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The Golden Rules of Commercial Real Estate Listing Promotions

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I like to think that every property taken to the market for sale or lease is handled with a direct and deliberate strategy; that is my rule and process, and that is why I will not take on open listings.  As busy as we can be in commercial real estate brokerage, the promotional strategies that we adopt are unique.

 

Every listing deserves the ‘deliberate’ approach to marketing and engagement with potential buyers or tenants.  When you focus on the quality side of our business, you can achieve more results over time.

 

When you look at your average working week, where are the priorities?  There should be only three or four things that you do every day, and those things should take precedence in your business activities.  Sure, other things will have to be done, but the four main things will always take precedent.

 

 

Marketing Rules for Enquiry Attraction

 

So, the marketing process can be refined back to simple rules.  Here are some of those rules that I like to work to:

 

  1. Set a clear target market that applies to the listing.  Where can you tap into that target market?  How can you tune the marketing campaign to reach that group of targeted people?  When you know those answers you can drill down on the campaign timing and media channels to be used.  There are always different and better ways for us to do things.  The clients that we serve like to hear fresh ideas and strategies; that is how you win more listings over time.
  2. Use some different approaches to your promotional processes.  The owner of the property can likely share some stories with you about the property and the location that would be valuable in your editorials and articles about the listings.  A story makes a property more interesting.  Historic properties are also valuable to helping you build a local profile that is different and perhaps specialized.
  3. Build a matrix of marketing that can change and adjust every few weeks.  It takes about three weeks for the first level of marketing to be assessed; from that assessment, you can modify adverts, media choices, and photography.  Every website advert for each listing can be slightly different in layout or property facts.  That then builds the attraction factor for better property inquiry.
  4. Knowing the value of inbound inquiry, look at your listing groups so you can feed inquiry across the locations and the property types in positive ways.  One inquiry can be directed to several properties and inspections.  Do more with your inquiries.  Track your inquiries so you know what is working for you with inbound property inquiry.

 

Take every property to the market with deliberate promotional strategies.  Build some momentum with your listing activity and target marketing.

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Essential Listing Strategies in Commercial Real Estate

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Some listings in commercial real estate are quite slow to attract enquiry and move to the next level of an offer or negotiation.  That is where our creative professionalism is so important for the clients that we serve.

 

Sometimes, you will find that the listing will stay on the listing books for too long.  In such situations, it is necessary to try for a listing extension.  Your skills in client communication at that time will be fully tested as you ask for more time.  The client must believe that you are still the right person to continue to work on the property and handle the challenges that it or the property market presents.  Are you the best agent to stay on the listing for the future?

 

 

Time on Market Problems?

 

Why will a property take longer to sell?  Try some of these for starters:

 

  • The property market is slow to respond due to economic circumstances in the region or the business community
  • Enquiry is low for the property type or location
  • It could be the wrong time of year to market the property
  • The price range for the property is too high or it is out of the range of most buyers
  • There are too many other properties on the market currently and those properties are not moving.
  • The target market for the property is too narrow or wrong for the listing
  • Not enough marketing was done at the time of initial promotion
  • Too many new properties are coming into the market creating a situation of oversupply
  • The business community is moving from a purchase priority to a lease priority

 

There are plenty of reasons for listing ‘stagnation’.  You may also have other local issues that are also evident in your location, and those that you believe are fundamental reasons for the slower listing enquiry.  Either way, you must know the reasons behind a ‘stale listing’ and its failure to attract local property enquiry.  Strategy then takes over; that’s your job.

 

 

Recommendations That Matter

 

When you have the fuller information for the slower enquiry rate, you can concentrate on the property owner and package up a series of recommendations to win a listing extension of time.

 

Consider these strategies in asking for a listing extension:

 

  • Provide a plan of change to the listing and its marketing, pricing, and inspections.
  • Identify a new target market of buyers or new ways of approaching the target market.
  • Revamp your inspection processes to show the property in a new way.
  • Get the client to lift the presentation of the property to encourage more enquiry.
  • Create new advertising layouts and copy so that all ongoing marketing will be ‘fresh’.
  • Get some new photographs taken of the property to show different features and angles of the building, the internals, and the surrounds.
  • Give the client some alternatives of marketing and pricing to help them decide on the future promotions.
  • Ask for an adjustment to the method of sale or pricing if you believe that change will attract more enquiry.
  • Change the method of sale to suit the preferred target market.

 

From these issues you can create a timeline of changes for the client to see and consider.  The clearer that you can be in this communication with the client will help you in winning a listing extension.

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How to Master the Art of Commercial Property Marketing

When you have spent considerable time in finding a new client or a new property listing, the marketing process starts. To improve your commission and listing conversions over time, you should master the art of marketing and develop the science of professional property promotion.

(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)

 

Be Special in Marketing

There is no point in being ‘ordinary’ when it comes to property marketing today. There are too many other brokers and agents out there for you to take the ordinary approach to the business. Your listings locally should stand out as unique and special when compared to others with other brokerages.  You are part of the equation.

