In commercial real estate brokerage the principles of push and pull marketing are quite special and deliberate. As the broker or the agent working on specialist listings, you need to know exactly how you are pushing people towards your listings and pulling in their interest. Special strategies apply to sales, leasing, and property management. Understand the outcomes that you are trying to achieve to attract sellers, buyers, tenants, and landlords. The marketing coverage is quite special and unique in each case.
Given these facts, you are working with a particular listing and the target audience relative to that listing. On that basis every property and client situation should be carefully considered to attract the results at you seek from a promotional aspect.
You should also consider your own marketing strategies as a professional in the industry. There are many alternatives of promotion today both online and off-line that relate to both individual and listing marketing. Soon you need a promotional plan to address both of these issues.
Here is an audio recording by John Highman explaining the important facts of push and pull marketing as it relates to commercial real estate brokerage today.
Don’t complicate the marketing process in commercial brokerage today. Keep things simple and get out and about locally among the people that matter. Our industry is based on personal contact and professional relevance. If either of those things are lacking in your property business, then you have issues and you will struggle to stand out as a top agent.
Resolve the property challenge comprehensively by and through a process of direct marketing. That’s how things happen in our industry; everything else is just luck and luck doesn’t do much for market share.
Here is a simple and yet effective process of direct marketing for brokers and agents. See how you can modify your business skills using some of these contact ideas:
Find new people each day – the best way to get this started is by using the business telephone book (the online and offline versions). There are thousands of businesses in that list for your town or city that you can call direct. Ideally you just want to know if they have a property challenge or issue where you can help them. Make the calls and talk to the business owners. It’s a simple way of connecting with new people. Some of those business owners will lease the property they are located in, whilst others will own the property. Either way you get to connect with property interested people.
Create discussions – the people that we class as ‘clients’ or ‘prospects’ are typically business savvy, and they are very experienced with direct business conversations. Master the art of the business conversation using local property information as leverage. Facts about sales, leasing, listings, developments, and marketing will always create some form of a discussion. Practice your meeting and call conversations.
Take notes of meetings and conversations – given that you will be contacting lots of people in a location, you will never remember everything that is said to you. Your database has to track conversations and contact processes. Put your marketing processes into and around your database; you cannot delegate that process. Take ownership of your database so your prospect list is up to date and growing each day. Build momentum in direct contact.
Send follow-up material – every quality conversation, be it across the telephone or in a meeting will give you a chance to send out material in follow-up. Choose the right material for the location, and not some generic ‘fluff’ that no one wants. Be specific and be real in the information that you send out.
Use a database pipeline – a contact today is potentially a listing or transaction in the future. Everything depends on what you do with that contact and how you open up the pipeline of information; your database should be at the centre of that contact. Relevant local property information will always help you open doors on business contact so create a regular informational marketing process around email, telephone calls, meetings, and referrals. Consistency and regularity will help you with that.
The promotional marketing process in commercial property doesn’t have to be complex, but it does need to happen. Keep your direct marketing activities local in focus and frequent in momentum. That’s what the top marketers do all the time. Are you up to the promotional challenge?
When it comes to promoting a commercial property for sale or lease, try to put some suspense and anticipation into the property campaign. Get away from ‘generically’ marketing, and be very specific in your promotional efforts.
Know the Property
Look at the property for what it is and the strengths that the property provides over time for the buyers or tenants. Understand the target market for each exclusive listing so that you can really tap into creative marketing processes that pull in the right segments of people.
Ultimately you want a reasonable level of property enquiry with every exclusive listing; from that you will create inspections and lots of them. How can you do that? In simple terms you look at your property and build the marketing campaign or plan using relevant promotional leverage. You then implement that promotional plan.
Your Promotional Plan
Here are some ideas to help with promoting your next high quality listing:
Give your property a name or identity – If there is some history about the property or the location, you can use that information as a point of leverage and branding in your advertising copy. People relate to a story. The history of the property is likely to have a few stories that you can use in your headlines, feature points, and editorials.
Set the time for the campaign – Start the property promotion at the right time of year or month. Seasonal holidays and business cycles all put pressures into property promotion. You want the right people to see the advertised property so start the campaign at the right time of month and on the right days of the week. The campaign can be ‘rolled out’ in a staged way using ‘early release’ information, and then primary promotion coverage.
Use the right media channels – When you really understand your target market you can choose the best media channels to tap into your segments of buyers or tenants as the case may be.
Personal involvement – Put yourself into the staging of the property promotion. Tell the client what you will do personally to get the message about the property to the right people. Most top agents win more property listings because of the promise and strategy they offer in personal involvement. In exchange for that personal involvement you should insist on exclusivity with your listings for a reasonable period of time.