If you are looking to grow your market share and improve the results for your clients, then you simply must seek and convert vendor paid marketing as part of your business model. It is the best solution for creating inquiry. It is also the best solution for getting results for the clients that you work for.
Lift Enquiry in Better Ways
As the level of property inquiry escalates as part of a dedicated and special promotional program, this is what typically happens:
Your database grows with quality people calling you on the better listings
Better quality listings allow you to speak to active investors and business leaders for the location
Your existing listing stock allows you to talk to other local people.
You get known as a property specialist for the location and that then helps you build listings with other locals
Other local property owners get to notice you as the ‘go to person’ for the location and property type
So these are all good things. Your ability to create vendor paid marketing will help you get started on the road to improved market presence.
So here are some ways to sell the marketing message and the requirement for vendor funds in your listing pitch:
Vary your packages offered – Most clients like to have a choice when presented with property matters and challenges. Give them 3 different approaches to marketing and advertising coverage (also provide the reasons for the different packages). When they have choices, the advertising spend gets a bit easier.
Show the value of a timed campaign – When should the campaign start and why is that the case? You should have answers to those questions and feed those matters into the client presentation.
Focus in on a target marketing – Put your targeted buyers or tenants into your campaign and categorize them for the client. That then makes it easier for the client to see who you are chasing for inspections and how you are going to create their interest.
Differentiate between local area marketing and regional coverage (where the property makes it necessary). There are differences in approach for each market segment, so treat them differently in your marketing.
Split campaign focus into primary and secondary coverage both online and offline – When you have done this, you can stage the campaign into segments and points of focus.
Use a private website portal to help the client see your feedback and results coming in – Make it easy for the client to see the results of recent marketing and inspections. A private portal can easily be merged into your website for the VIP clients and Exclusive listings that you have now and those that you will convert.
Put yourself into the property campaign – Help the client see that you are important to the promotion of the property, because you will be doing certain things that are critical to getting results with both inquiries and inspections.
From these simple and yet specific things, you can drive better levels of property enquiry. Look at your listing processes in commercial real estate now and consider how you can convert vendor paid marketing with each and every presentation that you make; your career will escalate faster if you can resolve the equation.
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.
In commercial real estate brokerage the principles of push and pull marketing are quite special and deliberate. As the broker or the agent working on specialist listings, you need to know exactly how you are pushing people towards your listings and pulling in their interest. Special strategies apply to sales, leasing, and property management. Understand the outcomes that you are trying to achieve to attract sellers, buyers, tenants, and landlords. The marketing coverage is quite special and unique in each case.
Given these facts, you are working with a particular listing and the target audience relative to that listing. On that basis every property and client situation should be carefully considered to attract the results at you seek from a promotional aspect.
You should also consider your own marketing strategies as a professional in the industry. There are many alternatives of promotion today both online and off-line that relate to both individual and listing marketing. Soon you need a promotional plan to address both of these issues.
Here is an audio recording by John Highman explaining the important facts of push and pull marketing as it relates to commercial real estate brokerage today.
Don’t complicate the marketing process in commercial brokerage today. Keep things simple and get out and about locally among the people that matter. Our industry is based on personal contact and professional relevance. If either of those things are lacking in your property business, then you have issues and you will struggle to stand out as a top agent.
Resolve the property challenge comprehensively by and through a process of direct marketing. That’s how things happen in our industry; everything else is just luck and luck doesn’t do much for market share.
Here is a simple and yet effective process of direct marketing for brokers and agents. See how you can modify your business skills using some of these contact ideas:
Find new people each day – the best way to get this started is by using the business telephone book (the online and offline versions). There are thousands of businesses in that list for your town or city that you can call direct. Ideally you just want to know if they have a property challenge or issue where you can help them. Make the calls and talk to the business owners. It’s a simple way of connecting with new people. Some of those business owners will lease the property they are located in, whilst others will own the property. Either way you get to connect with property interested people.
Create discussions – the people that we class as ‘clients’ or ‘prospects’ are typically business savvy, and they are very experienced with direct business conversations. Master the art of the business conversation using local property information as leverage. Facts about sales, leasing, listings, developments, and marketing will always create some form of a discussion. Practice your meeting and call conversations.
Take notes of meetings and conversations – given that you will be contacting lots of people in a location, you will never remember everything that is said to you. Your database has to track conversations and contact processes. Put your marketing processes into and around your database; you cannot delegate that process. Take ownership of your database so your prospect list is up to date and growing each day. Build momentum in direct contact.
Send follow-up material – every quality conversation, be it across the telephone or in a meeting will give you a chance to send out material in follow-up. Choose the right material for the location, and not some generic ‘fluff’ that no one wants. Be specific and be real in the information that you send out.