 

It is interesting to note that the best agents in commercial property generally achieve good results in sales and leasing through high level marketing campaigns. Those campaigns are not ordinary in any way. The best channels of media are selected, the adverts are well designed, the photographs are of quality, and the advertising message is carefully crafted. These things don’t happen without deliberate effort and professional skill.

 

Look for Differences

When you look at the local paper and on the Internet, it is easy to see the differences between professional marketing processes and ordinary property listings. You have the choice of promotion to consider when you take on any new listing and any new client. Can you convert vendor paid marketing funds consistently for the quality properties that you work with? Your ability to do so will help you with your career and market share momentum

 

The only way to achieve good quality inquiries is through vendor paid marketing. In other words, the property owner needs to commit some of their own money to the property listing and the promotional campaign period.

 

Best Agent Choices

Give the client plenty of reasons to choose you as the agent to comprehensively target market their property into the best segments of buyers or tenants as the case may be. Tell the client exactly why you are the right person for the job. Show them how you will approach the property promotional processes. Here are some ideas to help you with that:

 

  1. Set the target market clearly and effectively for the property. Give the client plenty of reasons why you need to work comprehensively into the target market and tell exactly how you will do that. Put yourself at the center of that marketing approach. The weaker agents tend to overlook the need to put themselves into the listing. You simply provide some budget and some generic marketing statement. If you want to lift your conversions with the better clients and the quality listings, put yourself into a deliberate target marketing approach designed exclusively for the client and the location. The more specific you can be in doing so, will help your listing conversions on an exclusive basis.
  2. Set a timeline to the promotion. Seriously consider the levels of inquiry that currently apply to the location and the property type. That information will help you set the advertising campaign timeline, and also the strategies behind marketing. Create a timeline visually that you can show the client as part of the property presentation. A simple Gantt chart will help you do that efficiently and directly.
  3. Use the results from recent sales and listing promotion as a basis of recommendation for your new clients with their new listings. Show them how the levels of inquiry improved through different methods of sale or lease as the case may be. You can then make clear recommendations for the best method of sale or lease to apply to the particular property and location.
  4. Give the client three marketing alternatives when it comes to the campaign budget and strategy. They can then make simple choices based on expected spend and market coverage. Don’t forget to give them solid recommendations across all three marketing campaign processes. Make it easy for them to make the right choices.

 

The clients and the property owners that we work with are simply looking for good results in timely ways. They are looking for the best agents and brokers to help them through that challenge and expectation.

 

Understand the alternatives of property promotion today and how you can improve the target marketing approach for the people that you serve. The best agents for a location and property type are usually comprehensive market in each and every way. Make your property pitch and listing pitch on the basis of marketing uniqueness and promotional professionalism.

(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)

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How to Use Keywords in Commercial Real Estate Marketing

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Advertising your commercial property listing should be optimized for the reader and your target audience.

 

When you market a commercial property for sale or lease, you should do so from the perspective of the target market or audience, using the right words and phrases that attract interest and inquiry.

(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)

To do that well you can feed ‘keywords’ into the marketing and editorial content for each and every listing; the internet search engines then pick up on the property more easily.  The listing then potentially has a greater search result and consequently ‘hits’ from interested parties.

Be Specific and not Generic

This says that you should not ‘generically’ advertise a property online; be specific and target market relative.  Think about the property, the improvements, and the location, and then what the buyers or tenants may use as searching criteria in their property search.  Design your property marketing with those factors in mind.

To do something positive with this, take this back a further step.  Where are the inquiries and hits coming from with your properties and listings?  What are or where are the websites that are taking the inquiry?  Usually it is a mixture of the following:

  • Your website
  • The industry portals
  • The main search engines
  • Your blog articles
  • Property editorials

In each of these online sources of activity you can feed into your online marketing strategy.

So What are the Words to Use?

So let’s look at what those keywords could be for your property promotion:

  1. Location – There will be certain suburb names that will be relevant to you and your listing. Those names must be fed into your advertising copy.  Some suburbs or streets will be used by inquiring parties.  Get those location names into your advertising.
  2. Property typeDescribe the property from the aspect of a buyer or tenant. What are the words they would use?  Office, industrial, shop, warehouse, showroom, and retail are the most common.
  3. Property improvements – Think about how you can describe the improvements, such as ‘clear span industrial warehouse’ or ‘high exposure retail showroom’. There are many variations you can use here when you really think about things.  Be different in your description but be relative to the property and its ‘points of difference’.
  4. Lease or Buy? – Ultimately the property will be offered for sale or lease so those base words should be fed into the property headline, so there is no misunderstanding of what is happening with the property.
  5. Size – Many times you hear of or see a buyer or tenant searching for a property by size and location. So those factors will be essential to your property marketing processes and inquiry generation.

You can use these words in the following ways.  Put them into these promotional layouts:

  • Property headline
  • Property sub headline
  • Advertising text
  • Editorial or Blogs
  • Photograph description
  • Alt text for images
  • Dot points in the advertising
  • Anchor text and links

When you get the property marketing formula and advertising copy correctly structured, you can do a lot more with inquiry and your target audience.

