In commercial real estate brokerage, there is a direct correlation between vendor paid marketing and the inbound inquiry you can generate on listings.
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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.
Revisit Your Listing Presentation
What you can do here is put VPA into your listing pitch in such a way that it is hard to ignore or avoid. Most property owners and business leaders want faster results with their property challenge. Vendor paid marketing allows you to do that.
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.