Sometimes we have lots of properties to list and market. That is when systems of promotion will help your focus and your outcomes.
A question always arises here. How many exclusive listings are ‘too many’ for an individual broker or agent? There is a physical limit as to how many listings a broker can act on with reasonable focus and action.
Exclusivity demands more time and more effort, and rightly so. Open listings should only take a small amount of your time. If you have the luxury of a ‘personal assistant’, then it is arguable that you can handle 50% more than your standard allocation of listings.
How Many Listings are Too Many?
So let’s go back to the question of just how many listings are ‘too many’. The answer depends a bit on the size and complexity of a property. It is easily the case that a very large investment property such as a shopping centre could very well take all of your time and effort for some months or at least weeks when the marketing, inspections, and negotiations are underway.
If you are working on ‘average’ properties of say a few tenants and small configuration, then it is likely that you can handle up to about 15 properties exclusively at any one point in time. Remember, however, the requirement for quality in what you list.
Promotional Rules in Brokerage
Here are some marketing reminders to work with here when you list properties for sale or lease:
- Check out the listing first in all respects so you can understand all the strengths and weaknesses of the property. The preparation here will help you with your advertising copy, defining the target market, and the timing of the marketing campaign.
- When you know everything possible about the property, then you can look at the competing properties locally and within the targeted segment of buildings. A ‘competitive awareness’ will help you with positioning the marketing campaign in so many different ways. How can your property ‘stand out’ as the better choice locally with buyers or tenants? That question has to be answered with all listings and exclusive appointments.
- Set a defined target marketing campaign for tenants or buyers so that the marketing can be specified in message and timing. Certain times of the year will be better for marketing, so take steps to understand the promotional ‘seasons’, and how your properties will fit into that.
- Reach, and media choice will be the next factor to consider. Today we have so many effective and efficient marketing systems to use. Traditional newspaper marketing has fallen back on the ‘promotional scale’. Online and direct marketing has taken its place; that is certainly the case with exclusive listings. Determine how you can get the message out to the local area of buyers or tenants. Spread the promotional word efficiently.
Taking these points to finality, the marketing process is so critical in commercial real estate today. Don’t take the generic approach, but be specific in all your exclusive real estate campaigns.
Spend more time on spreading the word about the property and the opportunity that the property presents. A comprehensively marketed property will help you greatly in your real estate brand and personal reputation as the ‘industry specialist’.