Commercial real estate is a special type of property that is normally marketed to an investor or a business. Failure to tap into that exclusive target means that the property will remain on market for some time and can become stale.
You have only one chance to sell or lease the property so the impact of your marketing campaign is absolutely critical in a short period of time.
So how long should a commercial property be on the market? Most properties should be structured to an intense marketing campaign of 6 to 8 weeks. If the property has not sold or leased during that time, then it should be removed from market for bringing back at a later time when circumstances have changed.
From the real estate agents perspective, a property marketing campaign has to satisfy a number of objectives. They are:
1. Build a significant long-term image of your real estate office in the current market.
2. Sell the real benefits of the client’s property in a clear and precise way.
3. Convey sufficient detail of rental, size, improvements, and opportunity that the property supplies the buyer or tenant.
4. Strengthen and establish the attitudes of the market and the reader towards the property and its features.
5. Ensure that the readers perception of the property is clearly established with accuracy and then encouraging them to make further enquiry.
6. Ensure that a marketing campaign covers all the best media channels including both the traditional and the evolving electronic media. It is of note that newspaper marketing of commercial property is becoming less popular and less effective as the Internet and email takes over. At the end of the day, the best channel of property promotion is that which gives the best exposure and produces the best levels of enquiry in the available time frame.
7. All good advertising campaigns are simply structured programs yet featuring the key and clear advantages of the property. Wordy adverts are usually not read and are counterproductive. Time is of the essence when someone reads your property advert.
8. The marketing of a property should not simply be left to generic adverts placed in the media channels. The best property enquiry is sometimes generated from your own database and personal efforts. This then requires direct letters, direct telephone calls, and personal meetings.
9. The quality of marketing material should be of the highest level at all times. Brochures, flyers, and information memorandums should be carefully laid out so that they communicate the correct message and attract the right enquiry.
10. With all Property Marketing and particularly with commercial real estate, it is wise to test and measure the results that you achieve as you go. It is not unusual to change tactic midstream in the marketing campaign when enquiry is not being generated.
11. Motivation is the key word when considering the marketing of property. If the advert doesn’t generate reader motivation to call to enquire about a property, then it is not achieving its primary focus. If this is the case, have a look at the message and the features of the property so that adjustments can be made in the advertising layout and the channels of media used.
To sell or lease a commercial property in a timely way, do not simply rely on the generic marketing processes. Take steps to sell the benefits of the property, and tap into its target market on a personal contact basis.