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.
Its the time of year where we can still create some real momentum in the property market. There is still some 2 months of opportunity and transactions to be sourced. As you focus on that idea, understand and remember that how you work through the next 2 months will impact the way in which you start 2015. 🙂
I have put 4 audio programs in this recording below. All different topics, but all very relevant to what we should be doing in the property market today.
Here are the topics:
The 3 common mistakes that most agents make, and how to avoid the problems.
Why you should think about your ‘opening statements’ as you work with new clients and prospects.
How to work more productively with property investors this year.
How to go about routing inspections in commercial property management and why the process is really important to the ways in which you help your landlord clients.
These are all parts of the eCourse ‘Snapshot’. You can get more of those eCourse ideas and templates by joining up right here.
In this podcast I thought I should spend some time focusing on Commercial Real Estate Leasing. That is for a number of reasons, the most important of which is that property leasing introduces you to the landlords and property owners who will eventually need more help in the future with things like sales and property management. In other words a simple lease transaction can lead to other things.
I have split the audio program up into a number of segments. The summaries of the program are below:
Why you should not let your tenants get out of control – in any property containing a group of tenants, the communication and control process is very important. Tenants talk to other tenants and that can be a problem if issues exist in the building. So this is all about those buildings with multiple occupants and how to connect with them.
How you can be a commercial real estate leasing expert – you can do so much with your leasing knowledge. You can establish tenant advocacy services, landlord leasing services, tenant mix advice, and basis brokerage leasing. What sections of the leasing market can you see reasonable leverage and commission activity evolving from? This part of the audio program will help you with ideas.
How to work with franchise tenants and why that is a good idea – the franchise section of the commercial property market today is forever evolving and growing. If you connect regularly with local franchise groups you can help them with property selection choices and any required relocation’s. Get to know a few franchise tenants locally and come to understand what they need by way of property and when that is likely to occur.
Some simple ideas for qualifying industrial property tenants – the industrial part of the property market is generally the first to respond in an upturn and also a downturn. That being said it is a reasonably uncomplicated part of the industry. Get to know a number of industrial tenants and businesses locally; see if you can help them with current and future property needs.
These are parts of the audio podcast by John Highman. You can listen to the audio below.
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.
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