Syndication - The Pros And Cons

Successful commercial real estate agents and brokers are very experienced in self-promotion and communication. They know how to reach out to the clients and prospects in their local real estate market; there is no point in them being a ‘secret agent’. Every working day they are spreading the promotional message across target audiences and selected prospects.

In any real estate team every agent or broker should be comprehensively promoting the brokerage business and themselves across the market place. It is a daily requirement and yet some agents really do not do it very well. Focus is required.

Here are some questions which will help you understand how you can promote to and connect with your groups of clients and prospects. Review these points relative to your own marketing activities:

  1. Time – how much time can you apply to the promotional activity every day? That will involve finding new people to talk to, as well as strengthening previously established relationships. In most cases it is necessary to spend approximately two or three hours per day in self-promotion.
  2. Pull marketing – this is a specific process where you are encouraging people to contact and connect with you. It will occur when you are regarded as the industry specialist within a property type. It can also occur when you are holding a dominant market share within a town or a city. The process of pull marketing will strengthen over time if you are dedicated to the disciplines of cold calling, direct mail, door knocking, and constant contact. It takes about two or three approaches to the same person to convert them to a meeting. Consistency is the key to improving your profile with pull marketing.
  3. Money – the marketing process does cost money and for that reason needs to be strategic to a target audience and the location. Spend your marketing money wisely. The traditional business card remains the most professional and successful way of self-promotion. It is simply a matter of spreading and circulating your business cards into the groups of investors, property owners, business proprietors, and tenants. Make it a target to talk to 20 new people per day; give them your business card as part of the process. In many situations, the business card will be retained for future reference. This is in stark contrast to the traditional brochure or direct mail piece that will be discarded.
  4. Sales pitch or presentation – over time you will get plenty of practice to help you with your sales pitch and property presentation. If you specialise within a property type, this process can be relatively easy and quite specific to the target audience. The more specific you are in the presentation, the greater your chances of listing conversion. You can improve your chances with any sales pitch by doing some simple regular practice within the sales team as part of role playing. The sales team can share some of the challenges from the marketplace so that you can integrate those problems into your sales pitch and practice your responses.
  5. Relevance – the more relevant that you can be to the property type, location, the property, and the client, the easier it is to convert the listing exclusively. Approach every sales pitch with the end targets in mind. Be quite specific when it comes to the marketing alternatives and the direction of helping the client.

So, all of these points can be looked at from a personal and specific angle of promotion. Put yourself into the marketing of every quality exclusive listing. The more convincing you are in the process, the easier it is to win the new business opportunity. The agents that are not good at converting listings are usually the ones that approach the presentation and pitching process of generically.

John Highman


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