Commercial Real Estate Marketing Tips for Agents
In commercial real estate agency it pays to follow the rules when it comes to promoting properties and market coverage. It is no secret that many overpriced listings stay on the market for a very long time and that an oversupply of some property types has created a plethora of good properties for sale and lease. This then says that every marketing campaign should be carefully structured and implemented.
Here are some rules to set with your exclusively listed properties:
- Set the right target market to tap your message into
- Use the best keywords in your marketing material that attract search engines to your listing
- The first 5 weeks of your marketing campaign are the ‘make or break’ period for getting the right enquiries coming back to you
- Get vendor paid marketing funds upfront so you can work with the client productively
- Promote your property 80% locally and 20% regionally (most deals are done locally)
- Quality and effort are the keys to competing with other listings
When it comes to listing a property, many clients forget or overlook the fact that there are lots of other properties available currently. The client will likely have an inflated view of the market and their property. You must bring reality into the listing process today; there is no point in listing something at a top price and hope that the offers will come in for you to create a negotiation.
If the client is unrealistic in price or rent expectations at the time of listing, deal with it up front. Show them what is going on when it comes to comparable listings and enquiries. Buyers and tenants are not going to act on something that is way above market; they will simply walk away. A client that is unrealistic will waste your time.
Here are some tips to help you with the advertising and client conditioning processes today:
- List your properties exclusively or at the very least only spend time on those exclusive listings that you create.
- Inspect the property first with the client so you can understand what you are working with and how it will be done.
- Understand the clients concerns so that you can deal with them at the stage or pitching or negotiating a deal.
- Take the client to other properties that are on the market at the moment so they can see what ‘value’ really is in today’s market.
- Give the client 3 alternatives of marketing so that they have some choices when it comes to cost and target market.
In this property market you really must be an advertising and marketing specialist. Package the property to get the right enquiries coming in.