When it comes to being successful in commercial real estate, a marketing plan is key. Your plan will help identify your target demographic, set reasonable goals, track your success, and efficiently allocate your funds.
Let’s break down your commercial real estate marketing plan into 10 sections.
1. Craft an executive summary – To understand and manage your entire plan, start with an executive summary. What exactly do you want to achieve? Do you want to be the area expert in a certain field? Do you want a certain type of client? Think about what exactly you want to do as a commercial real estate agent. This should be a short summary of those basic goals.
2. Create a mission statement – Your mission statement will guide you every step of the way. If you start to divert too much from your plan, come back to your mission statement and let it ground your core principles and goals. It should include your business philosophy and values, your ideal clients, and the things that set you apart from the crowd.
3. Conduct a market analysis –This should include real estate trends, your competitors’ info, and how all of this could affect you. Start with trying to understand what sets you apart from your direct competitors. Once you find out exactly what they do best and their weaknesses, you can set your marketing to counter. Does your direct competitor do great in retail but suffer in office and industrial? Maybe you should choose one of those specialities.
4. Complete a competitive analysis – Who is your direct competition? How are they currently marketing their business? Can you do this in a better way? How can you compete? What is your niche? Here’s where choosing a speciality can really help leverage you apart from your competitors.
5. Do a SWOT analysis – A SWOT helps you to assess your strengths weaknesses, opportunities and threats. What are they? Being clear about this will help you to reach the next level of success.
6. Determine you goals and impact – It is important that you set short and long-term goals that have clear objectives. They should also be trackable. How would completing these goals affect you? What will you next do when you reach them? You can track your goals by using an email system (Mail Chimp or similar) to see your email opens and clicks. Check your website visitor numbers and LoopNet listing stats.
7. Define your services – What services and products do you provide, and how are they better and different from anyone else’s?
8. Draft your marketing strategies and schedule – What do you plan to do to grab the attention of your target clientele? What channels and platforms will you use?
9. Set a budget– How much can you afford to spend on these efforts?
10. Create a system of evaluation – To determine if your efforts are having success, monitor your results on a regular basis. What are they telling you? What can you learn from them, and how can you improve?