The marketing of commercial real estate today is more important than ever before. Limited levels of enquiry from buyers and tenants mean that the local real estate agents need to capture, inspect, and close sale or lease transactions from less numbers of people. For this reason a systemised approach to marketing is the best way to promote every commercial or retail property.
Here are some ideas below to help you with marketing and also get more tips and ideas on commercial property marketing at our website http://www.commercial-realestate-training.com/
Systemised marketing generally only occurs with exclusive listings. In this way the agent can devote sufficient time and energy to the promotional process. Properties that are openly listed across a number of agencies are really an exercise in luck and agents should not devote excessive time with these properties.
Here are some rules to the property marketing process:
- Vendor paid marketing is more important today so that sufficient momentum can be built into the promotional period. Many vendors find it difficult to part with extra cash as part of the listing process. If they are genuine, the decision will not be hard. The real estate agents need to be prepared to sell their services around this model.
- You can provide the vendor with alternative marketing packages. Generally three marketing packages are sufficient to provide suitable selections to choose from. The alternative proposals provide different levels of costings. The property owner can then choose the package that they can afford and yet still receive adequate impact in marketing the property.
- The best methods of marketing should include Internet, newspapers, direct mail, signboard, brochures, cold calling, e-mail marketing, and database. Your choices here should be based on the defined and chosen target market for the property. Understanding the best ways to reach the target market will allow you to formulate the campaign correctly.
- The methods of marketing should match the methods of sale or lease. If you choose a timed method of sale (such as auction, tender, or expressions of interest), then the first three weeks of the campaign will be very important to build momentum. At least half of the marketing funds will be spent during this time. Do not commence the marketing campaign without the vendor funds being paid by the client and received by the agent.
- Track all the responses that you get from the marketing methods implemented. You will then know exactly what works well and then you can use that marketing method to more effect. As part of that process, you can report to the client every few days to give them a progress report on the marketing and any inspections that are arranged or undertaken.
The marketing of commercial property when undertaken correctly will shorten the time on market and optimise the levels of enquiry from suitable buyers or tenants as the case may be. Commercial real estate agents today need to be very skilled in the marketing process.
Get more tips and ideas on commercial property marketing at our website http://www.commercial-realestate-training.com/