As agents and specialists in commercial property marketing today, we need to provide specific promotional solutions for the properties that we exclusively list. Exclusive listings should be handled with more focus and commitment. Openly listed properties should receive minimal effort and only basic attention.
It is hard for some new agents to the commercial property industry to refuse open listings, given that they will normally have little or no controlled stock of any consequence. They as agents will be inclined to take on the open listing at the inflated price or rent of the client; those listings are then commonly on the terms and conditions that the client requires which may be well outside market conditions. You soon learn that these listings waste a lot of your precious time. They take you away from other quality properties and clients that you can do something productive with. Yes, I know that some agents will say that an open listing can be converted to an exclusive listing. You will need to make your own judgment in that regard and have a strategy to suit.
Within six months of your commencement has an agent in the industry, you should have developed your prospecting model, sales pitch and presentation, and your marketing initiatives. All three of these factors should be closely geared to exclusive listings. In this way you will build better market share over time.
So let’s go back to the exclusive listing scenario. Exclusive listings have been one of the most effective ways to build market strategy, market share, and top agent status. You can control the stock, the client and the enquiry.
Here are some strategies and solutions to apply to the listing process for your exclusive clients and properties.
- Inspect the property comprehensively so you understand the points of attraction, and the weaknesses that apply to the marketing process. The weaknesses may need to be addressed prior to the commencement of marketing. That can involve property modification, renovation, and tenancy mix alterations.
- From the inspection of the property, you will have determined the target audience that is best suited to the marketing material. The next step will be to establish clear guidelines that apply to qualifying purchasers and or tenants as the case may be. The property will be affordable within a certain range of value, buyer, and tenant. All of the marketing material should be targeted within the ranges. You should only be taking the right people to the property and that is after you have fully qualified them to the criteria that you have set.
- Be quite clear when it comes to the factors of attraction that create interest in the property and marketing process. It is sometimes the case that the location or the history of the property will attract the target audience to you. Research all the factors that can optimize enquiry.
- Most property enquiry today comes from the local area, the local town or city, and within the property type. For this reason, most of the promotional material should be geared to the local area, the businesses, Property Investors, and property professionals.
- There are two sides to the marketing effort today. That is in both direct and indirect marketing. Given that the rate of enquiry is somewhat limited for most marketing campaigns, a high degree of direct marketing needs to occur. That is where you get involved with taking the property to the right people both personally and on the telephone. Your database is therefore a critical component of the marketing effort.
When you carefully construct a Property Marketing campaign today, you will create more enquiries. It is worthwhile remembering that any quality property will produce better levels of enquiry at any time. Some agents will avoid low quality listings for this very reason. It is notable that many of these low quality listings will be harder to move, negotiate, and close. Focus on listing quality, and your career will move ahead faster and more effectively. So what is a quality listing in your area? You will need to determine why people are looking for and find plenty of listings within those categories.