It is important when assessing inquiry from buyers for you to understand if they believe the property is suitably priced and located. If any weaknesses exist in the eyes of the buyer and the customers who inquire about your property, then you need to identify the weakness and adjust the marketing campaign; you can do that following a market update or briefing, and authorization from the client.
Most property campaigns need some adjustment at some stage. Small adjustments bring better rates of inquiry. Understand what is working in your marketing, and what needs to change.
Like it or not, the buyers in today’s property market tend to hold all the keys when it comes to momentum and results. It is the agent’s job to shake the client to the prevailing market conditions and the levels of buyer inquiry. That can be quite a special process, with some agents achieving better outcomes than others.
Commonly the price of a property is sometimes seen as too high by the buyers; that fact will then slow inspection activity. If that is the feedback you are getting, then take action quickly.
It is essential to advise the client of the need for a price adjustment and a re-positioning of the marketing. Marketing errors or pricing problems will frustrate inspections and inquiries.
Consider the variables and the changes that you can implement in:
- Advertising layout
- Target market
- Advertising frequency
- Media choices
- Selling features
- Property presentation
Marketing a commercial property with a price is not generally regarded as productive and will usually put limits on inquiry coming in. Good properties go to market under auction or tender conditions. Let the buyers determine the best price for negotiation; auction and tender sale methods will do that very well. In approaching things that way, keep your client briefed on all inbound inquiries, and marketing efforts.
So the best and most effective way to market a property is initially by auction or tender, so the local buyers can set their opinion of price based on the property facts and the prevailing market conditions. Those two methods of sale on average generate far more enquiry per listing, and hence help you achieve more urgency to engage an earlier sale.
If a property is not sold by auction or tender, only then it is then appropriate to put the property on the market at a price. Many agents prefer to quietly promote a property after a failed auction or tender in a selective way off market. That then prevents negative images of an unsold property affecting negotiation and the sale conversion.