Be specific and be real with all your property marketing processes; think the way a buyer or tenant would think.  Design your marketing 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)

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How to Plan the Perfect Commercial Property Presentation

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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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Setting the Right Goals in Commercial Real Estate Listings Today

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Set your goals and targets will all commercial real estate listings.

When it comes to the marketing of commercial real estate listings today, it pays to have some very specific goals and targets.  This then helps you spend the marketing money effectively and specifically as part of the property promotion.

Here below are some listing tips from our eCourse.

The goal setting process also helps you see when the achieved results from the promotion are not as you would expect.  You can then make adjustments during the campaign and potentially lift the specific listing results when it comes to inbound enquiry.

What are Your Targets in Listing?

Here are some realistic targets that should be considered as goals to be monitored and created as part of every exclusive listing promotion:

  1. Target market reach – make sure that your campaign is matched to the target market and the media channels that they use or connect through. If your property is in any way special, you will need to undertake a specific target market assessment prior to the commencement of the campaign.  As prime examples in this case, medical properties, specialized warehouses, specialized manufacturing, and redevelopment opportunities are all properties that require your promotional efforts reaching into a particular target market.  Design your campaign accordingly.  Track and measure the results that you get from your campaign so that adjustments can be made midterm to the promotion.
  2. Understand the timing and spread of the campaign – you will only have a short opportunity at the time of campaign commencement to create plenty of churn and activity. The first few weeks of any property promotion will be the best weeks to attract fresh new enquiry and undertake the property inspections.  Every exclusive listing marketing process should be heavily biased to the first three or four weeks of activity.  During that time you can report to your client on enquiry and inspection feedback.  The feedback will help you condition the client to the prevailing market conditions.
  3. The enquiry rate – from the start of the promotional campaign monitor the volume and type of enquiries that you are attracting across the different media outlets and channels. Soon you will see where most of your marketing spend is more effective.  That information is valuable when it comes to optimising property enquiry across your brokerage and for your specific listings and or clients.  The information will also help you pitch for listings and convert exclusive campaigns including reasonable levels of vendor paid marketing.  It is hard for a client to refute or debate the validity of actual enquiry facts from the market and from other property listings.
  4. Inspection results – every property inspection will give you an opportunity to interact with qualified property purchasers or tenants. The comments made by those people will be a good indication of relevancy and value when it comes to any property listed and promoted.  Collate and tabulate those inspection comments in a report to your client on a weekly basis.
  5. The time on market – throughout every year there will be fluctuations and changes to the property market. That will have an impact on listing promotion, negotiation, and closure.  The time on market can be impacted by a number of different things including pricing, promotion, competing properties, client conditioning, property features, and marketing spend.  If you like, time on market is actually an equation to be carefully structured as part of the listing process.  Shorten the time on market expectations for your listings by packaging each property in the best way for the best result.  Help the client see the strategies required to move through the process in a timely way.  Don’t let a listing become stale and obsolete in the property market today.

Considering all of these simple promotional facts, remember that the client you are servicing wants the best result at the best price, and in the best time frame.  They don’t want their property or their property challenge to be an experiment in marketing; they don’t want to waste time or money (neither do you).

Provide specific help to your client so that they can be well conditioned for the prevailing market circumstances in your location.  Help them make the right decisions.

Get our free eCourse for Commercial Real Estate Brokers here.

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Closing More Commercial Property Listings – Tips for Real Estate Agents

Today we find many commercial properties available for sale or lease in most locations.  The difficult global economy has produced a glut of commercial properties that have to be sold or leased.  Either way the owner of the property needs help from a great real estate agent.  Are you an agent of that calibre?

Rarely can an owner of a property capture the entire local property enquiry themselves when it comes to the time for selling or leasing.  Sure, they can place an advert in the local paper or on the internet and hope that something happens, but the reality is that they do not have the database of contacts those agents should or do have.

It is in property markets like these that the great agents with a good database really do come to the fore.  They know so many people that the ‘advertising and hoping’ process does not have to occur to make a property sell or lease.

It is in markets like these that a good agent has plenty of stories and experiences to tell the property owner at the time of listing, that give real evidence of the ability for that agent to cover the right target market and attract the best price or rent.

If you work in commercial real estate, it is time for you to look at the value or experience you bring your client in tougher property markets.  Can you specifically provide your client with real strategy to solve their property problem?  Are you different that the others in the market?

Before you answer those questions, I can tell you that the best answers are not generic.  Do not bother with such common things that most agents give:

  • Best local agent
  • Know the area
  • Sold more properties
  • Have great staff
  • Will do a great job

My comment here is that you have to drill down on anything you say or do.  Tell the client why you make these claims and give evidence.  Show them why you make the claims.  Many agents do not do that and simply rely on the generic comments to close a listing.  On that basis the client can chose from the cheapest agent with the lowest fees, simply because one agent does not stand out as being the best choice.

Make no mistake here, the property market today is highly competitive for many agents and on that basis you really do have to connect well in your sales pitch or presentation.  That is what I am saying.  Are you up to the process?

You can get more free tips for commercial real estate agents at our website http://www.commercial-realestate-training.com/