When it comes to advertising commercial real estate for sale or for lease, certain rules need to be followed so you attract the right focus and rate of inquiry from your property marketing efforts. The advertising and marketing of any exclusively listed commercial property is a strategic process and must be of high quality (open listings excluded).
The First 3 Weeks
In most promotional situations you will find that a property becomes 'stale' from a marketing perspective after only a few weeks. For this reason the early stages of every property marketing campaign should be optimized so you get the inspections and the inquiries that you need.
So many agents take a 'generic' approach to advertising. Sometimes that is due to the greater numbers of listings on the market today and the consequential 'process and promote' requirement to get the message out about a property.
The 'generic' approach to marketing only brings in average results at best. If you have a quality exclusively listed property then the message that you formulated in the marketing campaign should be carefully created and released selectively to the target market. Put yourself personally into the process.
Getting Low Inquiry Rates?
Have you ever come across the situation where a good property has been listed, and it is then advertised for a couple of months with little result? Soon you can see that the enquiries coming in are few and far less than desirable.
In such a short period of time the good momentum that the property could have had, has been diluted. You then only get a slow stream of average and poorly matched buyers or tenants as the case may be.
So why does this happen? The agent has not spent enough time in getting the marketing campaign just right for the property. The agent has generally advertised and rented that the advertising will create the required inbound calls and inspection requests. 'Generic' does not work in commercial property marketing today.
So what should an agent do with a good property to be marketed exclusively? Try some or all of these:
- Inspect the property with the owner or client so you can discuss the selling features or items that will have an impact on your momentum.
- If you see any glaring issues that will frustrate the property promotion, get them fixed before others see the property.
- Get high quality photographs taken from the property to use in all of your marketing efforts.
- Select a clear target market to promote the property to.
- Build a headline that draws attention from the target market. Use keywords that are attractive to the market.
- Select 5 things that the property will be known or attractive for. Promote them.
- Balance your marketing across the right media channels to capture the target audience.
- Most buyers and tenants come from the local area. Take the property to those market segments personally by door knocking, and making direct mail and calls.
- Track your results from all promotional efforts. If something is not working, change it fast and do something else.
To be successful in marketing a commercial property today, put the effort into campaign design and implementation. Make the right media choices and monitor how you are going. Top agents do that all the time.