Wednesday, June 13, 2012

Simple Marketing Solutions and Tips for Commercial Real Estate Agents

man reading newspaper
Create a marketing system for better results.

It is no secret that the property market today is slow and tough in many locations.  That being said, commercial and retail properties do have their own challenges.  When it comes to getting the message out on any new property that has been listed for sale or for lease, you must have a comprehensive marketing campaign solution that you can use reliably and frequently.  Here are some tips from our Newsletter.

Here are some tips to do that:

  1. Every property promotion should be a timed campaign to focus on a period of 6 to 8 weeks.  In that time you should have had some reasonable inquiry to work with.  If that is not the case then you have something wrong in the marketing and changes should occur.  Take a spell in the marketing if nothing has happened in 8 weeks.
  2. Personal effort should be applied to every property taken to market in the form of an ‘exclusive listing’.  That usually means the salesperson getting out into the local area and talking to the business owners and the property investors.  Your database and the business telephone book should help you here.
  3. Any property that is taken to market in the form of an ‘open listing’ should not take much of your time.  The property owner has chosen that method rightly or wrongly and only luck will see the property sold or leased.  Do not focus on open listings.  Only take them on when you think that there is some chance of success.  Clients in ‘open listings’ can take too much of your time.
  4. Target marketing is the best way to go today.  Understand exactly who and what the targets of your marketing are.  How will you reach them?  How much will that cost?  Who pays?
  5. Give the client 3 types of campaigns to choose from.  That will give them some versatility in cost and they will usually make a choice based on your ‘middle’ recommendation.  Vendor paid marketing is still the ‘norm’ and not the ‘exception’.   Get the money up front before the costs are incurred.
  6. Be versatile in the types of media and channels of marketing to be used.  You should mix the marketing between newspapers, internet, email, direct calls, brochures, door knocking, and direct mail.  Know what works and use it.
  7. Feedback should be sought as you proceed through every campaign.  In that way you will know what is working and what is not working.  Always adjust your efforts as you proceed with your marketing so the telephone starts to ring or inspections start to occur.
  8. Capture inquiry from all the properties that are available for sale or lease and put the detail into your database.  Over time the database will be your source of major opportunity.

When you simplify your marketing, you can focus on getting results.  That is what the clients want from us and that is what we specialise in.  Build your business and focus on talking to lots of people every day.  Your business card is special and make sure you get it out into the local businesses and property investors everywhere.