When it comes to the marketing of commercial real estate listings today, it pays to have some very specific goals and targets. This then helps you spend the marketing money effectively and specifically as part of the property promotion.
Here below are some listing tips from our eCourse.
The goal setting process also helps you see when the achieved results from the promotion are not as you would expect. You can then make adjustments during the campaign and potentially lift the specific listing results when it comes to inbound enquiry.
What are Your Targets in Listing?
Here are some realistic targets that should be considered as goals to be monitored and created as part of every exclusive listing promotion:
- Target market reach – make sure that your campaign is matched to the target market and the media channels that they use or connect through. If your property is in any way special, you will need to undertake a specific target market assessment prior to the commencement of the campaign. As prime examples in this case, medical properties, specialized warehouses, specialized manufacturing, and redevelopment opportunities are all properties that require your promotional efforts reaching into a particular target market. Design your campaign accordingly. Track and measure the results that you get from your campaign so that adjustments can be made midterm to the promotion.
- Understand the timing and spread of the campaign – you will only have a short opportunity at the time of campaign commencement to create plenty of churn and activity. The first few weeks of any property promotion will be the best weeks to attract fresh new enquiry and undertake the property inspections. Every exclusive listing marketing process should be heavily biased to the first three or four weeks of activity. During that time you can report to your client on enquiry and inspection feedback. The feedback will help you condition the client to the prevailing market conditions.
- The enquiry rate – from the start of the promotional campaign monitor the volume and type of enquiries that you are attracting across the different media outlets and channels. Soon you will see where most of your marketing spend is more effective. That information is valuable when it comes to optimising property enquiry across your brokerage and for your specific listings and or clients. The information will also help you pitch for listings and convert exclusive campaigns including reasonable levels of vendor paid marketing. It is hard for a client to refute or debate the validity of actual enquiry facts from the market and from other property listings.
- Inspection results – every property inspection will give you an opportunity to interact with qualified property purchasers or tenants. The comments made by those people will be a good indication of relevancy and value when it comes to any property listed and promoted. Collate and tabulate those inspection comments in a report to your client on a weekly basis.
- The time on market – throughout every year there will be fluctuations and changes to the property market. That will have an impact on listing promotion, negotiation, and closure. The time on market can be impacted by a number of different things including pricing, promotion, competing properties, client conditioning, property features, and marketing spend. If you like, time on market is actually an equation to be carefully structured as part of the listing process. Shorten the time on market expectations for your listings by packaging each property in the best way for the best result. Help the client see the strategies required to move through the process in a timely way. Don’t let a listing become stale and obsolete in the property market today.
Considering all of these simple promotional facts, remember that the client you are servicing wants the best result at the best price, and in the best time frame. They don’t want their property or their property challenge to be an experiment in marketing; they don’t want to waste time or money (neither do you).
Provide specific help to your client so that they can be well conditioned for the prevailing market circumstances in your location. Help them make the right decisions.
Get our free eCourse for Commercial Real Estate Brokers here.