Marketing commercial real estate for sale of lease is not just an exercise in spending money in the media. If you want to be successful in the industry you should devote time in designing each and every marketing campaign to match the target market that the property needs to reach.
Some key goals must be reached in each marketing campaign:
1. Advertising is to be timely to the market
2. Advertising is to use the most effective 'channels'
3. Advertising is to be cost effective
4. Advertising is to be to a budget (usually 1% of the sale price)
5. Advertising should be vendor paid (in advance)
6. Advertising should be monitored so that you know what works and what doesn't
7. Advertising should focus on the initial 4 to 6 weeks of the campaign, after which the property becomes 'stale' if unsold or unlet
8. Advertising results should be reported in writing to the vendor at least weekly
9. Advertising should be adjusted as the campaign proceeds and results are tracked
What types of buyers will be the most interested in your property? It is a prime question and needs review so that your campaign to sell the property is as effective as possible. In the first instance you need to know if the property is attractive to all or any of these:
o Investors
o Developers
o Businesses in the area
o Occupants of the building
o Neighbouring property owners
At least one of these will be your target market to get the best price for the property.
Highest and Best Use
As part of the advertising considerations you also need to know if the property has a highest and best use that stands out above everything else that the property could be used for. Whatever that best 'use' is, will likely be the core element of your target market and the advertising campaign. From that you should select the most relevant 'channels' of advertising that will reach your market.
The most common channels of advertising available to you include:
o Internet websites (this of high value to most campaigns)
o Newspapers
o Radio
o TV
o Brochures
o Direct mail
o Telemarketing (this of high value to most campaigns)
o Signboard (this of high value to most campaigns)
o Email marketing (this of high value to most campaigns)
The use of the property is always analysed prior to the advertising campaign being designed and implemented. To handle this matter, ask yourself this question;
'What 'needs' can the property best satisfy in its current or future condition?'
AIDA
So property advertising is designed to match the target market. In some agencies it is common for the advertising to be written by a specialist advertising consultant that is contracted to the business for that purpose. This practice all depends on the authorised budget that you are to work to.
Many adverts when designed by expert consultants are constructed to a principle of advertising called 'AIDA'. It stands for:
o Attention
o Interest
o Desire
o Action
The advert you are designing is simply built around the four main points above and in that order. Consider this in more detail:
o The top lines or headers of the advert are to create or attract the 'attention' of the reader
o The following area below the 'header' is to encourage interest through providing more and yet simple information
o The following area is to create desire from the reader so that they are really interested
o The base of the advert is to encourage people to take action and call you now
Property adverts today are less 'wordy' and utilise carefully selected 'dot points' that are simply read and attract interest. Lengthy sentences should be avoided where possible as people generally do not read them. The 'white space' principle of advertising is used extensively today so that more white space appearing on the advert both simplifies the layout and also allows the key focus points to be seen.
Channels & Search Engine Optimisation
So what is the most common 'channel' of property advertising? Internet based property promotions from websites and direct email marketing is by far the most effective methods of promoting properties today. That will get even stronger as time passes. The internet is also the most cost effective for reaching most markets.
To use this channel of advertising most effectively, you will need a well constructed and maintained website that is 'search engine optimised' on an ongoing basis. This is a specialised field of business communication that many agents are yet to fully appreciate and undertake. You can seek specialists in the field to advise you and help you should you wish to 'optimise' your website and attract higher levels of enquiry or market presence.
Advertising Processes
The decision you make in the selection of marketing alternatives should be the result of the following process of review with the seller of the property:
1. Define seller objectives
2. Define target market
3. Examine outside influences
4. Business environment
5. Interest rates
6. Supply and demand
7. Construction costs
8. Financial constraints
9. Change opportunities
10. Buyer sentiment
11. Seller budgetary constraints
12. Timing influences
13. Select best marketing tools for your target market
14. Establish a 'point of difference' or 'competitive edge' strategy that applies to your property
15. Design the Marketing Plan
16. Discuss Marketing Plan with Seller and seek written approval
17. Implement the Marketing Plan
18. Evaluate the plan progress weekly
19. Adjust plan strategy if and when necessary
20. Review and evaluate all results at campaign end
REMEMBER - A good marketing process always involves asking your buyers or prospects the source from which they found out about the sale or lease of the subject property. This allows you to appreciate real value from the campaign while also allowing you to make adjustment when necessary.
John Highman is a prominent commercial real estate speaker and trainer. His other articles for commercial real estate agents and brokers can be accessed at http://www.commercial-realestate-training.com
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