How to Master the Art of Commercial Property Marketing

When you have spent considerable time in finding a new client or a new property listing, the marketing process starts. To improve your commission and listing conversions over time, you should master the art of marketing and develop the science of professional property promotion.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

 

Be Special in Marketing

There is no point in being ‘ordinary’ when it comes to property marketing today. There are too many other brokers and agents out there for you to take the ordinary approach to the business. Your listings locally should stand out as unique and special when compared to others with other brokerages.  You are part of the equation.

 

It is interesting to note that the best agents in commercial property generally achieve good results in sales and leasing through high level marketing campaigns. Those campaigns are not ordinary in any way. The best channels of media are selected, the adverts are well designed, the photographs are of quality, and the advertising message is carefully crafted. These things don’t happen without deliberate effort and professional skill.

 

Look for Differences

When you look at the local paper and on the Internet, it is easy to see the differences between professional marketing processes and ordinary property listings. You have the choice of promotion to consider when you take on any new listing and any new client. Can you convert vendor paid marketing funds consistently for the quality properties that you work with? Your ability to do so will help you with your career and market share momentum

 

The only way to achieve good quality inquiries is through vendor paid marketing. In other words, the property owner needs to commit some of their own money to the property listing and the promotional campaign period.

 

Best Agent Choices

Give the client plenty of reasons to choose you as the agent to comprehensively target market their property into the best segments of buyers or tenants as the case may be. Tell the client exactly why you are the right person for the job. Show them how you will approach the property promotional processes. Here are some ideas to help you with that:

 

  1. Set the target market clearly and effectively for the property. Give the client plenty of reasons why you need to work comprehensively into the target market and tell exactly how you will do that. Put yourself at the center of that marketing approach. The weaker agents tend to overlook the need to put themselves into the listing. You simply provide some budget and some generic marketing statement. If you want to lift your conversions with the better clients and the quality listings, put yourself into a deliberate target marketing approach designed exclusively for the client and the location. The more specific you can be in doing so, will help your listing conversions on an exclusive basis.
  2. Set a timeline to the promotion. Seriously consider the levels of inquiry that currently apply to the location and the property type. That information will help you set the advertising campaign timeline, and also the strategies behind marketing. Create a timeline visually that you can show the client as part of the property presentation. A simple Gantt chart will help you do that efficiently and directly.
  3. Use the results from recent sales and listing promotion as a basis of recommendation for your new clients with their new listings. Show them how the levels of inquiry improved through different methods of sale or lease as the case may be. You can then make clear recommendations for the best method of sale or lease to apply to the particular property and location.
  4. Give the client three marketing alternatives when it comes to the campaign budget and strategy. They can then make simple choices based on expected spend and market coverage. Don’t forget to give them solid recommendations across all three marketing campaign processes. Make it easy for them to make the right choices.

 

The clients and the property owners that we work with are simply looking for good results in timely ways. They are looking for the best agents and brokers to help them through that challenge and expectation.

 

Understand the alternatives of property promotion today and how you can improve the target marketing approach for the people that you serve. The best agents for a location and property type are usually comprehensive market in each and every way. Make your property pitch and listing pitch on the basis of marketing uniqueness and promotional professionalism.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Procrastination Cures in Commercial Real Estate Brokerage

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There are all sorts of procrastination problems in commercial real estate brokerage today. Don’t let them hold you back or derail your business efforts. Break through the barriers and issues that are holding you back. Time is your most valuable resource, so use it well and dedicate your time to the things that really matter.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Get your business diversions under control and stop procrastinating. Know what is important to your market share, client list, listings, and commissions. Somewhere in that awareness will be listings and leads. You (and only you) are the person to resolve the ‘quandary’.

Your key resource?

So, as I have said, the most important resource that you have is time. Use your time wisely and specifically. Yes, you will have challenging and difficult things to deal with every day, but do the work in an organized and specific way; that is how you build your real estate business. Are you ready to move ahead in the industry?

Solutions to common problems?

