There are plenty of things to be learned by and through target marketing in commercial real estate brokerage.
Certain types of properties, improvements, services, and amenities will be on the ‘top of the list’ when it comes to attracting buyers and tenants; the newer property developments are also likely to have the abundance of enquiry and the best ‘drawing power’ in attracting inspections and negotiations.
In simple terms, you should be targeting the best listings in your location as future stock. You can then promote them through targeted marketing processes.
Here are some things to assess when it comes to understanding target marketing and the requirements of buyers and tenants today:
- Location – What locations are the most popular in your town or city? Why do businesses and investors like to be in those areas? It should be noted that those areas should be at the top of your prospecting and new business efforts.
- Property characteristics – Understand the advantages that one property will have over another. There will be differences when it comes to car parking, access, branding, rents, security, services, and communication. Look at the property from the viewpoint of a buyer or tenant and the conveniences offered. What are the strengths and weaknesses that each property brings to the occupant and also to the investor? Understand the differences in classes and age of property given the location.
- Timing – It is worth remembering that some market segments and properties will be active only at certain times of the year. Target marketing then has great relevance to the timing of any property promotion and campaign.
- Methods of Sale or Lease – Some properties are best suited to a particular method of sale or lease. Ideally you should choose the best method based on known rates of enquiry and the current supply and demand factors in the local area. That is why ‘tracking of enquiry’ is so important across all of your listings. You should be able to relate to the promotional success of different media types, online marketing, and traditional local area marketing.
- Marketing message – Why will someone have an interest in a particular property taken to the market? That interest should be the basis of structuring your property promotional message including title, keywords, advertising copy, editorials, and photography. Be quite specific and not generic when it comes to promoting your quality listings. Exclusivity will be required to control the enquiry and get the best result for the client. Pitch and present your listings on that basis.
From these 5 simple things, you can see the importance of understanding your market and matching the property to the target audience. It’s a logical process that will help you convert more inspections and improve your chances of negotiating.