Let’s say you’ve won an exclusive rep agreement and you’ve started marketing the listing. Everything is in motion, but for some reason, you’re not getting a great response. If that’s the case, there may be some glitches in your marketing. For example:
If people are reviewing your listing but NOT following up, ask yourself...
- Did I make the details simple to scan and understand? Present your information in a way that’s easy to digest, and limit yourself to salient details only. Leave out things that can bog prospective clients down, like raw P&L reports that feature way too many confusing details and unrelated items.
- Did I present a cohesive story for this property? Pretty pictures of a building aren’t good enough if you aren’t telling a cohesive story that people can get behind. Don’t just make attractive materials—make sure those materials move people from one step to the next by piquing their interest and making them want to see more. What sets your property apart? An office building with beautiful skyline views and nearby amenities like dry cleaning and daycare? A warehouse with easy highway access? A retail space in revitalized industrial area close to public transportation and up-and-coming eateries? Whatever that defining quality is, play it up!
- Is the information organized and complete? Can people quickly find what they’re looking for when they view your listing? Is the information complete, from square footage to contact details to relevant photographs? Review your listing and make sure you got the basics right.
- Is the confidentiality agreement process straightforward? Confidentiality agreements are a necessary part of commercial real estate marketing, but you can make them as painless as possible with online signing services like Listing Lab, RCM1, and WP Esig.
If people are contacting you but not setting up a tour, ask yourself...
- What are their objections? If you’re hearing the same objectives from multiple prospects, it’s time to formulate a smart response and even include it up front in your marketing materials. For example, is an office building far from convenient parking? Highlight the multiple public transportation options right outside its door.
- Are there points of confusion? Errors of omission? Is there something prospective clients are unclear about? Follow up with them to see where in the process they’re stalling, and what’s turning them off. It may be an easy fix, like providing missing information up front.
- Do I need to revisit the price? If your marketing is on-target but you’re not getting any bites, price may be the issue. Is the property priced too high for the current market?
If they are touring but not offering, ask yourself...
- What are their objections to the physical space? Could you make any improvements to the painting, signage, and cleanliness of the site?
- Is the property accurately presented in the pictures, or do people uncover surprises when they visit? If something that could be considered a drawback isn’t accurately reflected in your photographs and marketing materials, it may be misleading prospects and wasting their time and yours. You don’t need to highlight a property’s less-shinier features, but you shouldn’t omit them either. Give people a balanced view of the physical space so that they know what to expect when they visit.
- Have I created a sense of urgency? One of the best tricks we know is to schedule tours back to back. This makes touring efficient for you but also creates a psychological sense of urgency and demand in the buyer. When they see the next prospective buyer turn up for a tour right after theirs, you can bet they’ll put your listing at the top of their follow-up list, for fear of missing out on something good!
If buyers are offering but not getting to contract, ask...
- Is the issue price? It may be time to inspect seller expectations, and manage them to better reflect what the market’s willing to bear.
- Are the terms reasonable? Is debt available? You can get creative with the terms if needed. Think: seller carry, lease guarantees, etc.