In any economy or property market there is always a target market for every property you list for sale or rent; all the more reason to define and set your promotional strategies to the target market.Property brokers that list and then generally promote property for sale with no relevance to the target market, usually waste the time and money of the client. So what should target marketing focus on when it comes to commercial property? Try some of these:The person or business type that is the ideal buyer
The buyer that can afford the property price range
The timing and settlement that the property will require
The buyer that needs the improvements on the property
The buyer that knows the areaWhen you know the answers to these questions, you know the type of advertising you should use and the method of sale to be adopted. Your advertising strategy then becomes more direct and focused and the chances of a commission are more real.Target marketing is actually a part of successful listing. To aid the process you can adopt a questionnaire procedure that makes both you and the client answer these questions above. It helps the property promotion when the client and the agent broker are ‘on the same page’.The defined target market will dictate that you use a particular blend of promotion tools. They will be used differently based on what market you are tapping into. Consider these:Internet
Signboards
Paper advertisements
Industry specific periodicals
Flyers
Advert design
Pictures and other images
Direct mail marketing
Email
Database
Direct calls
Face to face meetings
Local area marketing
Radio and TV
Method of saleThese tools will help you tap into the target market, but not all will be relevant. It is better to channel your effort into the tools that are likely to generate the best results. Split your marketing methods into a staged release of information through controlled marketing methods. Track the results that you get from the marketing so that you know what works and what doesn’t. Change strategy midterm if something is not bringing in results.How long have you got for this marketing process? About 8 weeks and the first 4 are critical to the impact in the market place. A fresh property should always be freshly marketed; the client expects and deserves no less.All of this means real strategy and planning by the real estate agent for the client. In setting up most promotional plans for any commercial real estate sales or leasing, the planning stage takes a full two weeks, and the client is part of the decisions taken. The more time you spend at the ‘front end’ of the advertising process means the chance of getting better enquiry from what you do and creating a shorter time on market.