There’s a very common, so-called “tried and true” marketing tactic that commercial real estate brokers need to stop doing right now.
After all the calls, meetings, and pitches it takes to get to an exclusive representation agreement, you probably do a bit of celebrating, sit down at your computer and get ready to take this first step in marketing a listing.
Want to know what it is? First, let’s take a step back and think about how you should be approaching CRE marketing.
Think through strategy firstOk, so you’re sitting on a great commercial property. Now you’ve got a new challenge: how do you get it in front of the right people? Brent Smith, a broker from San Antonio, says that too many people don’t implement their marketing plan in a structured way.
“A lot of brokers declare victory too early in the process,” he says. “Once they get the listing signed, they put it on the internet and hope the buyer’s going to show up. They just want to hit a button on an e-blast and hope that the phone will ring.”
But, as Brent puts it, “Marketing is all about the prep work: thinking through how you’re going to move someone through the funnel.”
Mass emails might be doing more harm than good
A mass email is indeed the ultimate illusion of effective marketing: you feel like you’re doing something. And you are, alright—just not the thing you think! Most likely you’re annoying people, losing credibility and wasting time.
You should approach email marketing the same way you (hopefully!) approach prospecting calls. Take the time to figure out the highest probability leads. And for that, you can turn to your contact database and dive in to create a targeted list.
If you’re using a CRM, this shouldn’t be too difficult. Depending on the property, you might want to pull up your core clients (or people you have a relationship with), a list based on industry, principals and top owners, etc. There are lots of options.
It’s also worth noting that you should probably call these people first, then email them. Only after completing those two steps can you consider a mass email just in case, but chances are high that you won’t need it.