Last week, I had the privilege of being in Portland, OR for a commercial real estate conferencence. I had never been before and discovered it to be a beautiful and unbelievably clean city. I was blown away.
Our Pacific Northwest franchisees put on a great training conference. I got to speak on how to improve efficiencies with technology. I also got to lead a couple of break out sessions on measuring outcomes and accountability. It was a blast.
Curt Arthur, our managing director and franchise owner in Salem, OR said something there that I had to write about.
He mentioned in his opening remarks the 3 P’s. These are the three things that typical commercial real estate brokerages do with a new listing. He was not complimenting our industry of commercial real estate.
3 P’s of Typical Commercial Real Estate
- Put up a sign.
- Put it online.
- Pray that someone will bring an offer.
These are not bad things. A sign is a great way to broadcast to locals that property is available. Most property searches start online, so you have to make sure your listings are there. And I am a huge believer in prayer so don’t get the wrong idea here. For those of you who would substitute the word ‘hope’ for ‘prayer’ – hope is not a strategy.
This is called Passive Marketing. The definition of passive marketing is to flood the market with information on all fronts, and then wait for the phone to ring. That is simply not good enough.
But this is the norm. Too often, a seller signs a listing contract and doesn’t hear from the broker for 6 months when it’s time to extend the contract.
The other side of the coin from Passive Marketing is Proactive Marketing. Proactive Marketing is taking the initiative to ensure everyone who could be a buyer knows the property is available. That takes work. That takes a system.
So here are some questions for you to consider as you start your week. I encourage you to ponder and share your answers in the comments section below.
- Is hope your strategy?
- Will you be described this week as proactive?
- In what ways will you proactively market your listings, products, or services?
- What are the most effective ways you proactively ensure that every qualified buyer knows about your listing, product, or service?
Question: Will the 3 P’s describe you this week? You can leave a comment by clicking here.
Please note: I reserve the right to delete comments that are offensive or off-topic.