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6 Ways to Get Paid for Commercial Real Estate Marketing

In commercial real estate brokerage, there is a direct correlation between vendor paid marketing and the inbound inquiry you can generate on listings.

NB – Need some ideas?  You can get our commercial real estate brokerage course here.

If you are looking to grow your market share and improve the results for your clients, then you simply must seek and convert vendor paid marketing as part of your business model.  It is the best solution for creating inquiry.  It is also the best solution for getting results for the clients that you work for.

 

Lift Enquiry in Better Ways

 

As the level of property inquiry escalates as part of a dedicated and special promotional program, this is what typically happens:

 

  • Your database grows with quality people calling you on the better listings
  • Better quality listings allow you to speak to active investors and business leaders for the location
  • Your existing listing stock allows you to talk to other local people.
  • You get known as a property specialist for the location and that then helps you build listings with other locals
  • Other local property owners get to notice you as the ‘go to person’ for the location and property type

 

So these are all good things.  Your ability to create vendor paid marketing will help you get started on the road to improved market presence.

 

Revisit Your Listing Presentation

 

What you can do here is put VPA into your listing pitch in such a way that it is hard to ignore or avoid.  Most property owners and business leaders want faster results with their property challenge.  Vendor paid marketing allows you to do that.

 

So here are some ways to sell the marketing message and the requirement for vendor funds in your listing pitch:

 

  1. Vary your packages offered – Most clients like to have a choice when presented with property matters and challenges. Give them 3 different approaches to marketing and advertising coverage (also provide the reasons for the different packages).  When they have choices, the advertising spend gets a bit easier.
  2. Show the value of a timed campaign – When should the campaign start and why is that the case? You should have answers to those questions and feed those matters into the client presentation.
  3. Focus in on a target marketing – Put your targeted buyers or tenants into your campaign and categorize them for the client. That then makes it easier for the client to see who you are chasing for inspections and how you are going to create their interest.
  4. Differentiate between local area marketing and regional coverage (where the property makes it necessary). There are differences in approach for each market segment, so treat them differently in your marketing.
  5. Split campaign focus into primary and secondary coverage both online and offline – When you have done this, you can stage the campaign into segments and points of focus.
  6. Use a private website portal to help the client see your feedback and results coming in – Make it easy for the client to see the results of recent marketing and inspections. A private portal can easily be merged into your website for the VIP clients and Exclusive listings that you have now and those that you will convert.
  7. Put yourself into the property campaign – Help the client see that you are important to the promotion of the property, because you will be doing certain things that are critical to getting results with both inquiries and inspections.

 

From these simple and yet specific things, you can drive better levels of property enquiry.  Look at your listing processes in commercial real estate now and consider how you can convert vendor paid marketing with each and every presentation that you make; your career will escalate faster if you can resolve the equation.

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How to Track the Valuable Commercial Real Estate Opportunities

Landmarks

Size and quality are the key elements to watch in commercial real estate brokerage. The larger properties in any town or city are likely to be the best targets for new business and property change or churn in commercial real estate brokerage. That is because quality and location will always drive market interest and activity.

The message is?  You will get more inspections from a good quality property, and your database of qualified prospects can grow accordingly.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

So how do you get all of this property market trending started?

Research all of the local properties and build a target list of the better properties; who owns them and what are the factors of attraction with each of those properties?

Yes, I know that a good degree of research is required to get the right property facts, but if you sit back and wait for people to come to you, then the new listings that you really need will be hard to find.

Have a good look at your database. Can you match your skills into those properties and the relative owners?

The process?

Assess those properties for each of the following possibilities to see how you can service the requirements of the quality people that you know:

1. Drill down into an active property type for the location – From historic trending you will see what properties are more active than others. Split your analysis into office, industrial, and retail property. What do you know about each property type? Can you work the segments?
2. Tenancy changes – Some businesses have to move, expand, or contract. They usually consider their occupancy options at the end of financial years, calendar years, and also nearing lease expiry or option. Look at the local business community, and contact all the decision makers in all the larger businesses. I say ‘larger’ because you will typically attract a better quality of client and inquiry from larger corporate clients.
3. Market rent issues and weaknesses – Sometimes the rent in a location or in a building will be too high for a business to survive. In watching occupancy issues, talking to local managers, and door knocking local businesses you will find the people that are thinking about handling a property change.
4. Vacancy factors – Local empty tenancies will impact lease incentives. Either way you can work with tenants and landlords that have vacancy pressures or new leasing requirements. Assess the vacancy factors for your town or city on a monthly basis so you know what is available in space to occupy and what may be coming up in any new property developments.
5. Landlord pressures – Some tenants simply do not get on with the property owner or landlord. That discomfort can be a trigger for relocation.
6. Renovation and redevelopment – Properties that are going through change or getting older will be prime targets for tenant movement. Projections on supply and demand will help you move on the older properties and parcels of vacant land that are ripe for redevelopment action.

