When it comes to selling and leasing commercial or retail property, the marketing presentation kit that you use has to be optimised for your area and your property type. The marketing kit something that travels with you each and every day as you meet with clients and prospects in a variety of situations. This then suggests that the kit itself should be very useful and relevant to help you close on any listings or marketing strategies.
You never really know when the opportunity will arise to present and pitch for a listing. If you sell, lease, and manage commercial property the kit will need to be suitably versatile. If you work on Office Property, Industrial Property, and Retail Property, then the kit will also be comprehensively adjusted to suit these property types.
In your marketing presentation kit, you should have a selection of the following:
- Provide samples of advertisements that have been used on the other properties of various types. These should be local properties of a quality nature. When the client sees samples of good advertising with other quality properties they are likely to accept your marketing strategy and recommendation.
- Give details of the diversity and depth of your database. The database is a significant opportunity in the listing process providing you explain its relevance to the client. The client is unlikely to discard your agency from the presentation process if you can comprehensively connect them to the relevance of your database in providing the appropriate seller or buyer for the property.
- It pays to have a two phase strategy when it comes to marketing campaigns. Given that most of the marketing is focused on the first three or four weeks of the agency, this is what we call the primary marketing time. At least half of your marketing effort should be directed into that primary window of time. Most of the enquiry will typically come to you during this period. The balance of your advertising money and campaign can be directed across the remaining agency period which is the secondary promotion time. Throughout the campaign you should be tracking the results of advertising in the different types of media used. If something appears to be working well then it needs to be encouraged. If another segment of advertising or marketing is not getting any enquiry, then there is a need to adjust your campaign. There is no point in wasting time or money when it comes to marketing property. The vendor is seeking enquiry results and that is what you should be creating.
- Email marketing of commercial property through the database is a very effective strategy to attract enquiry. It is low cost and also easily undertaken. Show the clients some samples of email marketing and how they can tap into this opportunity.
- The signboard on a property is still one of the most effective tools of promotion. It is relatively cheap, and is usually seen by all the local property owners and business proprietors. Given that most enquiries come from the local area, the signboard is fundamentally important to creating enquiry. Show the client some differences between specially designed signage verses generic signage. Make your recommendations accordingly.
- Subject to the property type and the chosen method of sale or lease, you can show the client three levels of campaign as they can apply to a particular property. For example that can be the gold package, the silver package, or the bronze package. You may like to call them something different but the inference is that different levels of advertising commitment are available depending on the appropriate levels of vendor paid marketing. When you use this strategy, the client tends to select the middle package as a suitable solution.
As mentioned earlier, you may be involved with different property types. Because of this, you should carry within the marketing kit photographs of quality properties within the category of property. The client will generally only relate to their particular property type and the location.
In reviewing the performance of any retail shopping centre there are many things to look at. As a type of investment, the typical retail property is dynamic and active in many ways. A true property professional will review all the facts before getting involved in property marketing or any sale or lease. Many things should be understood first before any action is taken.
What makes a retail property so different? It is integrated heavily into and involving the stakeholder’s interests; the stakeholders are the landlord, the tenants, customers, financiers, managers and leasing specialists. In an ideal investment situation the retail property manager would be balancing the tenant mix to improve retail sales and lessen the vacancy rate, and then to take steps to improve the landlord’s net income. Within those two issues there are many things to look at.
It can be said that retail property managers are perhaps the most specialised in the property industry. Their knowledge, skill, and systems will have a major impact on the property overall. On that basis the retail management fees paid today in a quality property should be substantial to cover the time required in property control and optimisation. The management processes and leasing activities in a retail property are intense. Mistakes or omissions made can impact the property in many different ways.
So here are some basic factors to help you get started in checking and optimising retail property performance from the aspects of the leases and tenants. You can add to the list based on location and property configuration:
- Tenant mix – review the tenant mix in all respects. That will include lease documentation, critical dates, tenant offering, sales performance, and lease longevity.
- Lease terms and conditions – in a property you will have many leases. All of them will have lease terms that are unique to the premises and the lease situation. You must know about the leases before any sale or marketing proposal is contemplated.
- Sales figures – most good retail properties will be tracking sales turnover by retailer. This will be done as a standard term and condition of the lease. The numbers will show segments of trade and the MAT average over time. MAT stands for Moving Annual Turnover and it will show how the sales figures are trending in retail segments in a shopping centre. It is a valuable analysis. It helps you see weaknesses in trade, tenant mix, lease structure, and clustering.
- Vacancy factors – given that you have leases in a property, you are likely to have vacancies as well, together with the threat of a vacancy with tenants getting to the end of lease occupancy.
Looking at all of these things you have the basis of understanding just how the tenants and leases impact the property and its current cash flow of rental. From that point onwards you can look at other associated issues such as outgoings, net income, and customer interaction.
In commercial real estate you will need some technology tools to assist your progress in commercial property sales and leasing. When used fully and correctly they will drive more opportunity towards you and help you keep it under control.
At the bare minimum in today's commercial property market you should be able to work with all of the following:
- Mobile smartphone with your personal diary and database
- Computer for presentations and property information
- Database that is easy to use and comprehensively captures the inquiry
- Website that promotes your listings and your business
- SMS technology for sending messages to clients and prospects of new listings and updates
- Email contact and the use of attachments such as brochures and flyers
- PDF documentation and formatting of promotional material
- Creation of adverts and marketing material on your computer
- HTML email that updates all your contacts of recent listings
- Auto responders for automated contact via email
- Internet placement of advertised properties
- Use of word processing for reports and information memorandums
Some salespeople will have a PA to do this work for them and that is fine; It is the fact that you or someone working for you is doing it that really matters.
Presentational and communication tools today are part of business in commercial property. If you use the tools to their fullest capability then your market and the prospects around you will see it.
So let's add a few extra technology tools to the process now that you may not use. They have something to do with the internet and they are all critical to the online profile you would like to have.
- Start to grow your personal profile on the internet by establishing an online community of contacts. You can do this with something like LinkedIn or similar internet based community tool. Importantly you should separate your business life and personal friends to two different sites as they are looking at you from different angles. Most professional business people will have a profile on the web that is searchable and is likely to be looked at by business prospects before or as part of business contact. Establish your profile on the internet the way you want to be seen.
- Establish a blog in your name so you can write short informational grabs about property industry trends in your area on a regular basis. Everything you write should be linked back to your main office website and your listings. It is remarkable how this simple regular practice will help lift your personal profile on the World Wide Web as long as you do it regularly.
- Write short online articles about commercial real estate and publishing them to a recognized internet articles directory on a regular basis. There are some very good article directories on the web and many of them take articles on commercial real estate. That is where you need to go to write about things of interest in commercial investment property. Each article you write should be linked back to your website and personal profile. It is the link back to your site that is really critical to your branding and internet profile.
These extra 3 things will assist your profile on the largest and most important part of the promotional stage in commercial property; the internet. More than ever before the internet and your profile in it will be essential to your success and image in your market. Get ahead of your competition and start the 3 extra processes above before they do.