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:
- 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.
- 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.
- 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.
- 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.
- 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.