There are always plenty of competitors chasing the same clients in the same properties in a location, and particularly within your territory. For that very reason, you do need to have some definite and deliberate winning based strategies to help you grow your market share over time.
Understand the variables of your real estate business, and particularly so for the location. Look at what can and will happen over the foreseeable future with the following categories of new business and property activity:
The supply and the demand for property within your location will always change, and you need to adjust to that over time. Look at the indicators and adjust your prospecting and marketing efforts accordingly.
In this audio program, John Highman talks about the important skills of attitude and activity as part of winning new business in commercial property today. Learn the special skills to develop a winning attitude as a broker or an agent.
In commercial real estate today the top agents for a location are recognised as the industry specialists and local authorities in both sales and leasing when it comes to particular property types. Those top agents provide exceptional value for the clients that they serve. It is a deliberate marketing position on their part. How would you compare on this assessment?
Fact and Not Experiment
Real estate marketing today in both sales and leasing is not an experiment. It is a deliberate and definite process of investigation and research to attract targeted inquiry and achieve the best possible outcomes in either property price or rental. Time on market also has something to do with the results achieved.
So these three things all come together here, and those things are part of preparing for promotion of the property. An agent of authority knows how to achieve results.
So how can you show that you are the complete authority and property specialist? What can you do to lift your profile above that of your competitors? The simple answer is that you should develop some definite local area marketing strategies and build your profile at each and every opportunity in a professional way.
Here are some ideas to help you establish a real authority status as the top agent for your location:
Administration – Make it easy for your clients to move through their property challenge. The communication and administrative processes for the client should be crafted with that in mind. Some clients have little or no understanding of just what happens in the sale or leasing process. They are under stress, and you can help resolve that. Make it simple and keep them on track in the sale or leasing process.
Track record – When you achieve a result in a sale or lease situation, tell the local area and the people in it about the results achieved. Do that with case studies, emails, social media, and editorials. You can also publish articles on the article directories of interesting topics for a location.
Market share – Be seen as the agent of specialization for the location. Work in a zone and with certain property types; that precinct focus will help you with boosting personal branding and marketing. The agents that win the majority of the listings are those that can show that they dominate market share.
Established presence – Your coverage of both online and offline marketing will help you with your market presence. How can you do the promotional things with care and consideration? Focus on signboards for exclusive listings, and also online adverts of a dominance for a location. Be seen in the market place.
Are you ready to show the people of the property market that you are the best professional solution? Use these ideas to do just that.
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.
Build some sales magnetism in commercial property. Here are the rules to help with this idea:
Your listing will be location based. When the property comes to the market, get into the location and talk to lots of local people. Tell them about the new listing, why it could be important to them, and how you can help with more information.
Target market your properties. Every listing can be taken to certain business owners, investors, and industry professionals. Make this a special part of your client services. Define the target market as you pitch for the listing, and then comprehensively connect with the target market through the campaign.
The people that inspect your property listings should be comprehensively qualified so you can show them other things as they come to market. It is interesting to remember that the best listings create the best leads and prospect inquiry. If you lift your listing focus for that very reason, you will find that your database will grow faster and with higher conversion factors.
Choose the best method of sale and particularly use the exclusive listing process. When you look at any subject property, the methods of sale that you use should be high on inquiry generation and inspection creation. Do you know what types of campaigns and methods of sale are better than others currently?
Help your clients succeed. A successful outcome for your clients could be a higher price or rent, a shorter time on market, or a timely sale that fits into their business activities and investment plans.
When you seriously think about these things, you will soon understand that most agents and brokers are very ordinary. They don’t do much with the listings that they win. What a mistake! They list, advertise, then hope for a result. That is the generic marketing approach; it doesn’t do anything for your brokerage profile or client base.
Every commercial real estate agent or broker needs plenty of listings in an ongoing way if they are to grow their market share locally, and command a reasonable result from a commission perspective. They need to identify the right clients, the quality properties, and the future business opportunities.
In simple terms every agent or broker should be tuned to the issues within the property market locally so that new listings can be created in the right way at the right time. Every agent or broker should develop a specific process for finding and creating new listings.