Here are the solutions to help solve procrastination, given the typical commercial property agent problems:

  • Unrealistic clients – some clients will waste your time, so don’t let that happen. You are (or should be) the property expert, so tell the clients what you can recommend with the property listing and or the challenge of the client; if they won’t listen, then you have a choice as to whether you should take on the property and the challenge. Don’t take on a listing or client requirement that is too far off the market. Give good reasons for your recommendations and be very specific when working with clients. Be prepared to walk away from an unrealistic client in a professional way.
  • Too many meetings – some brokerage businesses are overly controlling of their agents and brokers. The fact of the matter is that top agents don’t need to be controlled; they know what they have to do and they will go and do it if you let them. One brokerage meeting per week is more than enough to control and direct a real estate business, and that meeting should be at a time of day that is not ‘peak’.   On another note, any of your junior agents and trainees should be controlled through direct mentoring and not frequent meetings involving others. Allow your good agents and brokers to get out into the market each and every day. ‘Kill’ the extra meeting requirements.
  • Complex listings – some of the larger properties take a lot of research and investigation before the property is released to the market. That is your job and you can’t avoid the full property investigation requirements. However, when the investigation is done, the mundane listing issues can be done by others. Make sure you have the right administrative support to get this extra work done.
  • Complex marketing campaigns – this is a special problem to watch. Your marketing has to be specific to the property and the location. You should be taking a good degree of time in structuring and releasing your marketing campaigns on your exclusive listings. Sure, open listings are a different situation and they should not take much of your time, but differentiate your marketing efforts and only spend extended time on your exclusive listings.
  • Unqualified inquiry – we have all been impacted by people that seem to say that they can purchase or lease a listing. Deeper qualification about their market awareness, intentions, budget, and inquiry will prevent you spending too much time on ‘time wasting’ people.

So you need a plan to solve these things. What could you do with that plan? What could you put into it? Some of the answers here will help you get your plan in motion.

Commercial Real Estate Brokers – Establishing Relevance as a Top Agent Locally

two business people standing in blur
Build your commercial real estate relevance to clients.

Most agents and brokers that are struggling in the property market today are doing so for the simple reason that they are not ‘relevant’ to the prospects and clients that are looking for property help.

Relevance wins property business; the ‘generic approach’ to commercial real estate has little magnetism for pulling in listings or commissions.

Disaster strikes when there is no real reason for clients, business owners, investors, or tenants to remember a particular broker or agent, and particularly so at the right moment when they are handling property issues and challenges.

So where are things now?

Want to improve your real estate business?  Answer this question.  Why should a commercial property client or prospect choose you to help them with a property challenge?  It’s a scary question to ask; commonly the answers given by most agents are ‘generic’ and bland like these.  They can provide:

  • Quality services
  • Local market knowledge
  • Client commitment
  • Team service for the client
  • Client communication, etc.

All of these things are too ordinary, and just about every agent or broker uses the same ‘ordinary stuff’ which inevitably makes little or no difference to the clients that they serve.  The statements are of no real attraction or interest to any client wanting property help.

So what can you do here when pitching your services?  Clients prefer ‘specifics’ that are matched to their property challenges.  For example:

  • A database of 2000 tenants in the location, 250 of which have been shortlisted to the client’s property listing (Leasing)
  • 15 parties ready to inspect the new listing in the next week (Sales or Leasing)
  • Savings of $40,000 to be found in energy by load shedding (Property Management)
  • 4 investors that missed out on the last local campaign are to be contacted (Sales)

If you haven’t got a very specific answer to that question given, then it is likely you will struggle for some time in converting business leads and opportunities.

Why do you have to determine a clear answer to that question?  In simple terms you must be able to market yourself specifically as the best agent for the job.  The only way you can do that is through a mixture of the following:

