Identify Your Buyers
How you go about marketing your properties all depends on the type of buyer you’re trying to target. Commercial buyers are vastly different from residential buyers. They might have deeper pockets and might be more likely to pay cash for a property. The process of financing a commercial property tends to be more complicated than getting a mortgage on a home.
A person or company interested in commercial real estate might be more interested in how much income the property will generate while a residential buyer is going to want to know the value of the home in comparison to other houses around it.
Among commercial real estate buyers, different entities are looking for different things. You can’t convince a restauranteur to purchase office space, for example, and it’s unlikely an investor whose portfolio is strictly industrial properties will be interested in purchasing retail real estate. When you have a general idea of who your target buyers are, you can more easily fine-tune your marketing strategies later on.
Set a Budget
As they say, you need to spend money to make money. Marketing and advertising cost money. The key to making sure you’re spending money wisely and that you don’t end up hurting your bottom line is to set a budget.
One way to set a budget is to look at your anticipated revenue. If you’ve been selling commercial real estate for a while, you most likely have an idea of how much your company brings in each quarter. Try to keep your marketing budget below 12 percent of your expected revenue.
After you’ve put together a budget, if the figures are too high, it’s time to look at where you can make cuts or reduce expenses. For example, you might consider hiring an intern to handle social media marketing instead of working with a pricier agency. Or, you might choose to focus on the marketing tactics that have worked in the past, rather than trying something new.
Choose Your Tactics
The next step when creating a marketing plan is figuring out how you’ll get the message out there. In this day and age, you have multiple options when it comes to marketing tactics. You can use a combination of some or all of them to reach your buyers: We buy ugly houses