In commercial real estate advertising and marketing, you need to carefully consider the channels of media that you use for your agency and for your listings.
On that basis you should also be tracking the advertising responses that you achieve in all the different channels of media. Some will be more relevant than others for the listings that you take on and your region.
This then says that your promotional activity will have a specific focus of encouraging interaction with the buyers and the tenants that are in the market. You will also be encouraging interaction with the sellers and the landlords that are looking for property assistance. Tracking and measuring becomes a very specific process to help you see what is working from a promotional viewpoint. How and why are people contacting you? That is a really important question and key fact to monitor.
So your advertising and marketing efforts will encourage results and feedback from the right people looking for property assistance. They will come to you through various systems and processes that should and will all be tracked.
Here is a list of the things that should be utilized in most agencies and tracked for promotional feedback:
- Out of every campaign for a quality property, you will get people looking for more information to be sent out. Each exclusive listing should be tracked for this. A follow-up telephone call should occur in each case after the information packet or email has been sent and received.
- Understand the number of inspections that have occurred within property types and with particular listings. You will soon see the properties and the regions that are more popular than others.
- Keep a tally of inbound telephone calls that apply to the agency and also to each listing. The same can be said for particular salespeople as some will be more successful than others when it comes to creating enquiry.
- With some larger and more exclusive properties you will be sending out information memorandums to qualified prospects. These requests should be tracked and then followed through.
- Each day you will receive requests via e-mail for property information. Keep a tally of email requests for all of your campaigns and exclusive listings.
- Your newsletter should be sent on a regular basis to qualified prospects. Track the growth of your newsletter subscription list on a weekly and monthly basis. Keep in personal contact with the people on your list.
- Put an offer on your website for a free report relating to the local property market. That free report will or should encourage subscribers to join your newsletter. Track the activity and the requests for this free report. Ensure that the report is of relevance and attraction to the local area and property market.
- Track the number of website hits that you are getting each week. You will find that certain days of the week will be better for website marketing and property listing. Understand the differences between new visitors and repeat visitors to your website. Look at the bounce rate that applies to people coming in and moving around the pages of the site.
- Track the numbers of people involved in your social media activity. You should have a social media platform for the agency and also for the individual salespeople in your team. It is questionable whether you will actually make a sale or lease as a direct result of social media usage. Social media is more effective as a community involvement tool. It helps people remember you for the future when they are ready to lease, buy or sell commercial and retail property.
You may add to this list based on your property type and your location. You can however see the importance of tracking numbers so that you can see and determine the things that are working for you. When something works well as promotional tool, it should be repeated or utilized on a regular basis.