Its Mainly Local
I put an emphasis here on the local property market, and that is specifically because most listings and most transactions will come from the local area in any town or city. You really do need to know the local people interested in commercial real estate, the property types, and the locations comprehensively. A comprehensive awareness of the local property market will help you find the listings and the opportunities.
As a special note here, it is worth mentioning that exclusivity is critical when it comes to the listing creation process. You simply have to convert to listings exclusively if you want to control your market and convert more transactions. If you are struggling with exclusive listing conversion now, then revisit your professional services, your listing pitch, and your client contact methods. Look the ways in which you can become more relevant to the local property market and the people within it.
6 Ways to Create More Listings Faster
Here are some specific ideas to help you create more listings from your location and within the commercial real estate marketplace:
Concentrate into a zone or zones – look at your location to identify the best zones and the best precincts where property churn and activity can be sustained for the long term. Look at where the businesses want to locate and the investors want to purchase property. Those particular precincts will be the areas where you should be focusing your attention and your prospecting processes.
Repeat the contact process – it takes time to tap into the quality clients and property owners locally. They need to trust you as the industry specialist that they need. It may take many weeks, months, or years for that person to move to the next level of property activity. At that time, they need to remember you and trust you as the person to take their property challenge to finality. On that basis you really do need to repeat the contact process with all of the people in your database in a regular and ongoing way. You need to be relevant and special when it comes to commercial real estate for your town or city. You need to be better than your competition in every way possible.
Specialize – take the time and the effort to specialize your real estate services within one or two property types within a limited or finite location. Make sure that there is enough business within that location for you to generate a reasonable income over the coming years ahead. There is no point in specializing within a property type that has limited interest and churn from the marketplace.
Recognise VIP’s – some clients will be unique and special. The same observation can be made with prospects and industry professionals. Segment your ordinary clients and prospects differently from the VIPs that are in your marketplace. Treat the VIPs differently as they can provide you with extra business and repeat business throughout the year. Define a VIP client for your location by type and by category. That will then help you when it comes to your prospecting activity.
Use multiple marketing processes – there are many different ways to market your services and on that basis you should be using the marketing processes that are effective and direct. Monitor the results you get from the local area marketing. Understand the differences and the opportunities to be obtained through marketing in social media, newspapers, direct mail, cold calling, industry portals, and websites. Mix and match your marketing activities to the channels that work for you, and most particularly those marketing channels that produce plenty of inbound inquiry. If the telephone is not ringing for you today with fresh new inquiry, then you have an issue both with your listings, your market share, and your marketing processes.
Make your messages memorable – as you connect with new people locally, do so in a way that helps them remember you as the industry specialist. When you again approach them to talk about property matters, that industry specialist relevance will help make the relationship more valuable overtime and strengthen the opportunities that may arise. A simple telephone call can be followed up with a letter or business card. A simple meeting can be followed up with a letter or some other form of relevant industry information. In making your messages memorable, you can build a level of trust and professionalism as the local commercial real estate broker. That is exactly the image you require in growing your professional profile.
As logical as these six processes may seem in creating new business for commercial real estate brokerage, many if not most agents do not develop the six strategies specifically and sufficiently. That then leaves plenty of new business on the table for the astute agent or broker to identify and nurture.
Our business is one of specialty, trust, and service; remember those facts as you strive to improve your market share and client relevance over time.
It is one thing to say that you are the best local property agent; it is another to prove it. There are far too many ‘ordinary’ agents out there, and clients can easily get confused as they try and solve their property challenge.
The clients in the property market today want the best agent or broker for the job, and that person has to commit to the listing and marketing processes. It’s not ‘rocket science’, if you know what I mean?
Ordinary agents take far too many ‘open listings’; top agents on the other hand convert ‘exclusive listings’ most of the time and then get a sale or a lease result.
Top Agents are Different
Top agents are special to the clients that they serve, and they get to that point of local area achievement through just two things; relevance and coverage. When they prove that to the client, they generally win the listing.
Listing conversion today is not about providing commission discounts, and free marketing. At the top of the property issue the client wants a result in a timely way, and most quality clients understand that discounts do not create the best results.
Provide the Bare Facts
Our industry is not an ‘experiment in marketing’; it is a skillful and deep specialized process. Are you up to the challenge? Can you sell yourself to the client as the ‘best agent for the job’?