  1. Locational coverage – Split your city up into a ‘primary zone’ for implementing all your prospecting, and a ‘secondary zone’ where you will still take business if it arises. In this way you can really cover the right people and the right properties in your ‘primary zone’.  This extra level of focus in prospecting helps you with local area information, market evidence, and personal marketing.  The question arises as to how many properties and or owners you should have in your ‘primary zone’.  The answer is related to your capabilities to cover the patch with a direct marketing approach.  You are the person that has to make the calls, create meetings, and door knock streets.  In an ideal city location, choose a primary zone of properties and streets containing about 2000 properties.  Then you can split the location up into activity zones that you can move through in a logical way.
  2. Marketing mastery – Ensure that all of your promotional efforts are well crafted and implemented. Use words, phrases, photographs, and layouts that pull in the enquiry.  Top agents are usually respected and chosen for their marketing skills.
  3. Database depth and relevance – If you prospect directly into your area, you can build a database that will help you build your business. It is very hard for a client to overlook an agent that has a top quality database containing people from the location and within the targeted segment of business owners, tenants, buyers, or business leaders.
  4. Property speciality – Get to know everything that you can about a property location and speciality. From that effort you will then understand where the next listings are likely to evolve and why that is the case.  You will also know what things are selling or leasing for.  You will understand why some levels of enquiry are better than others with certain listings.  When you understand the enquiry, you can do something with it and improve it over time.  Know what people are looking for in local commercial property and then market comprehensively into that.

Commercial real estate brokerage does not need to be complicated but it does need to be relevant.  Get involved with your property market and show the right people why you are highly relevant to them as they seek to solve a few property problems.

You can get more tips about broker marketing in our eCourse Snapshot right here.

Setting the Right Goals in Commercial Real Estate Listings Today

business man giving OK sign
Set your goals and targets will all commercial real estate listings.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Innovation Ideas for Agents in Commercial Real Estate Brokerage

blur of people walking
Innovate your commercial real estate marketing to attract people and enquiries.

If you are located in a busy town or city from a real estate perspective, most of your listing presentations will be quite competitive.  For that reason your property initiatives should be innovative in all respects to give you the edge against your competitors.

Consider these questions:

  • Why are you the best agent for the listing?
  • How are you a specialist in the property type?
  • How can you improve the property marketing process to make listings standout?
  • How can you improve the property outcome for your client in a timely way and for a better monetary return?
  • What marketing approaches are you using today that are producing the best levels of inbound enquiry?
  • What is your conversion rate and inspection ratio like from marketing your exclusive listings?

Very specific questions like these will help you build your point of difference for any property presentation.  The good news is that most agents (your competitors) do not do a very good job at being different and unique from a property marketing perspective.  That is an advantage for you to tap into.  Your entire exclusive listing approach can be built around your uniqueness and the successes that creates.

Here are some ideas to help you tap into your property market completely and directly:

  1. Direct Marketing wins more business every time. Connect with your property market and prospects every day directly.  That means talking to ever more people by door knocking local businesses and making lots of cold calls.  Grow your database strategically as part of building your market share of listings, prospects, and business contacts.
  2. Promote Exclusive Listings Directly.  When you have an exclusive listing, take it personally to the property market.  Use the listing as an excuse to talk to a lot of new people.  Ask questions about property needs and opportunities as you do so.
  3. Online Promotions should be a big part of every property marketing campaign. The online approach today for commercial real estate can include the property portals, your blog, article directories, podcasting portals, and business websites.  The key to online success is in your ability to keep up the momentum over time.  Don’t expect big results if you only do something online once; the real momentum starts if you keep doing the right things every day online.  Every exclusive listing should be directly and specifically promoted in a number of online portals and places.  Create 3 different advertising layouts and copy to be featured in every marketing campaign for an exclusive listing.
  4. Social Media feeds can be linked to your blog activities and database records. Keep your social media efforts professional and relevant to the area.  The search engines attach value to location and information.  Your social media posts should be structured in that way.
  5. Success letters can be sent out for every successful sale or lease that you complete. Those letters should be sent to business owners and property owners in the immediate vicinity of the listing.  Invite people to call you and ask questions about the concluded successful transaction.
  6. Signboard Designs should be special. Get away from the generic sale signboard designs that all other agents use.  Every exclusive listing should have a carefully created board of generous size, and the board itself should contain special information targeted to the property buyers that you are looking for.

Are you ready to be relevant and innovative in your local area as a real estate agent?

5 Handy Tips for Attracting More Commercial Real Estate Sales and Leasing Deals

commercial real estate fee negotiation.
Capture the listings and commissions

We all know and expect that to get anywhere in a sales related career you have to work hard.  Commercial real estate brokerage is like that.  Yes, you do have to work hard, however if you have a systematic approach to what you do, things will improve dramatically and in a better way.  In simple terms you can set some rules to the brokerage process.

