When it comes to being successful as an agent in this commercial property market, the big factor that can have impact on your agency results will be marketing; that is the marketing of your current listings to the prospects that are active. Not just any marketing will do; you should do it the right way for the best results.
Commercial Real Estate Marketing Tips
- Check out the property fully before you move to a listing. Understanding the local area and what hurdles you are up against will help you list at the right price and seek the correct amount of vendor paid marketing funds (Yes, it is essential to get vendor paid marketing funds).
- Competing properties are likely to exist in the local area that can frustrate your marketing efforts, your timing of the campaign, and the method of sale or lease. Get into your local area to understand just where these other properties are today, how long they have been on the market, and on what terms and conditions.
- Some properties sell or lease for specific reasons. Market intelligence will help you with understanding those facts. Local demographics can also have something to do with the sale or lease of a property. Get into your area and look around to see the ‘good and bad’ aspects of every area. Any buyer or tenant will do the same thing, so be a step ahead of the market.
- Exactly who or what is your target market of buyers and tenants? Are they active today in looking for property of this type? There is no point in listing something publicly if the property is going to be a challenge to sell or lease. Any difficult listings should be directly marketed to targeted tenants or buyers as the case may be. In this way you will get more feedback and something to work with, rather than waiting for enquiry to come from very public advertising and not getting any prospects call or contact you. Some properties should not be openly marketed in newspapers and the internet simply because the property is so unique.
- For the ordinary properties that can be taken to market openly, choose the right methods of sale or lease that are easy for your property buyers or tenants to act with. Do not make the method of sale or lease too hard for them. Timing and due diligence should all have been checked out.
- Look for 4 or 5 key facts of attraction that your property listing offers to the target market. These points will need to feature in your advertising. The same facts or points of attraction should feature through the marketing material so you get the consistent message across.
- Make sure you use marketing tools that reach your targeted audience. That will include direct calls, newspaper, internet, brochures, letters, email, and signboards. Get the property message out to the local business community first as most buyers and tenants come from the local area.
It is not hard to market a commercial or retail property for sale or lease. It is very much the case however, that your results will be driven by your marketing strategy and personal efforts. In this slower and tougher commercial property market you should make every effort to take your exclusive listings personally to the prospects that exist.
John Highman is a leading commercial real estate coach who has helped thousands of commercial salespeople and agents promote and grow their real estate business. You will find many more helpful commercial real estate tips and strategies at http://www.commercial-realestate-training.com/