Who Else Wants to Sell More Property Faster?

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If you want to really maximize your income in commercial real estate, this could be one of the most important posts that you read this year.  But first – a story.

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I remember when airbags in vehicles became widely accepted and used.  It was the late 80’s.  That made me about 11 years old.  I remember being fascinated with them.  How did they work?  How could they pop out that fast?

By the mid 90’s, however, airbags were a standard feature of all cars.  At their onset, airbags were a selling feature.  They provided such added safety during collisions.  But once they were standard, that dynamic changed.  You would never buy a car because it had an airbag.  You would hesitate to buy a car without it.

Last week, I wrote a post on the three P’s of real estate:

  1. Put up a sign
  2. Put it online
  3. Pray

The three P’s are the airbags of Commercial Real Estate – or all real estate for that matter.  This list of 3 is what anyone and everyone does.  It is a commoditized feature set.  It is the opposite of a differentiator.

You may have heard of the Broker Continuum – Finding, Winning, and Fulfilling Business.  What I am referencing in this post is moving a listing or assignment from being won to fulfillment.

So here are the steps that top performers execute with extreme discipline when they win a listing.  This is proactive marketing.

The 5 Steps of Proactive Marketing

  1. Profile the ideal buyer/customer – This is a best practice of all salespeople.  What does your ideal buyer look like?  The same applies to a piece of property for sale.  What are the top 3 best uses of that property?  Build your profile and give it a name.  Not only will this clarify the next steps, but it a great way to educate your client and demonstrate your expertise.
  2. Build a list – Once you have the profile of the ideal buyer, build a list of those prospects.  This is just like building a database for your prospecting efforts.
  3. Pursue the list
    • Direct mail – Post card use is a dying tactic, but it is so effective.  Send the ideal buyers on your list something in the mail – a post card or something else.  The mail is a cost-effective way to hit everyone on your list quickly.
    • Email Blast – I am amazed that every advisor or salesperson doesn’t have an account with iContact, MailChimp, or something like it.  You can email your list through these services and almost guarantee it will hit their inbox.  Most importantly, you can see who actually opened the email.  You can see how many times they opened it.  You can see if they clicked on a link, downloaded a package, etc.  These services are super affordable, by the way.
    • Phone Call – Use your email blast analytics to triage who to call.  If someone opened the email more than once or clicked on a link…top of the call list.
  4. Engage the Brokerage Community
    • Contact brokers with similar listings – Advisors don’t do this enough.  Make sure that all brokers who have similar listings know about yours.  Then ensure them that if they bring you a buyer who didn’t like the other listing, you will be happy to share your fee.
    • Host a broker forum – Broker forums are a lot of work to put together.  However, they produce results.  They offer the opportunity to put deals together.  They proactively encourage cooperation.  They build relationships and trust.  All of these are huge wins for your business.
    • Email blast – Don’t forget to blast the brokerage community.  Follow up with them the same way you would the ideal buyer.  The single best way to access the largest buyer pool is through the brokerage community.  Turn your competitors into your de facto agents.
  5. Utilize online ads – I’m not going to unpack this, but look into Google AdWords.  These give you the ability to buy ads that only show up to the demographic you specify.  You can seriously target your ideal profile.  This is cheap and potentially very effective.

I ask you to do two things with this information.  First, apply it to your business.  Build a system and then execute.  

Second, share with theBarronBlog community what else you do to proactively market your listings. You can leave a comment by clicking here.

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Categories: Coaching, Commercial Real Estate

Please note: I reserve the right to delete comments that are offensive or off-topic.

  • James Nelson

    We believe that direct outreach is most important. We always eblast, but many investors today overlook them or the emails end up in the spam filter.

    Our most focused calls are to investors who have bid on similar properties that we’ve sold in the past. We track every one who has ever made a bid on a property. We also call all the neighbors in the surrounding blocks. They often times have interest or know someone who does. – James Nelson, Massey Knakal Realty Services

    • Thanks for sharing James. You mentioned two things here that I think are super important. The first is keeping a database of usual suspects – those that have demonstrated that they are buyers.

      The second is walking the neighborhood. This is a glaring omission from my post. It is so important to ensure that all the neighbors are contacted. They already own in that market and likely the same product type. They are so often going to be your buyer. Thanks for mentioning this.

      And tell Bob I said hi!

  • You may want to ‘unpack’ Google AdWords in another post, Bo. I’m interested to hear that you really perceive value here.

    • I’m going to start posting on tech on Fridays, and I may include this in one of them soon. Thanks for the suggestion, Barbi!