Sometimes we have just too many commercial property listings active, and that typically leads to complications in servicing clients and marketing. Inevitably that ‘burden’ can distract you from the results that you want with commissions and inspections. Over time some of your listings will become ‘stale’ as well, so there are several things to be considered here. (NB – if you have a listing focus in commercial brokerage, you can get plenty of ideas here in Snapshot – its free)
The fact is that you cannot market every property comprehensively at the same time; there will be limitations in both time and resources. Priorities should be set with listed properties and promotional processes. The suggestion here is that you ‘rate’ your listings for strengths and weaknesses based on current property market conditions.
The Listing Problem
The problem of ‘listing saturation’ can happen at certain times of year in the quieter periods when the business community is in ‘slow down’ mode; it can also happen when the seasonal celebrations take the businesses, investors, and people away from local area focus. If there is a big downturn in the property market due to the economy, the same thing can happen but for a longer time.
So have a think about things. You really should keep ‘grading’ your listings based on property market conditions and the changing times of year. It helps you focus on getting results with the more ‘relevant’ properties for the time, or those that you should treat with a higher priority.
How do you do this? To control things properly it is wise to grade your listings monthly and upgrade the process weekly, so you have something to focus on. With those ‘higher grade’ listings you can focus more specifically on property marketing, inspections, and negotiations; you can ‘tune’ your efforts to local conditions and levels of enquiry.
It is a fact that some listings will sell or lease faster than others. So how would you ‘grade’ your listings now? Think about some of these for starters:
- Exclusivity – all your exclusive listings should get some priority in your canvassing and marketing activities. Your exclusive listings are your ‘A Grade’ listings, so spend time on them. Make sure that those properties are priced and promoted well.
- Marketing campaign spends – the listings with vendor paid marketing should be prioritized for action and campaign focus. Every marketing campaign can be staged over a primary marketing period of say eight weeks. If you are going to attract enquiry, then it will likely be in the first eight weeks of the listing and campaign marketing.
- Price – watch the pricing trends on completed and closed transactions in your territory. Those indicators and that information will be valuable for you to use with negotiations and conversions on other listed properties.
- Location – some precincts are considerably more popular than others and on that basis, will attract more enquiry. In your designated territory, there will be a few ‘precincts’ where businesses and investors like to lease or purchase. Those zones can be at the top of your prospecting and marketing efforts.
- Enquiry – when you track property enquiry, you will know what people are looking for by way of leasing or purchasing. Build your marketing efforts into your enquiry base.
- Client factors – some clients have more relevance to agents and brokers because they could own more properties and or have greater potential on repeat listings and commissions. Those clients require special attention.
Taking these categories into account, you have the basic elements of a ‘listing grading process’. If you are serious about your property market and your future in the industry, look at your listings from the angle of opportunity and relevance to the zone, and the local levels of enquiry. That is how you create better levels of enquiry with your clients and listings.