Thursday, August 15, 2013

High Quality Marketing Response Mechanisms in Commercial Real Estate Brokerage

black telephone
Choose your marketing response tools well.

In the marketing of commercial real estate today, you do need to choose the right marketing response mechanisms to capture property enquiry.  Some properties will create a lot more enquiry than others.  Be prepared for the challenges of property marketing and any complex campaign.

Be aware of the differences that can occur when it comes to marketing a quality property in the local area.  Understand how you will respond to the inbound enquiries from every campaign.  Be prepared to action every enquiry in a timely way.

It is a fact that most of the real estate business we do today is created from personal contact.  That will come through prospecting, but it will also come through inbound enquiries from current listings.  Most top agents work with quality listings for this very reason.  It is easy to create market share and ongoing transaction opportunity from a base of quality listings.

Let's assume you are going to take a large project or a quality property to the market today.  That could be in a sales or leasing transaction however for the purpose of the illustration let's look at a sale situation.
The first three or four weeks of the marketing campaign for a quality property will create significant inbound enquiry.  If there are a number of units or allotments within the sale process, tracking the enquiry becomes even more complex.

You will have different marketing packages relating to the units or allotments, inspections will need to occur, and information will need to be provided.  Through all of this, the qualification process must occur with every inbound enquiry and the details of each person should be captured into your database.  Organization is required with the relative salesperson and or the members of the team.

Here are some tips to help you with your property marketing response mechanisms:

  1. Any major project should incorporate a specifically designed website for the duration of the campaign.  It is very easy to get a domain name and a website created within a period of days.  The cost of the process is relatively low for the commissions that you will potentially achieve.
  2. It should be remembered that the marketing of commercial and retail property today is a seven day a week process.  The Internet has changed the world when it comes to property marketing and promotion.  Be prepared to take the inbound enquiry at any time on every day of the week.
  3. Any special property should achieve a special Internet presence through the use of banners on the industry portals.  That will be at vendor cost.  A special property should be exclusively listed and comprehensively marketed.  The cost of the process requires planning and strategy.
  4. Consider using a special free telephone number for any project sales or project leasing.  All inbound calls can be directed to this specific number and be answered by a special staff member or allocated call centre.
  5. When an inbound enquiry is taken, information should be provided and qualification should occur within 24 hours.  I go back to the point that a major property project can create significant demands on individuals in the sales team, so the planning process will need to pick up on the required response mechanisms to take inbound enquiries.
  6. You can create and use an auto responder within your e-mail system to send out information automatically for any major property project.  You can place the entrance point for the database on the project website or your real estate brokerage home page.  If you are going to use an auto responder, make sure that the required fields are suitably detailed for completion; the salesperson can then get back to the enquiring party efficiently and in a timely way.
  7. Make it easy for people to enquire about any property listing.  The relative e-mail details and cell phone numbers should appear on all pieces of advertising.
  8. Give every property listing a specific number that can be related back to the property and the location.  When you have a lot of listings and particularly a high number of quality listings, this strategy will help you greatly to respond to the inbound enquiry.
  9. Any e-mail based newsletter that is send out for a property project or particular listing should have a tracking mechanism.  You can then see the number of hits that apply to a particular property type or listing.  You can also see who has clicked through on the particular property or project.  That then allows direct follow-up as required.
  10. Capture all property enquiries into your database.  Keep the database up to date and accurate.  Follow through with unsuccessful parties that missed out on particular properties.  There will be further transaction opportunities within the list.

So there are some special things to be considered here when it comes to property marketing.  Understand the listing, the client, and the current market conditions.  Choose the right marketing response mechanism to control the inbound enquiry.