Monday, July 23, 2012

Marketing Plan Strategies in Commercial Real Estate

business man and woman overlooking a desk and document
Create a good marketing plan specific to the commercial property.

When you take a commercial property to the market, the alternatives of marketing are many.  Importantly you are going to make the right marketing decisions based on the property type, the local area, and the prevailing market conditions.  Here are some notes from our Bulletin for Commercial Realtors.

It is interesting to note that many a commercial real estate agent or realtor will use a generic approach to marketing.  The end result in most cases will then be little or no enquiry.  With the market as tough as it is in most cases, you really do need a solid and direct approach to marketing every property that you list.  Enquiry must be generated at the best levels possible from the start of a promotional campaign.

Marketing Plan Strategies

So here are some specific strategies in commercial real estate marketing today:

  1. Survey the local area to understand just what other properties you are up against.  The information you will need will include time on market, price or rent, improvements, property size, points of attraction, and many others.
  2. Inspect your property listing fully to define exactly what its features will be to and in the advertising campaign.  Be creative and do not just look at the typical size, location, and layout of the property.  Every ordinary agent does that; top agents go a lot further into what the property is and what it can be for the target audience.  They describe the property in a better way that attracts the enquiry.
  3. Define the target audience that is relevant to your property.  In doing that, you will need market segments, market locations, ways to connect with that audience, time factors that relate to the promotion, and the list goes on.
  4. Top agents get involved with each marketing campaign on a personal basis.  They know that a good listing is a reason to talk to many people in the local area.  The process of connecting with others will always generate leads and information that will be of some benefit now or later on.
  5. Concentrate the marketing campaign to blocks of time such as fortnightly.  In this way you can assess the progress and type of inquiry.  You can also adjust the campaign if something is working or not working.  Do not wait too long to decide that you could have done things in another way.

Get the client involved in the property promotion.  Let them make some decisions with regard to advertising features, chosen media, and timing.  When they feel part of your activities that will help you get closer to them and that will be of benefit when they want to negotiate the sale or lease of the property.  Successful property marketing and negotiation is all about the trust between the agent and the client.

You can get more tips for commercial realtors in our regular bulletin.