In commercial real estate agency, the marketing process that you choose today will have significant impact on the outcomes that you require with new inspections and fresh negotiations. Every property that you take to the market should be carefully structured into a targeted marketing campaign.
Here are some more marketing tips from our main commercial real estate training website.
It is interesting to note that most commercial real estate markets change throughout the year and will have seasonal selling and leasing cycles. This then says that the timing process and the method of marketing that you choose for a property will be quite important and seasonally adjusted.
Here are some marketing tips to help you with promoting a listing and optimizing the enquiry that you achieve from the promotion.
- Review the property with the client prior to forming any opinion on marketing or promotion. Walk around the property together to look at the strengths and weaknesses that the property provides. Ask the client about the history of the property and the reasons for their actions today in seeking a sale or a lease. Get to the key facts of client motivation today.
- Given the previous point, you can now relate to the other properties in the market that may be competing against the subject listing. Show the client some of those other properties and provide details of current marketing efforts, prices, and rents. Your new listing needs to be well positioned in comparison to other listings for attracting better enquiry. That can very well mean a particular method of sale or lease and choices about marketing.
- At any given point of time, the enquiry coming into your office relative to different property types should be tracked. The tracking process will help you with conditioning clients in the listing and marketing process. When you understand what is working to get more enquiries, you can take better actions with each property type.
- Will the property require any preparation work prior to marketing? The first three or four weeks of any marketing campaign are quite important. Your enquiry rate needs to be optimized for that time frame. Any hurdles or obstacles that can be seen in the property when inspecting should be removed prior to commencing the campaign.
- Clearly define the target market for the listed property. Ensure that the choices you make in promotion are matched to the target market in every respect. Exclusive listings require much more effort when it comes to promotion. They also have a significantly higher conversion factor to a successful transaction. On this basis you should be encouraging the client to choose the exclusive listing process for their property.
Today we are blessed with the technology and the resources that will help us promote a property listing directly and effectively. Package the listing correctly for the client so that you can optimize the inbound enquiries for the property, and therefore gain more inspections and negotiations.
You can get some more training tips and ideas for commercial real estate agents from our main website.