When I was a new commercial real estate agent I would work 10 times as hard on marketing what few listings I had than anyone else in my market. I was eager and didn’t have much else to do besides spend time marketing because I didn’t really have any other business at the time. One of my marketing strategies turned out to not be so effective in selling my listings, but it was effective in getting me new listings.
I would put together a very professional and informative flyer for my listings. I would go beyond the basics that other agents listed in their flyers and included a very detailed description, multiple photos and some selling points specific to the type of business or person I was marketing to. I would then choose my target market to pitch this listing to. If it was an office building I would gather a list of all office building owners in the area. If it was a business i would gather a list of all related businesses. I would send the flyer out and after two days would stare at my phone waiting for all of the interested buyers to start calling. Well, I didn’t receive any phone calls… I was filled with disappointment each time, to say the least.
Very rarely would i get an interested buyer from these mailings, but a few weeks later I got a call from somebody saying they got my flyer in the mail. Just as I was getting excited to have a lead I heard “I don’t have any interest in buying this” and filled with disappointment all over again. The next words were “I actually want to sell my building”. My ears perked up a bit “Are you taking any new listings?” I had to hold myself back from shouting “Absolutely!” I ended up with a new listing and thought it was a fluke that it came from my marketing efforts on the other listing. Then, a couple of weeks later, I received a very similar call “I got something in the mail from yours few weeks ago and I’m wondering if you can help me sell my property”.
At this point I was starting to feel like I was onto something. I started to get a little more intentional with my efforts. I would send the same group a flyer with the new listing. After a round of listing flyers I would send a listing update once I had the listing under contract. The same flyer l, for the most part, but with the words “Sale Pending: or “Under Contract” at the top. Once it sold I would send out s other round with the word “SOLD” at the top. Over the next couple of months more and more people would call inquiring about selling their property and finally a few buyer inquiries.
Before doing this I had sent hundreds, if not thousands, of mail pieces in an attempt to solicit listings. The results of these mailings were always poor.
There are a couple of reasons I believe the mailers to market listings work so well at gaining new listings.
For one, I’m establishing myself as an expert in that particular property type. Especially if I sent them flyers on different listings. I’m not telling them I’m an expert, so there’s no reason for them to question me as to whether I am or not. I display my expertise by describing the property in a way that appeals to an owner of that type of property.
The second reason is that I’m demonstrating the level of effort I put into selling my listings. While most commercial real estate agents just put up a sign and post a generic listing on a few sites, I’m actively reaching out to potential buyers. Somebody that wants to sell their commercial property is likely to want to work with the agent that’s going to put the most effort into selling their property.
Another reason, I believe, is that I’m putting my information in front of them in a way that doesn’t cause them to put up their salesman defense wall. When you’re trying to sell somebody something they automatically put up a defensive wall and are skeptical of what you tell them. While I am trying to sell them a listing, they’re not putting up any defense in regards to listing their property. In fact, it becomes their idea to contact me!
When I’m feeling really ambitious, I’ll take it a step further and follow the mailers up with phone calls. Usually I’m sending out hundreds of mail pieces at a time so I’m probably not actually going to call all of them, let’s be realistic. Instead, I’ll mark the owners of the properties that I really want to list, or that I have reason to believe is likely going to want to sell and focus on calling them.
This method of marketing has multiple benefits. You actually are, in fact, aggressively marketing your listings and getting it in front of potential buyers, you’re keeping your clients happy by putting that extra effort into their listing, and you’re keeping your name in front of local commercial real estate property owners. It’s a win-win-win. It’s one of the only forms of marketing that you don’t have to worry about being a waste of money.