Each year in commercial real estate, it is necessary to establish a marketing budget for the agency office. Proactive marketing of the agency office then assists the individual salespeople in their cold calling and prospecting activities.
When the marketing activities of the salespeople are matched to the marketing activities of the office, the branding reaches your target customer. In commercial real estate, the typical target customer or client will be one or more of the following:
Property investors of existing property
Property Investors wishing to acquire in the local area
Business owners in the local region
Solicitors and accountants that have property related clients
Tenants located in commercial buildings
Tenants located in retail shopping centres
Tenants located in industrial buildings and Parks
Property developers
In recent years, the marketing process in commercial property has changed substantially with the addition of electronic and Internet related marketing. The marketing package for a commercial agency remains a critical component of the yearly business plan.
To reach your target market the following components of the marketing plan should be considered:
Direct mail letter marketing to the people in the above list should be ongoing. The best value and conversion rate in this process is achieved through following up the letter with a direct call.
Unaddressed mail flyers drops through the local post office should occur three or four times a year.
Press advertising where appropriate and affordable is useful on the days where real estate features in the local media.
Success letters should be dispatched through the local area when property sales or leasing?s have been achieved.
Just listed letters should be dispatched through the local area when new properties are listed for sale or for lease.
Radio advertising is useful in regional towns where it is more affordable and can reach the target market.
Television advertising is only useful where it is affordable and it can reach the local target market. This is usually in the case of a regional town.
Telemarketing and cold calling should always be part of the marketing package for a real estate office. Caution needs to be exercised with regards to the do not call register that could apply in your location and the local legislation that relates to cold calling processes.
Community related marketing with signboards on sports venues is always useful where affordable.
Sponsorship of community groups and clubs is also wise strategy if the members of that group are aligned to the real estate product that you sell or lease.
Developing a simple group of promotional products to hand out to customers and the people you meet each day
Signboards are the most important marketing tool in the agency business. The more signboards you have in your territory, the stronger the branding for your real estate office.
The use of the Internet today requires careful selection of domain name, website identity, listing of properties on the Internet, search engine optimisation of your website, database, and Email integration.
Social Media Marketing tools that are becoming a big component of real estate communication. Whilst this can be done individually with each and every salesperson, it should also be done for the real estate office with its own business brand. Given that the marketing process here is quite specialised, it pays to involve experts in the process until it is well established and functional.
The process of marketing in commercial property is critical to the performance of the office. It complements the activities of the salespeople. In this way you can build market share consistently each and every year.
John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions. You can get a free ebook of real estate tips and tools right here at http://www.commercial-realestate-training.com
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