If you know about the supply and demand for property locally, you will understand just how to connect the right tenants to certain vacant properties in your city or precinct.
In this audio program, John Highman talks about the market trends that you can work with in commercial real estate today. Understand that the best properties to lease will always be the better quality ones in the locations that are attractive to businesses.
The commercial listings that you place on the Internet should be carefully considered and crafted to achieve the best inquiry results possible. The online marketing process is becoming a busier and more complex in most towns or cities; your property marketing cannot be ordinary.
If you want your property to stand out as a valuable and relevant commercial property, then you will need to seriously consider how you promote the property online across a number of portals and marketing activities. Choices should be made with due regard to the property and the local market.
Avoid this problem
So what is the problem? The generic marketing approach doesn’t work in our industry, especially if the town or the city is large. If you are to achieve reasonable levels of enquiry from the quality properties that you advertise online, then it is always a good time to have a look at how you are placing the properties in the portals, and then undertake a review of the wordage and advertising copy that applies to all of your exclusive listings.
Direct your Internet marketing effectively
Here are some ideas to help you optimise your Internet based property listings:
Look at the location from the aspect of the tenant or the buyer that you are trying to attract. How will they search a property requirement? That question needs to be addressed in your Internet listing promotional copy.
Use professional photographs to attract the eye of the reader. Given that there will be other listings in the location available for sale or lease, your listing should stand out visibly through the use of better quality professional images.
Use particular keywords in the promotional campaign that focus on the property type and the location. You have some choices relating to suburbs, streets, and property types. Brainstorm the right words as you craft the marketing campaign.
Think about how a tenant or a buyer of property would enter a search request in the search engines. Those words should be central to your keyword choices. They should be woven into the advertising copy, the headlines, and the feature points.
Use the industry portals, and where ever possible and affordable achieve dominant priority placement. Every quality property should be promoted through a priority placement on the portals. There is no point in the listing being lost at the back of the website in and around many other properties for the location. If you have a top-quality property to take to the market, then make sure you have priority placement in the vendor paid marketing costs.
Use some strategies involving social media to push people to your listings online. Through a series of editorials, articles, and social media placements, you can activate more interest back to the property and the campaign.
Taking all of these strategies into account, you can start a promotional initiative with more focus and direction. Always track the levels of enquiry that you are achieving with each and every exclusive listing. You will soon know the methods of marketing that are producing the better levels of results for you.
Commercial property management remains an important part of the professional property services that brokers and agents offer.
Property managers can offer alternative strategies to improve property performance, net income, and occupancy. Their job is complex, specialized and valuable to investor clients. You can understand why the service is so valuable to a successful brokerage over time.
In commercial real estate brokerage, you can and should mix and match your prospecting activities to the market conditions and target market. You can get involved in networking events and meet new people that way.
In this audio program, John Highman talks about the important prospecting concepts that help brokerage growth and opportunity.
If you are working as an agent or broker on the leasing segment of the market, then look to the ways that you can improve results for the clients and the properties that you serve. A focus on ‘results’ allows you to convert more listings of better quality, and on an exclusive basis. You could say that ‘relevance’ is at the centre of all of that focus and conversion.
When you control the property market and your listings, you can build more momentum into your property efforts.
If you are perceived as the top agent for the location or property type, then ‘exclusive’ listing conversions will not be such a problem.
Create Your Opportunity this Way
Let’s drive some more opportunity your way. Answer this simple question. How can you bring better results to the clients that you serve in property leasing? That’s the question that you need to answer in a very visible way locally.
The tenants and landlords of the location should know you as the ‘go to person’ for resolving leasing challenges. Your leasing ‘visibility’ has to be specialized and locally driven. Here are some ideas to help you do that:
Finding more tenants – Get to know more tenants comprehensively. It is one thing to know who the tenants are in a location or building; it is another to know what they are thinking from an occupancy perspective. The best way to get to know tenants for a location is to concentrate in streets, properties, and business types. In that way you are not ‘shooting blind’. Specific tenant contact will help you with your conversions.
Improving market rents – Hopefully you know what rents are for a location and property type. Property age will have something to do with the rental levels, and market rent will be impacted by supply and demand for the location. So look at those things and determine how you can improve rents for the landlords that you act for. Merge those ‘income improvement’ statements into your listing or client presentation.
Strengthening investment performance – You can improve lease outcomes and results in an asset over time by creating a better lease document with better tenants. All of that will happen from the initial lease negotiation. Look at negotiation on the lease from your client’s perspective; drive that aspect forward. Look at the averages of rent for the property type, understand the asset in question, and build better landlord or tenant perspectives on why the property should be leased in today’s terms.
Shorter time on market – Vacancies cost money within the investment, so find ways to shorten the time on market. Asking rents will have something to do with that, but also will the factors of marketing, negotiation, and inspection. You can improve your professional processes in each of those 3 ways for the transactions you are working on and your clients. Create more inquiry per listing and seek to create better marketing outcomes for all of your exclusive listings. They are the properties that really matter, so shorten the time on market for your exclusive listings, and show your clients how you do that in a positive way.
Relevance is everything in commercial investment leasing. Create significance in your professional property services. Focus on results for your client.
A vacant commercial property is a significant frustration for an investor. They are loosing out on rents and outgoings recovery. Over time that can all add up to a large amount of money and financial discomfort. Look at vacancies for the opportunities that they are for you in leasing brokerage.
In commercial real estate today, most of your results (in commissions and listings) will be created through specific involvement with just the top 20% of your clients. Understanding just who are the clients in the top 20% is the important issue to work through. You could say that they are the VIP clients that you should be working with.
The 80/20 concept is called the ‘Pareto Principle’ and it was identified as a general business rule back in the early 1900’s. So what is it? It is a known fact of business and a proven equation when you are looking to covert more results from your efforts. You can use the rule quite comfortably in commercial leasing, sales, and property management.
So we move the concept into commercial real estate for your location and apply it to your business. It doesn’t really matter how many clients you have in your database now, it is the top 20% that you need to identify and then comprehensively service over time. Approximately 80% of your revenue activity will come from that group of elite clients.
In this audio program, John Highman talks about the 80/20 rule and how you can work with it. You can listen to the program or download it below.