Tuesday, June 5, 2012

Things to Do in Marketing a Commercial Property Today

Target Marketing is required with Commercial Property 

To market a commercial or retail property today, you should have a real plan to the process and understand your target audience.   In this way you can create the best enquiry possible given the pressures and priorities on your property type and business community.

Generic property marketing may have worked a few years ago, but today each agent and salesperson must have a specific plan of attack to reach the buyers or tenants as the case may be.

What are they looking for?

Do you know what the buyers and tenants are looking for today in a local property?  There will be some combination of improvements, price, rent, location, services, and amenities.  Here are some tips from our Newsletter.

Not all properties can ‘tick all the boxes’ at the same time, so you should identify what works and why.  With these key facts you can take your listed property to the market.

Here are some ideas to help the process of marketing each property today:

  1. Look at the competition agents and what they are doing with other listings at the moment.  Inspect those properties and get details of the relevant prices or rents.  Your listed property will need to compete with these other listings, so get the asking rent or price correctly structured.  Make sure that your chosen method of sale or lease is attractive to the people in the market place at the moment.
  2. Tell the clients that you work for exactly who you are targeting, why that is so, and how you are going to reach them.
  3. What are the ‘time on market factors’ that apply to the various property types at the moment?  Some properties will be selling or renting, and others will be very slow.  Identify the differences and make a list of the desirable factors that buyers and tenants are looking for currently.
  4. Every property should be marketed to some defined targeted buyers or tenants.  You will need a process for that and some of that process will be personally activated.  It is no longer acceptable to list a property and then advertise for some result.  You have to get out into the business community and the property owners to talk about your listings and what the prospects are looking for in a property or property type.
  5. Keep your listings and marketing efforts current and alive by adjusting campaigns when things are not showing results.  Some marketing efforts will work more effectively than others today.  Look at what works and optimise your focus in that way.

Commercial real estate agents today really do bring high value to the property owners and business proprietors that they act for.  When the market slows or becomes challenging, it is the agents that are well placed to bring in the deals.  We know what is going on out there, and how it is happening; property owners do not have the market intelligence that we have. 

Market yourself and your services around your market knowledge, information, and database; your clients do not have valuable such resources.