Like it or not, the most important part of commercial real estate brokerage today is that of marketing. Everything hinges on it and from it. The sales, leasing, and property management processes all involve factors of marketing; nothing works without marketing.
You can take that promotional concept into your real estate strategies and build a better base of clients and listings. Strive to be the best marketer of property locally.
Specialize in a property type and a location. When a person opens the weekly property pages of the newspaper or looks up a listing on the internet, your listings should be there.
So how can you do this? Consider these most common marketing facts and systems that we strike every day in our business:
- Prospecting for listings – like it or not, new listings are generally located through personal prospecting effort. That is why the best agents are always out of the office talking to people and finding out what is going on locally in their territory.
- Asking for referral business – one deal will lead to another potential contact if you ask at the right time for the referral. Many of the people that we work for have other contacts that we can use in a variety of ways. Asking for a referral will be successful if you have fully satisfied a client.
- Growing your database – talking to new people every day will help you grow your database. Set yourself some targets to reach weekly in database growth. A good database program will allow you to track conversations and categories of people. Over time a small piece of information will lead to the next step of property activity. Also split your database of prospects into locations, VIP’s, and budgets. That then makes it a lot easier for you when a good property listing comes in that can be quoted to others.
- Solving tenant mix problems – you cannot solve a vacancy issue in a property unless you know a lot of tenants and know how to connect with them at the right time. Refine your questioning process with tenants so you can move them to an inspection at the right time.
- Talking to property investors – most property investors are hard to find because they take specific research. Whilst they may own property locally, you have to delve into property ownership records and company structures. Systemisation is required to make this a successful process.
- Helping business owners move property – a successful business will be looking to move location when market and business conditions are correct. It may take months or years for them to get to that point. You want them to remember you at that time. A constant marketing model can be created for business owners in your location.
Simple facts like these are all elements of marketing. I go back to the point that top brokers and agents are great marketers. If you are struggling in your commercial real estate brokerage now, have a look at your marketing systems and efforts. Make the adjustments to move ahead into your area with new properties and better people.