If you cannot communicate the factors and attractions of a property listing to the market, then the promotional campaign is doomed and delayed. This then says that every listed property should be matched to the target market that you as the real estate agent are seeking to attract. You should seek to create enquiries from every quality listing and for every top client. Everyone wins when you do this.
Before I go too much further here it should be said that there is a radical difference in marketing when it comes to an open listing versus an exclusive listing. Don’t spend too much time on any open listing. The client in an open listing has not fully trusted you to market the property and on that basis you should not spend too much of your valuable time promoting it. Don’t be desperate for listings and on that basis don’t take on every property or client unless it’s on your terms, rentals, and prices.
If you are having a tough time in converting exclusive listings then the reasons should be examined. Generally for most agents they are a combination of the following:
- Not enough relevance to stand out as the agent of choice for the listing
- No real differences in the structure of the marketing campaign
- Poor presentational skills with the client
- No real strategy to solve the property issues quickly and effectively
Deal with those things first and foremost so you can convert more exclusives; when you control the listings you can convert more deals in sales and leasing. The equation is simple. Top agents control the listings; ordinary agents chase around after properties for buyers and tenants; unfortunately many of those current buyers and tenants are talking to many agents at the one time. They can waste a lot of your time. They just want a property and they do not care who provides it too them.
So the message here is that you will improve your market share and your commissions when you control the listing stock. So here are some rules to apply to the listing and marketing communication of a quality property:
- Don’t start the promotion until you have all the issues and problems under control. Do a full due diligence process before you take the property to the market. Find the problems before the buyers and tenants find them. Solve the ‘hurdles’ in the property before you go to market.
- Choose the best levels of property promotion based on vendor paid funds (paid upfront), together with the selected target market. Tap into the right segments of the market and the levels of enquiry today so a greater number of enquiries can be created.
- Test and measure the results of every campaign so you know where the buyers or tenants are coming from and what they are looking for.
- One property should be marketed in many different ways. That also applies to the wording of the advertisement. Create 3 different versions of the property advertisement so the internet search engines and website portals are comprehensively covered with well selected keywords.
Given all of the above, keep the client fully briefed on the results of the marketing campaign as you proceed through it; the same rule applies for the property inspections when you take them Good communication through those times will help you when it comes to the eventual sale or lease negotiation.