A good marketing plan is vital for a successful business. It helps the owners market their business efficiently and attract potential clients. If you are a real estate agent or broker and have been given the of preparing a marketing plan for selling or leasing a commercial property, here are some suggestions that can help you develop a plan that will not only attract potential buyers but will also ensure the property does not remain on the market for long.
Start by creating an executive summary for your commercial real estate. This section includes main points of the entire marketing plan and will help the reader – be it an investor or an individual looking for a commercial property – understand your intentions for the plan without reading the complete document. Make sure the executive summary is clear and concise.
Identify your team
List the names of your team members, clearly mentioning the function of every individual in front of his/her name.
Consider other real estate companies in the local market. Thoroughly analyze their services, prices and fares. Also find out the type of customers they target and the services they offer. Appraise the areas of real estate industry that can be saturated in your area, and explain how you will fill gaps and move your business forward.
Identify your customers
Based on your market analysis, identify the customers you can target. List the characteristics of your potential customers such as their sex, age, marital status and income level. Identify the habits of your potential customers, such as where they live, whether they love to go out for shopping, eating and other fun activities.
Highlight feasible measures you will take to promote your real estate business
There are several ways of promoting your real estate business, including advertising in the local newspaper or in the weekly/ monthly property magazines or guides for buying homes and commercial property. You can also use direct mail marketing technique to promote your real estate business. Social media networks, such as twitter or facebook are also good mediums to target.
Create a working budget
Use a spread sheet or an accounting tool to prepare your working budget. Include all the costs that you expect to incur, including real estate agent and broker salaries, licensing fees, taxes, office supplies, promotional open house signs, travel, advertising and training.