In commercial real estate, there are many properties on the market today for sale or for rent. Some of these properties have been on the market for some time. This then indicates that any new listings you bring to your agency should be carefully considered for promotional activity, timing, and campaign structure.
The advantages of an exclusive list
The best way to list a property today is to follow the exclusive listing process. This way, you can devote the necessary time and effort to the campaign.
Open listings are a waste of time and a luck process. If you choose to accept an open listing, do so only for convenience so that you can introduce a prospect to the property at the right time.
Maybe the open listing can be converted into an exclusive listing later, or the listing is a “door” to a client you’ve been chasing for a while. Make your choices here for the right reasons.
So let’s get back to the strategy of exclusive listings and the associated promotional processes. Every real estate marketing campaign should be directed at a target audience. The days of generic advertising are long gone. Each exclusive listing should be carefully researched for the target audience it is suitable for; the campaign you create should be structured accordingly.
Here are some key questions and factors to consider that should be addressed as part of the target marketing process for your ad.
- What types of people or companies will show an interest in the property offered for sale? Why will they do this? Create a list of attraction points that can be merged into the ad design.
- Are we located these potential buyers or tenants of property? You may need to have two types of campaigns running. The first will be for the local area, and the second will be for the interest of the more distant and regional target audience.
- What are they looking for when it comes to buying or renting real estate? Create a list of four or five property features or improvements that will entice the target audience to enquire.
- Given the particular property listing, what level of decision-making is normally required to move forward with a listing of this type and size? When it comes to very special, large or diverse properties, you will need to think about how you can help decision makers find out about and inspect the asset. In the case of a corporate decision maker, the timing of a decision may involve a board meeting, corporate restructuring, or corporate change.
- How long would a potential buyer or tenant need to inspect the property, consider the potential, and act by making an offer and negotiating the change? The property settlement period may need to be long; the same applies to the rental of a complex property and the fitting out of the premises for the new tenant.
- What are the concerns and challenges of this target audience today? Could there be particular delay factors in overall inspection and negotiation times?
- Given the target audience you are looking to attract, what are the best sales or rental methods to use to promote the property? What methods of selling or renting would make the buyer or tenant feel comfortable?
- When would be the ideal time to put the property on the market today? Based on this, when should the promotion campaign start?
So there are a lot of things to consider when it comes to establishing a specific real estate promotion for a target audience. This is something that should happen with every quality property exclusively listed with your agency.
When you get the commercial real estate marketing and advertising equation right, you can attract a lot more inquiries and generate more inspections.