|Develop a marketing system to send postcards in commercial real estate brokerage.|
The process of sending postcards in commercial real estate is quite common. It is a marketing tool used by many. It is always questionable as to how effective the process is in creating market share, so you must track progress against postcards sent and distributed.
So let’s look at the averages with this type of marketing. What will usually happen from the sending out of say 2000 cards would be a few random telephone calls coming back in. The fact of the matter is that you could get far better results from making 100 cold calls into your local prospecting area. From 100 cold calls you should expect 5 meetings. The only real cost involved is time when it comes to telephone prospecting.
So don’t rely just entirely on ‘postcard’ marketing to build your business. You must do other things in parallel.
Some agents see the card process as convenient given that they do not have to make ‘cold calls’ and spend the time in doing so. If that is what works, then that may be the only way of prospecting for some brokers.
So what you have here with ‘postcards’ is a large cost and a minimal return for effort. The situation gets a lot better when you follow up the postcards and send them in cycles of say once every 2 or 3 months. Every card should be in a different theme and give a unique message.
I would have to say that the postcard process is not very successful as a prospecting model as most cards will be ‘binned’. If you want to make faster progress with your prospecting and market share in real estate, why not try both postcards and cold calls for 6 months and compare them? Soon you will see some patterns of response and skills will be developed in each process.
If you want to send postcards, here are some tips for the process:
- What type of person will be your target for each campaign? Always have a definite message to the card process to capture readership. The cards should be designed for the majority of people that will be receiving them. There will be message differences between cards for property investors, sellers, buyers, tenants, and business proprietors.
- Split the delivery cycles up into zones so you can control outbound messages and inbound responses. To do that, split up your territory into 2000 post-boxes or areas with that many properties.
- The cards should be simple in format and use the ‘white space’ principle of marketing (plenty of white space). That is usually achieved by using ‘dot points’ as part of your message, some professional photography, and a call to action.
- Test and measure the responses from the cards on an area by area basis. You will soon see the averages when it comes to results in each message and the best target market segment. Err on the side of the ‘majority’ in compiling your message.
- Sending cards every 60 days will help conversions and inbound enquiries. Consistency is the key to the process.
So this can be a marketing tool for you in commercial real estate brokerage. If you are going to use it as part of your prospecting processes, expect results over time and repeat the process every 60 days across a period of one year.