|Marketing commercial property today|
When it comes to the commercial property market today, there are some real challenges for most salespeople that have an involvement with marketing any property for sale or for lease. Here are some tips from out bulletin for Commercial Agents and Salespeople.
The reality of the current property market is that enquiry is less frequent, and more selective. On that basis it takes time to find the right buyers or tenants as the case may be.
So the main rule of marketing today will be that the property should be focused on the target audience that could be considered the ideal buyers or tenants. If you are working with a property that is reasonably ordinary and not unique, your task will be all that bit harder.
Here are some tips to help you find the right people to buy or lease your property:
- Review the property for issues and problems. Be open to finding all of the hurdles that could or will frustrate the people expecting to be making the inquiries. Some problems could be hidden in title or ownership structures, whilst others will be linked to the property physically.
- Take many photographs around the property so you can review all of the features a number of times before committing to the marketing campaign drafting.
- A good marketing campaign today is a fine balance of cost and effectiveness. With most ordinary properties it will be necessary to spend at least 1% of the expected sale price in upfront advertising and marketing. That will be split across a number of carefully selected channels of promotion.
- The first 4 weeks of your promotional campaign will be critical to getting your momentum on inquiries and inspections. If you are working with a 6 or 8 week marketing campaign, a full 60% of the campaign money should be spent in the first 4 weeks.
- Always test and measure your results from all advertising efforts. Adjustments should be made as you go to any marketing that is not working. Your marketing should be a mixture of online, direct, and traditional media. Each salesperson that is to market an exclusive listing today should be expected to do a large degree of cold calling and direct mail for any listing.
- The internet should be comprehensively covered in your marketing efforts. Some internet portals will give your priority placement or listing if you pay more for an ‘elite’ or similar classification. If you do not do this you will be relegated to the group of other unsold and un-leased properties.
With each property type and its general location there will be other factors raised that you can add to this list. When the property market slows or becomes a challenge, there are many things that can be done to market and move a property, however direct effort is required. Talking to the right people will be part of the process.
If you need more information about how to lease commercial property, check out our bulletin for commercial real estate agents right here.