If you haven’t worked it out yet, online marketing is taking over commercial real estate advertising and property promotion. Every year there are new things to do and learn as part of property promotion in both sales and leasing. It is regrettable that many agents and brokers just do the ‘ordinary stuff’ in commercial real estate marketing. They don’t ‘step out of the box’ when it comes to property promotion.
If you want to rise to the top of your local property market, you will have to get your property marketing under control and drive it comprehensively online. Only you can do that. A system of marketing is required. Have you got one now?
Here is a challenge for you. Factor up your online marketing and drive a solid marketing strategy online with all your exclusive listings (open listings really don’t deserve the extra effort). Penetrate your online marketing activities across your location and property specialty. Here are some specifics to help you with that:
Frequency – The search engines love ‘frequency’ and that means doing something every day online. The thing or things that you do must be tuned to specific keywords relevant to your location and your property type. Put your name behind and into everything that you do online. You are part of the promotion, so remember that key element and make it work for you.
Blog – Every agent and broker should have a property blog that they professionally write and service. Each day that agent should be posting something about their location or property activity. Make it interesting and put some good facts into your blogging activity; talk about your town or city, and how property facts are changing and shaping. You have plenty to talk about when you really think about things.
Branding – Your branding online may be something to do with your brokerage, but you should also be promoting yourself online. People do business with those agents that they remember and trust. Your branding and personal marketing has to position you in that way. It’s a personal thing.
Images – Always use good quality images to pull in the eye and interest of the reader. Take plenty of photographs locally and keep them for placement in your blog and or articles online. A good image will help your brokerage brand. First class marketing solutions always include excellent quality images.
Advertising Copy – You can get quite good at writing advertising copy and property editorials. There are some good books available that provide marketing ideas to attract readers, words that sell, and phrases that sell. Get away from the ‘ordinary stuff’ in your property advertising online. Use words and phrases that pull in the reader’s interest.
Headline – A good headline is 50% of the equation in pulling in the reader to any property article or advertisement. Look at how newspapers and magazines use headlines in this way. You can get plenty of ideas from those sources to help you with headlines.
Keywords – You are a broker or agent working in a location and with a property type(s). From those 2 factors you can use specific keywords in all of your marketing and articles online. Search engines look for keywords when matching property inquiry to search results.
Social media – I have deliberately put social media last on the list. That is because you should not start your social media activities in commercial real estate unless you have all the other issues underway and under control. You can link all of your social media efforts back to your articles, blogs, listings, and noteworthy helpful hints.
From these ideas you can now see how you can and should build your online marketing presence as a commercial real estate agent or broker. When you do that comprehensively you can penetrate your property market online and put your personal brand forward as the ‘agent of choice’ for the location. This is not a random process; it is very specific.
In a commercial real estate team, you cannot have negativity in any way or form. Individual agents performing poorly can easily influence the activities of others simply through sharing their negativity in the office and during sales meetings.
If this is a problem for you, the particular team member will need to be personally managed and redirected to solve their listings slump or commission problem. If the problem cannot be solved quickly, the person should be removed from the team.
It is a fact that most under-performing agents in any property market will have created the problem for themselves through lack of planning, a lack of action and poor focus. Training and skill development can help redirect those agents back to the important tasks and industry standards to build the business. That being said, any agent or broker with a negative attitude needs to be willing to learn and improve under the pressures of poor performance. That is where the leadership skills of the sales manager or team leader become very relevant.
Here are some good ways to control and remove negativity within the real estate agency team:
Whilst the property market will have variations of enquiry and seasonal change, there will be listings to attract, properties to market, and deals to negotiate. The attitude of the team and the actions of individual people within the team should be encouraged and promoted to a high level. You can do that through regular role playing, team meetings, and industry updates. Every sales meeting should be a positive event encouraging feedback from every team members and discussing market opportunity; high performing team members can be encouraged to share their experiences with others. The story of success goes a long way towards building ideas and momentum across the team.
Agents and brokers that are struggling with any part of their business may need to work with high performing agents for a period of time to experience and see the successful ways of working in the industry. Whilst every top agent or broker will do things differently, it is the advantage of a personal system that takes them forward; their system takes them into the opportunities of the property market in sales, leasing, and property management.
Every broker or agent should have a specific business plan relating to personal performance, territory management, prospecting, and new business focus. The plan should set the momentum for the financial year and be tracked on a monthly basis. It is unfortunately common to see agents create their plan for the year and then forget about the document and its application from that point onwards. Top performing agents structure a plan based on their skills, the property market, the location, and the identified opportunities of the property segment. In the case of top agents, that plan will be formulated prior to the beginning of the financial year and will be pursued vigorously each week and each month through the year. Adjustments will be made by the agent when necessary to ensure that growth of listings and commissions occur efficiently and directly in any property market.
On a weekly basis, every agent and broker should be tracking their results when it comes to essential activities such as cold call prospecting, meetings, listings, negotiations, and commissions. The best way for them to track the results will be through a chart or graphing process. That information can then be shared with the team leader, and on that basis by compared across the team. The team leader can then see areas of poor performance in agents that are struggling with certain segments of property activity. In identifying problems early, it is easy for the team leader to provide the necessary guidance and professional training. For
So the message here is that any negativity can be removed from a commercial real estate brokerage team through direct action and close monitoring. The skills of the team leader will have a lot to do with the results achieved.
As an agent or a broker in commercial real estate today, the current events in the market will be sources of substantial leverage and opportunity when it comes to a future sale or a lease situation. You can also find plenty of property management opportunities within a sales or leasing transaction.