Here are some tips from our online articles.

Here are some specific facts to help you get your career under control and hence improve your results:

  1. One listing leads to another – If you list quality properties, you will find that the marketing process of one listing will let you talk to many people locally.  You will also have some good enquiry coming towards you.  Carefully capture and nurture the leads and information that you get from all marketing campaigns.  Build your database and client base from all your marketing campaigns.
  2. Directed marketing – When you win a listing it is the start of the marketing process.  Quite a few decisions need to be made about target market and promotional strategies.  Maximum effort can be applied to an exclusive listing; however you do need vendor paid funds to attract volumes of attention in the campaign.  With most property types you will need about 1% of the value of the property to be applied to the marketing campaign.  Spend the money wisely and directly on promotional efforts that are well considered.
  3. Marketing variations – Any one good quality property should be marketed in a few different formats; that includes advertising layout and content.  That then allows you to promote the same property more effectively on different websites and industry portals.  Some brokerages have a professional copywriter overseeing and helping with advertising copy.  Whilst it is an expense to every campaign, it can be justified and the rewards are many.  Add the specialised service of a professional copywriter to your vendor paid marketing budgets.
  4. Refreshing listings – Every 14 days of a marketing campaign, refresh the listing with different photographs and promotional copy.  Include as part of that a modification of price or rent if those factors are published in the campaign.  To do this you will need a client that is conditioned to market conditions and inspection results.  The message here is that a change to marketing will help with enquiries coming back in.
  5. Feedback – When you conduct an inspection or get an enquiry from a qualified prospect, record the results in client feedback form.  At the end of each week you can use the form as a way of updating the client and also conditioning them to the facts of the market.  The good thing here is that the comments given are from other people and not you.  You are just the ‘messenger’.  When handled correctly you can position the client and the property for a shorter time on market and an effective deal negotiation when it starts.

From these things you can see that the property marketing process is one of considerable planning and process.  Every listing should be positioned for real momentum and enquiry opportunity.

Tips for a Persuasive Presentation in Commercial Real Estate Brokerage

2 men looking at laptop computer
Prepare for a persuasive presentation.

In commercial real estate brokerage today, every property and every listing can present unique challenges when it comes to the listing presentation. In every case you will need to understand the property market, the client, and the listing so that you can match your recommendations to the clients required outcomes in selling or leasing the property.

A persuasive presentation is one that addresses the concerns of the client in a proactive and relevant way. To achieve that, here are some recommendations that you can adopt or merge into your commercial real estate sales pitch strategy:

  1. Determine whether the property and the client are correctly matched to the levels of inquiry coming into your brokerage today for that property type. Is the property so unique that it will have limited inbound inquiry? If that is the case, you will need to choose the right method of sale or lease for the best possible outcome. The duration of the exclusive listing will also need to be extended to support the special and diverse marketing process. It is not unusual for unique properties to be on the market for many months and in some cases over 12 months. To devote the right focus to that type of listing, exclusivity is required in such cases.
  2. Prepare and structure your proposal following a complete and comprehensive review of the property and the market place. As part of that, understand the competing properties, the prices and rentals currently being achieved, and the levels of inbound enquiry.
  3. Present your recommendations to the client based on their needs in price, rental, timing, and outcome.
  4. Review the property for any weaknesses that will need to be addressed prior to the commencement of the marketing campaign. In the case of investment properties, make sure that any weaknesses in the tenancy mix or existing lease documentation are addressed prior to commencement of the promotions.
  5. Check out the cash flow from an investment property with due regard for passing income, expenditure management, outgoings, and net income. If the property is to be resold back into the investment market, the checks and balances need to be correct when it comes to investment performance.
  6. Property performance will need to be supported by proof and evidence. You will need to ensure that all the elements of property activity, performance, and structure are available for scrutiny and due diligence.
  7. Talk to the customer at their level of understanding. Lead them through the recommendations required for a property of that type in today’s market conditions. Give reasons for your recommendations and evidence from the local market.

It is not hard to win a listing in today’s market providing you are correctly matching your listing and marketing recommendations to the property, the client, and the local area. Local market knowledge and professional skill will help you complete and convert more commercial real estate listings over time.