Let’s be specific here. Show the client that you are the right person to help them today by answering these questions in the listing or presentation pitch:
How to find the right buyers for the listing?
How to find the right tenants for the property?
How to market a listing comprehensively?
How to get the best price?
How to get the best rent?
What are the other listings on the market?
Who is looking for a property now or soon?
What is the best time to sell or lease?
When should the listing be activated on the market?
Who is on the ‘short list’ to be shown the property immediately?
These are very special questions. They take deliberate study and dialogue with the client as part of the listing presentation. You cannot ‘fudge’ a listing conversion with this information.
In commercial real estate brokerage today, you will always be on the lookout for new listings and new clients. One strategy to consider that is well proven and successful is that of marketing your services around general location of other agent’s boards. The strategy is quite simple and yet effective.
So how does this work? When another agent or broker places a signboard on a property within your territory or location, you can approach the other property owners and business proprietors in the immediate location and particularly with the adjoining properties. They may like to compete with that new listing nearby. You can be the person to help them.
The logic works
This listing and prospecting strategy is based on the logic and premise that one listing will create local area interest and churn. You can help with that; you can provide solid reasons for property owners that the strategy would work locally for different property types. Build your marketing strategy around that.
Other property owners in the area may consider competing with the other brokerage competition and their listing. Other business owners in the area may consider taking property action as part of the other local listing. Market yourself into the location based on those two assumed situations; you will find leads and changes in that way.
Factor of attraction
You could say that this is potentially a real factor of attraction when it comes to new business generation. When you understand the process and how it works, you can attract your new business opportunities from in and around the activities of other agents through your listing territory and city. Use their listings to find more property churn nearby.
To establish the system of your business conversion and listing attraction, you will need to track all of the new listings with your competitors as they come to market. As soon as they place a signboard on a property, you then canvass the street and the location personally.
Assess the local area
Given that there are plenty of signboards within your location, you can use these signboards as points of leverage to get started and to attract other listings from the location. There are some rules to make this work:
Get personally involved – When another agent places a signboard in a street or on a particular building, get into the location and meet with the local business owners. Also separately and directly approach the property owners in each case; this will require a degree of research so be prepared to put in the effort. Talk to local people about how you can help them with their property needs at the same time as the other listing may be on the market. One property listing will create local property interest; you can market your services on the property churn. The extra new listing that you can create in the location can be positioned competitively and keenly for alternative property marketing. Your listing can compete competitively with other listings in the immediate location. Your listing presentation and service pitch should be structured accordingly, and that is to build on the momentum of the other listings. Explain to your clients and prospects how your marketing process will integrate into the area whilst providing leverage and greater value to the target market with price, rental, or improvements.
Demand exclusivity – To make this work consistently, you will need to convert your listings exclusively. There is no point in focusing your efforts on listing marketing and local area coverage unless you have exclusivity. Many agents and brokers struggle with this concept and can’t sell their services ‘exclusively’; exclusivity is the only way to dominate market share as a relevant and important agent for the location. When you have an exclusive listing, you can drive new business using unique and special marketing processes.
Focus on quality – A good listing will help you stand out as the agent of choice for the targeted segment and the location or territory. A quality listing should be comprehensively marketed locally at a personal level, and then comprehensively both online, and offline. The marketing process and the campaign that you create will involve vendor paid marketing funds. Given all of these facts, your listing pitch needs to incorporate the base strategy of exclusivity and vendor paid marketing, giving the client plenty of reasons why that will be so important to their achieved price and time on market.
Target marketing – With every listing that you pitch for focus on the target market and help the client see that factor as being critical to the momentum they require. Show the client exactly where that target market will be located and how you will tap into that category effectively and directly. When the client can see that you totally understand the target market and how to tap into it, your listing conversions will be easier to achieve.
So you can now see why you should have some quite specific prospecting and listing strategies that you can improve on and develop over time. Show the local area why you are the agent of choice, doing that through relevant and real marketing for the location and the target audience.
Walk away when you have to
As a final point here, be prepared to walk away from listings and clients where the ‘package of property’ seems unrealistic and unmatched to prevailing ‘market’ conditions. Your time is precious, so only take on the clients and properties that offer potential.