The message here is quite clear for the astute agent or broker. Look for the opportunities within the market based on industry trends and business churn.
The property market moves in cycles and in the case of commercial property it is the local business or economic cycle that impacts the decisions of property investors, business owners, and tenants. What you can do here is built leverage and action from certain activities in your market. Here are some ideas to help:
Inquiries – Any property inquiry coming in to your office from the marketing of listings will allow you to create a conversation, qualify the party, and potentially find out about their new property needs and changes. Understand the motivation of the person making the inquiry, and the timing of their decisions. It is likely that they will be talking to other agents locally, so be prepared for quoting other properties where appropriate that may suit their inquiry.
Quality listings – When you focus on quality listings you will generally have many more direct inquiries coming in to you from each marketing process. Understand what the factors of attraction are when it comes to tenants and buyers today. Fully qualify the people that you talk to and then itemize or short list property requirements. You will soon know how to package a listing and find the right properties for today’s market.
Inspections – Every property inspection allows you to connect completely and thoroughly with a potential tenant or property buyer. If the subject property inspected doesn’t suit the inquiring party, add some other property inspections to the list. Most buyers and tenants will purchase or lease property from within the local area. That is because they understand the location, the values, the rentals, and the opportunity. Track your inspection activities within your database. Keep in contact with inspecting parties for the long term.
Methods of sale or lease – There are differences in the market when it comes to the successful methods of sale or the methods of lease. Understand the factors that work in your local area with buyers or tenants as the case may be. A timed method of sale such as an auction can put some urgency in the property decision process. A quality listing taken to the market through the auction process will usually create a lot of interest. From one auction marketing campaign you can create a substantial database of qualified buyers.
Offers – An offer to purchase or lease may or may not be successful in today’s property market; a lot depends on the client you are working for and their impressions of the prevailing market conditions. Understand the offer limitations and the negotiation objectives of the people that you are working with; negotiation skills will help you in this process. You can quote other properties to those people that may have been unsuccessful in any property offer.
Referrals – From any successful listing, be it in sales or leasing, you will find further new business in asking for a referral. Be prepared to ask the right referral questions at the right time; understand that most business people and investment property owners have relationships with others that can lead to more opportunity.
So the message here is quite clear and most particularly that simple issues and events in commercial property today can give you some leverage and lead to other opportunities in new business over time. Be prepared to work with the right people and see the opportunities.
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.
A career in commercial real estate does not need to be complicated but it does need to be focused. Above everything else that you do in the industry, one thing will stand ‘head and shoulders’ above everything else as a success factor.
Exactly what is it that will help you convert more listings and commissions?
The answer to the question is quite simple; it is the number of people that you know at a personal level who are the relevant players in the property industry in your town or city.
That is the most important factor to incorporate in your marketing efforts and professional promotions. Get to know the right people in a comprehensive way.
If you are looking to build your career as a commercial real estate agent, or perhaps you are looking to improve your market share, take a serious look at your database and the depth of relevance you have created with every prospect and client. Those people need to know you as the best agent locally for the property type and the location.
In keeping your real estate career simple and direct, as well as successful, look at your database and the communication processes associated with it. Here are some ideas to help with that:
Over time you will find that some people or clients will fall away from the property industry and become less interested in buying, leasing, or selling. For this very reason you do need to top up your database continually with new people and fresh contacts. That is then a prospecting strategy.
You will find that many people will take months if not years to take the next step in property activity. For that reason your database should be structured around a pipeline process and a staged level of contact. Every 60 to 90 days you should be connecting with the best people within the database in a relevant and real way. That will help you build a professional profile as a top agent and industry professional.
As in any other professional sales career, your communication and negotiation skills will be critical to the outcomes you achieve. Practicing those two skills will help you improve conversions from listings, inspections, and negotiations. Develop a practicing process that you can merge into your weekly or daily diary; role plays are valuable to help with the challenges of the property market as they apply to your industry type and location. Keep practicing the challenges that you see every day and develop real responses that you can give to solving the problems your clients may have.
It is quite clear from this simple strategy that you do need to know a lot of people in your local area. Those people should be recognized prospects or clients that are acting or will act on a property investment situation now or in the future.
Take a simple and direct look at your database processes. Understand how you are finding new people and connecting with them over time. Improve your client and prospect connections at every opportunity and practice your professional communication skills to suit the challenges of today’s property market.
A retail shopping centre is a unique property type and there are a few things to look at and understand if you are to take a retail property to the market in sales, leasing, or project activity. Each of these three retail categories will give you trends to capture and monitor as part of your […]
When you manage and or lease a shopping centre, the vacancies in shop leasing can be a real drag on shopping centre performance and retail sales, particularly so over time. It takes time to boost shopping centre performance, and similarly so to remove leasing and tenant mix problems. Any current or upcoming shop vacancy in […]
So, the equation to retail and shopping centre property performance goes a bit like this…. Strengthen the tenant mix so that all the demands of the customer base are encouraged and served with a variety of goods and services Attract customers to return to the property frequently for all of their retail shopping needs […]
Every broker or agent should have a sales plan in brokerage. That plan will give momentum and focus to listing growth and client contact. In this video today, we share some specific ideas behind creating a successful sale plan in your career. Something that you can build momentum around. Here is the video:
In today’s commercial real estate podcast we share some ideas across some very practical and useful strategies in sales and leasing. If you are wanting to boost your results as an agent or broker, there are plenty of things in today’s program that you can do locally in your town or city. There are five […]