When you have a commercial property to take to the market, you can do so with great effect if you follow some simple rules. In today’s podcast, you can learn how to tap into your real estate market with greater effect.
In commercial real estate brokerage, there is a direct correlation between vendor paid marketing and the inbound inquiry you can generate on listings.
NB – Need some ideas? You can get our commercial real estate brokerage course here.
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.
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.
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:
- 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.
- 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.
- 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.
- 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.
Size and quality are the key elements to watch in commercial real estate brokerage. The larger properties in any town or city are likely to be the best targets for new business and property change or churn in commercial real estate brokerage. That is because quality and location will always drive market interest and activity.
The message is? You will get more inspections from a good quality property, and your database of qualified prospects can grow accordingly.
So how do you get all of this property market trending started?
Research all of the local properties and build a target list of the better properties; who owns them and what are the factors of attraction with each of those properties?
Yes, I know that a good degree of research is required to get the right property facts, but if you sit back and wait for people to come to you, then the new listings that you really need will be hard to find.
Have a good look at your database. Can you match your skills into those properties and the relative owners?
Assess those properties for each of the following possibilities to see how you can service the requirements of the quality people that you know:
1. Drill down into an active property type for the location – From historic trending you will see what properties are more active than others. Split your analysis into office, industrial, and retail property. What do you know about each property type? Can you work the segments?
2. Tenancy changes – Some businesses have to move, expand, or contract. They usually consider their occupancy options at the end of financial years, calendar years, and also nearing lease expiry or option. Look at the local business community, and contact all the decision makers in all the larger businesses. I say ‘larger’ because you will typically attract a better quality of client and inquiry from larger corporate clients.
3. Market rent issues and weaknesses – Sometimes the rent in a location or in a building will be too high for a business to survive. In watching occupancy issues, talking to local managers, and door knocking local businesses you will find the people that are thinking about handling a property change.
4. Vacancy factors – Local empty tenancies will impact lease incentives. Either way you can work with tenants and landlords that have vacancy pressures or new leasing requirements. Assess the vacancy factors for your town or city on a monthly basis so you know what is available in space to occupy and what may be coming up in any new property developments.
5. Landlord pressures – Some tenants simply do not get on with the property owner or landlord. That discomfort can be a trigger for relocation.
6. Renovation and redevelopment – Properties that are going through change or getting older will be prime targets for tenant movement. Projections on supply and demand will help you move on the older properties and parcels of vacant land that are ripe for redevelopment action.
The deeper that you look into the property market, the more listings and property opportunities you will find. It’s always the right time of year to look deeper into any property market.
Drive and pitch your own real estate business opportunities through direct marketing. That’s what makes a top agent thrive in any location and economy.