on quality listings first and foremost.
- Exclusive listings can and should demand more of your time, and in that way you control the property, the client, the inspection, and the negotiation. That’s how you get better results in our industry.
When you specifically look at property marketing as a special skill and factor of commercial real estate brokerage, you will see why your actions and skills are still required to get results. Promoting a property is just the start of things; put yourself into your listing marketing process. Talk to the people.
