Some of those properties have been on the market for some time.
This then says that any new listing that you bring into your agency should be carefully considered for promotional activity, timing, and campaign structure.
The Advantages of an Exclusive Listing The best way to list a property today is through the exclusive listing process.
In that way you can devote the necessary time and effort to the campaign.
Open listings are a waste of time and a process of luck.
If you choose to take on an open listing, do so only on the basis of convenience so that you can introduce a prospect to the property at the right time.
Perhaps the open listing can be converted to an exclusive listing later, or the listing is a 'doorway' to a client that you have been chasing for some time.
Make your choices here for the right reasons.
So let's go back to the strategy of exclusive listings and the associated promotional processes.
Every property marketing campaign should be directed to a target audience.
The days of generic advertising are well gone.
Every exclusive listing should be carefully considered for the target audience that they suit; the campaign that 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 listing.
- What types of people or companies will show an interest in the listed property? Why will they do that? Create a list of points of attraction that can be merged into the advertising design.
- We are these potential property buyers or tenants located? It may be that you will need to have two types of campaigns running.
The first will be for the local area, and the second will be for the more remote and regional target audience interest.
- What do they look for when it comes to property purchase or property leasing? Create a list of four or five or property features or improvements that will influence the target audience to make an enquiry.
- Given the particular property listing, what is the level of decision-making that is normally required to move ahead on a listing of this type and size? When it comes to very special large, or diverse properties, you will need to consider how you can help the decision makers enquire and inspect the asset.
In the case of a corporate decision maker, the timing of a decision may involve a board meeting, company restructure, or business change.
- How much time would a potential purchaser or tenant require to inspect the property, consider the potential, and act on making an offer and negotiating for the changeover? The settlement period for the property may need to be lengthy; the same can be said for leasing a complex asset and fitting out the premises for the new tenant.
- What are the concerns and challenges of this target audience today? Could there be special factors of delay in the overall inspection and negotiation time frames?
- Given the target audience that you are seeking to attract, what are the best methods of sale or lease that should be used to promote the property? What methods of sale or lease would make the property buyer or tenant feel comfortable?
- What would be the ideal timing to take the property to the market today? On that basis, when should the campaign of promotion start?
This is something that should occur with every quality property exclusively listed with your agency.
When you get the marketing and advertising equation right in commercial real estate, you can attract many more enquiries and generate more inspections.