The deeper that you look into the property market, the more listings and property opportunities you will find. It’s always the right time of year to look deeper into any property market.

Drive and pitch your own real estate business opportunities through direct marketing. That’s what makes a top agent thrive in any location and economy.

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How to Plan the Perfect Commercial Property Presentation

man smiling
Prepare your commercial property presentation comprehensively

In commercial real estate brokerage you only have a brief opportunity to grab the attention of a client and help them see why your property presentation is better than anything else that your competition may be recommending.  You have to plan a perfect property presentation.

Let’s take for example a presentation relating to the sale of a prime investment property.  You know that the property will sell and that there will be a lot of interest in and through the marketing campaign.  Your main focus in marketing the property should then be a combination of the following:

  • Getting volumes of enquiry so you can build a real competition for buyers to make offers on the property
  • Convert plenty of inspections so that the momentum of the campaign grows to a critical point of finality as an auction, or close date for offers through a tender situation
  • Pull in all the potential people in the target market

Simple points of focus like these will help you build the perfect property presentation.  When you get the ‘formula’ right, the client cannot fail to listen and carefully consider your ideas in a relevant way.

How Can You Pitch Your Ideas?

So what can you do here to shape and promote your presentation ideas?  In the case of an investment property for sale the following strategies really work:

  1. Restate the client’s situation – Tell the client what you understand to be their position and their targets. This first stage of the presentation will ensure that the client can see that you understand their timing, and the property challenge.
  2. Explain how you see the property – When you explain the property in detail (including the improvements), you show the client that you really comprehend all the aspects of the sale situation that really matter.
  3. Pick the advantages and strengths of the asset – Give the clear strengths as feature points that you can build on in any inspection. Tell the client how you will move people through the property and why that will be done.
  4. Show time frames and stages – When you take the entire sales process into account you can split up the marketing and inspection process into critical stages. From that you can create a timeline.  A timeline is a great ‘visual approach’ to getting the client to understand your property ideas and recommendations.
  5. Answer the difficult questions – The client will have certain problems and issues that they think could impact the sale or the price. You can identify those issues in the earlier stages of the client contact, and then address those concerns in your property listing pitch.

In essence, these simple ideas are very effective in helping you gain the attention of the client to the potential of you marketing their property.

You can get more presentation and sales pitch ideas for commercial real estate brokers in our eCourse here.

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Leverage Factors in Commercial Real Estate Brokerage

hi rise office building.
Look for leverage in every property listed

 

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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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Exclusive Listing Strategies in Commercial Real Estate Brokerage

man standing out front of commercial office building.
Focus on Exclusive listings in Commercial real estate brokerage.

In commercial real estate and brokerage, the exclusive listings that you convert and create will help you build market share.  Open listings are generally a waste of time and any results that you get from the open listing process will be a process of luck more than anything else.

In some markets and with some agents, it is common to hear that the open listing process is the only way to build listing stock.  The problem is quite common when it comes to industrial property and with the newer brokerages or agents.  Those agents are quite generic in quality of service and marketing activity.  They have no point of difference to help their listing process and marketing plan.

Your conversions to exclusive listings will elevate when you are working as a property specialist, and are regarded as the local expert to solve the client’s property problem.  It is very difficult for a client or a prospect to walk away from or ignore the services of a top agent.

Generic agents take on open listings just to get the stock; specialized agents take on exclusive listings only.  If you want to improve your market share, you will need to practice your processes when it comes to pitching for an exclusive listing.  You will need more exclusive listings.

To improve your conversions for exclusive listings, here are some ideas:

  1. To convert more of these listings, you do need to feed your contact pipeline with a systematic prospecting process.  Every day connect with new people that you have not spoken to before.  Over time, repeating the connection process with the same people will allow you to convert more meetings and make more presentations.  On average, it takes about three or four telephone calls to get a meeting with some property owners and property investors.  Establish your call contact system, and implement it every day so that your pipeline of opportunity is growing.
  2. There are two reasons why you will get an exclusive listing.  The first will be that you are regarded as an expert in the local area, and the second will be that you are regarded as a marketing specialist.  It directly follows that you will need to build your brand and prospect model accordingly.  Every pitch and proposal that you make should be structured with those two issues in mind.
  3. A good quality property will always create more enquiries from your marketing efforts.  Top agents will usually focus on the best properties and the best clients.  Those top agents walk away from poor quality listings, open listings, and unrealistic clients.  Protect your time and your agency procedures as part of that process.  Don’t take on a listing that you regard as unnecessarily difficult and unrealistically priced.

As mentioned earlier, the exclusive listing process will help take you to the top of your market with a commanding market share.  Practice your pitch and your proposals accordingly.  Role-play your presentations in each sales meeting so that both you and the team can provide special services and solutions for the clients that you serve.

You can get more tips like this in our Newsletter for Agents and Brokers.