|Review your listing strategy by doing an inventory.|
In commercial real estate brokerage, it pays to do a listing inventory at the end of each week and in preparation for the next week. In this way, you can package the listings correctly for the market and also for the current levels of inquiry.
The clients that we serve are looking for results. That being said, there are differences in the ways in which we serve our exclusive listings vs. open listings. Devote your time to the deals that are achievable, and most particularly to the exclusive listings within your brokerage. Those clients have trusted you to achieve the best results under the current market circumstances.
Every exclusive listing should be staged to a direct marketing campaign over a period of weeks or months.
Depending on the property type, that campaign will need to be reviewed and adjusted throughout the listing period. Make the adjustments based on the feedback and the observations from inbound inquiry and overall market activity.
The property market changes throughout the year and some of the listings that you may be working on will be quite special and unique. This then indicate that the original intentions of the listing marketing campaign may now be superfluous or misdirected. Adjustments may be required to escalate or change the inquiry rate.
It is worthwhile noting that most top agents will re-position their listings on a regular basis to capture better levels of inquiry and lift the inspection rate. This can be achieved when you adopt a listing inventory strategy.
Here are some ideas to help you do that.
- Split your listings into exclusive and open types. The marketing process behind an exclusive listing should be direct and comprehensive. The open listing process should be generic and general when it comes to marketing.
- Focus on the listings that have a good chance of achieving a result. Understand what the market is telling you on a daily basis. Shape your listings accordingly. Condition your clients to the prevailing market conditions.
- Understand your client’s motivations and pressures. The client may have certain time frames to stay within for an achievable deal or transaction. Establish your marketing campaign and method of sale or lease based on the client’s motivations and pressures.
- Listing duration will be something to watch. In the case of an exclusive listing, you may have the control for a period of weeks or months. Stage your intensive marketing processes to the first two months of the listing appointment. During that time you should get some interest from the market and have conducted a good number of inspections. The results of the inspections will allow you to adjust your marketing efforts, and prices.
- Understand the inquiry rates coming into your office from the various property types and the exclusive listings. Some property types and locations will be more popular than others. Understand what the property buyers and tenants are looking for. Match your listings into these requirements.
- Review prices and adjust them based on the trends of the market. The client will need to cooperate with price or rental adjustments. That being said, you will need to provide market evidence and feedback from the inspection process to get the clients agreement to those adjustments.
- Review the competing properties in the local area. They will have some influence on the marketing campaign and the pricing or rental structures.
So the message here is quite clear. On a weekly basis, undertake a listing inventory so that you can adjust the marketing campaigns to suit the key indicators. When you shape your listings to the market, your conversions to successful contracts and leases will escalate.
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