Commercial real estate agents are some of the busiest people
on earth but handling multiple deals at a time is one of the time management
skills they develop very soon, or they quickly discover how costly mistakes can
be. And since continually filling the
pipeline is essential to long-term success due to the long sales cycle, there
are several important marketing essentials that brokers can’t let slide, or
revenue can dry up before you know it. We’ve looked at some of these common pitfalls and narrowed our top 5 to
the following:
Letting your office or mobile phone voicemail
fill up.
After all of the work you
do on a daily basis trying to find and generate leads for the listings you
represent, the greatest disservice you can do to yourself and your client is to
allow your voice mailbox to fill up without clearing it so that the next
prospect can't leave a message. Forcing them to have to text you for any
information on the property in question creates a bad first impression that is
seldom recoverable. If you think this makes you look busy and therefore
important, you’re wrong. It makes you look disorganized and inattentive. And the next landlord prospect may think you
could be too busy to help them. Keep
your voicemail clear by placing contacts and notes regarding their requirement
in a simple CRM with follow up cues so that you don't have to rely on reviewing
old messages.
Relying on administrative assistants to
handle all data entry.
When asked by commercial real estate trainer, Rod Santomassimo,
“What is your job?” A room full of
brokers shouted answers like deal making, negotiating, showing property, etc. And I rejoiced at a hearing Rod reply: “No,
it's marketing. Because if you don't market yourself and your listings
affectively, you don't get to any of the other activities”. And the first step
in affectively marketing any property is writing a description that sells, as
well as ensuring that all of the relevant data is accurate. Whether you upload the data into each of the
many platforms that publicize your listings or if you complete a form detailing
all of the listing’s data and attributes, the initial input should come
entirely from you as your administrative assistant has likely not even been to
the property. You and the owner of the property have determined what its
highest and best use is and you likely have a list of 3 to 5 target verticals
that you will pursue. Your assistant’s
time is so much better spent researching potential target prospects for this
property than gathering listing data for a property no one should know better
than you and the owner.
Thinking any photo of the property is fine.
Yes, every smartphone has a camera, but
that certainly doesn't make every commercial real estate agent a photographer.
Take a few minutes and watch some YouTube videos on photography basics before
the next time you snap some pictures with your iPhone and discover what a huge
difference it makes selling even the most challenging listing. A small one-time
investment in Photoshop and a few hours learning basics about color management
and perspective will go a long way in putting your client’s property in the best
light. Commercial brokers could learn a great deal from residential luxury home
agents who understand the value of curb appeal. Lighting enhancements, wide-angle
lenses and staging can go a long way in helping a tenant or commercial office buyer
visualize their business inside your client’s building. For larger listings, if you are not already
using a drone to capture aerial views that you can later enhance with Photoshop
to delineate boundaries and label important features, then you are behind the
curve. If you are currently snipping screenshots of Google aerial photos, you
are biding your time just waiting for a lawsuit when they decide to enforce copyright
law. It is well worth it to buy a drone and either learn to fly yourself or hire
a millennial to take aerial photos or film video flyovers. This is such a
powerful tool in selling any land listing, shopping center, prominent office
building or industrial park and it’s no longer only the national firms with the
resources to take advantage of this new technology.
Random tactics vs tailored marketing
strategy.
Unfortunately, most
brokers take the exact same approach when marketing listings regardless of the
listing type or most likely buyer. At most, they have a list they have
developed over years of people who have bought similar types of property but do
little to actively expand that list. The vast majority however gather basic property
info, take a few mediocre pictures, place a sign and post it on CoStar/LoopNet
and maybe one other site and then wait for the phone to ring. These are all tactics randomly selected with
the hope that a random prospect will see the property and make an offer. More pro-active agents start with this, then
determine who the best target prospects for the property are, create a list of
prime suspects, use an e-mail campaign strategy that targets these verticals
with behavior-based retargeting to reinforce the benefits of the property and a
CRM-based follow up system to record notes about progress, and connecting on
social media with these target prospects to increase exposure of the listing
among them in a consultancy manner rather than a selling mode. A custom, pro-active strategy wins every
time.
Building a referral base.
The lifeblood of any career broker is a
healthy referral base. Most brokers will say they know this, but few work purposefully
at developing it. This is your easiest
and cheapest form of marketing and can help establish and build your personal
brand. On every successful completion of
a project, you should be asking if there are any colleagues your client has
that are experiencing real estate related challenges. Then ask them to write a short testimonial and
post it on your website or even better, ask to record a message using your
smartphone and post it on your YouTube channel, LinkedIn or Facebook and you
should insert a link to your RealtyZapp listing profile containing your bio and
qualifications, so that everyone that finds you on Social Media sees your brand
as well as your current listings. Then
when you connect with each new referral on LinkedIn for example, they know
exactly the kind of professional they’ll be working with. Doctors and Lawyers do this consistently, so it
should be important enough for you.