Use a database pipeline – a contact today is potentially a listing or transaction in the future. Everything depends on what you do with that contact and how you open up the pipeline of information; your database should be at the centre of that contact. Relevant local property information will always help you open doors on business contact so create a regular informational marketing process around email, telephone calls, meetings, and referrals. Consistency and regularity will help you with that.
The promotional marketing process in commercial property doesn’t have to be complex, but it does need to happen. Keep your direct marketing activities local in focus and frequent in momentum. That’s what the top marketers do all the time. Are you up to the promotional challenge?
To do that well you can feed ‘keywords’ into the marketing and editorial content for each and every listing; the internet search engines then pick up on the property more easily. The listing then potentially has a greater search result and consequently ‘hits’ from interested parties.
Be Specific and not Generic
This says that you should not ‘generically’ advertise a property online; be specific and target market relative. Think about the property, the improvements, and the location, and then what the buyers or tenants may use as searching criteria in their property search. Design your property marketing with those factors in mind.
To do something positive with this, take this back a further step. Where are the inquiries and hits coming from with your properties and listings? What are or where are the websites that are taking the inquiry? Usually it is a mixture of the following:
In each of these online sources of activity you can feed into your online marketing strategy.
So What are the Words to Use?
So let’s look at what those keywords could be for your property promotion:
Location – There will be certain suburb names that will be relevant to you and your listing. Those names must be fed into your advertising copy. Some suburbs or streets will be used by inquiring parties. Get those location names into your advertising.
Property improvements – Think about how you can describe the improvements, such as ‘clear span industrial warehouse’ or ‘high exposure retail showroom’. There are many variations you can use here when you really think about things. Be different in your description but be relative to the property and its ‘points of difference’.
Lease or Buy? – Ultimately the property will be offered for sale or lease so those base words should be fed into the property headline, so there is no misunderstanding of what is happening with the property.
Size – Many times you hear of or see a buyer or tenant searching for a property by size and location. So those factors will be essential to your property marketing processes and inquiry generation.
You can use these words in the following ways. Put them into these promotional layouts:
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:
Local market knowledge
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:
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.
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.
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.
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.
As a commercial real estate agent or broker, you can use a blog as a professional and personal marketing strategy. There are plenty of things that you can write about when it comes to your local area, your town or your city.
The blog is something that you can do individually at very low cost. It is also something that you can do in your spare time or perhaps in the evenings when the pressures of the working day are diminished.
As a special note and as part of the blog marketing process in real estate or commercial property, you should not write about particular property listings and clients. Leave that marketing strategy to the brokerage websites and the portals where you can and already do promote existing listings and particular properties.
The blog process is all about providing commentary and information or knowledge. That is why the search engines rank the process so highly when people offer valuable information and insights. As a real estate agent you can do exactly that and hence the blog strategy can help you greatly when it comes to building an online personal profile.
So what would you write about in the blog and why should you do it? Consider the territory in which you work and the specialisation or the property knowledge that you can bring to the market; if you are truly the specialised property agent or broker that you claim to be, there will be plenty of things to write about and information to share. Here are some ideas within those factors to help you get this strategy underway:
Look for the changes in the property market in prices, rents, and future supply. The changes in the property market and the analysis of history will give you plenty of things to write about. You can create simple graphs relating to growth in prices or rentals, shifts in yields, or enquiry rates relating to property types.
If you are a specialist in a particular property type you can talk about the future growth and opportunities that apply within the zones or precincts in your town or city. Property investors will always show an interest in a well-crafted article giving valuable information about recent property trends and predictable changes. As a case in point and as an example, the retail property segment and particularly that of shopping centre performance stands alone as a specialist part of the property market. Within that topic there will be plenty of things to talk about when it comes to tenancy mix, rental strategies, vacancy rates, leasing opportunities, customer requirements, franchise tenants, and shopping trends. I go back to the point that valuable information provided by industry specialists will always be of interest to the players in the property market.
Any upcoming property developments will shift the balance of supply and demand when it comes to particular property types and property occupation. From that new supply of high quality modern space, you will find that the older properties will become redundant and be potentially ripe for redevelopment. Consider the changes that apply within a property type with any new developments coming up and write about them in your blog. Talk about the changes and the investment opportunities or adjustments; look for the strengths that evolve from newer property developments shifting the balance of occupancy and property ownership.
There are plenty of things for you to write about when it comes to the blog and Internet Marketing process. In this way you can build your online presence as an agent or a broker, and show your expert comprehensive property knowledge and experience to the right people in your town or city. A good article written around the facts of the market can also be linked to your property newsletter and your client emails. When something is worth talking about in our industry, it is worth sharing.