Vendor Paid Advertising and Marketing

In this property market, the enquiry for the average property is relatively limited.  There are fewer buyers available for the given property listing; the availability of finance is frustrating many property sales.

Commercial property agents need to be more selective when considering the marketing of a given property so that they attract the right enquiry.  The days of generic advertising and marketing are well gone.

On that basis the marketing program that you adopt for each and every property should be comprehensively structured and directed to the correct target market given your chosen method of sale.  Vendor paid advertising is part of that marketing process and today is more important than ever before.  Expect to spend about 1% of the property price on a well-structured and focused property marketing campaign.

The best vendor paid advertising campaign should be structured around a number of the advertising alternatives.  The final choices of marketing will always be based on the actual property and the buyers that you are trying to attract.  Give the property owner three alternative marketing campaigns with different costing so they can make a choice.

A comprehensive marketing campaign should be structured around the following:

• A signboard on the property will be essential to spread the word locally.  Choose the best location and size for the signboard.
• Send brochures and flyers into the local business community via direct mail and post office box drop
• Talk to the qualified prospects within your database and tell them about the property
• Direct mail to your broader database will be useful providing you qualify the key factors of the property and find the right people that are looking for the property type
• Newspaper advertising still has some impact and usage.  Gone are the days of spending most of your marketing money on newspapers given that the long tail effect of enquiry is limited
• Internet listing of the property through a number of websites will be a powerful tool in the marketing campaign.
• When you list the property, spend time walking the local streets to drop the brochures into the local businesses nearby.
• The first two or three weeks of the campaign are critical to develop enquiry.  When you start the campaign, assess your progress and adjust when necessary.
• Email marketing through your database will be very useful.  Make sure your database is up to date and growing.

When you spend time on getting this marketing process just right, the rewards will come back to you through better enquiry and more inspections; quite timely in this market, don’t you think?

.

Need more coaching tips for Commercial Real Estate?