In this property market, the marketing that you do for commercial sales and leasing will help create enquiry. Given that many towns and cities are experiencing some downturn in property activity, it is really important to target market commercial and retail property to the right buyers or tenants as the case may be.
The best marketing campaigns are vendor funded given that the enquiry has to be optimised. vastuplus A vendor spend of about 1% of the asking price is appropriate in the case of a property for sale. If the property is to be marketed for leases then the equation of property owner spend on marketing should be based on the required marketing needed to tap into the targeted tenant market.
Exclusive Listings Please
Agents listing properties for sale or lease should seek exclusive listing appointments and listing terms of at least 4 or more months. The property could take a reasonable amount of time to create the right enquiry. That being said, the owners of property should be helped to understand the true market conditions of today, and exactly where their property price or rent sits. There is no point in marketing a property for sale or for lease if the asking figure is well above current market conditions.
Here are some ideas to plan and structure a property marketing campaign:
Look around the local area to see just what other properties of similar type are doing. Are there excessive vacancies or properties for sale? How long have they been on the market and what is the current asking price or rent? You will need this information before you plan your marketing efforts.
From your existing database you will know what the current levels of property enquiry are like and what those people are looking for. Review your database to see how your new listing could fit the enquiry currently.
Most buyers and tenants that acquire or rent a new property will come from the surrounding business community. That could be the surrounding 5 kms or so. It is remarkable how much enquiry you can create when you frequently cold call and prospect this group of property owners and businesses.
Most (75%) of your marketing funds should be spent in the first 6 weeks of the campaign. That is when your property is fresh and new to the local enquiry. During this time, the chosen methods of marketing should be tracked for effectiveness and success. If something is not working, change it.
After a period of 5 months, and if the property is not sold or rented, it would be better to take the property publicly off the market and do a direct approach to businesses and property owners. This gives the property time to refresh and be available for new enquiry when it comes back in.
Today, the properties that are sold or rented are usually the result of a dedicated marketing effort and focus. This says that the campaigns have been well planned and implemented. A top agent today puts more effort into their exclusive listings, knowing that they control the stock and the enquiry. The more enquiries that you can extract on every marketing campaign, the greater the chance that you can match parties to a successful property transaction.