Advertising is an important part of business generation when it comes to investment property leasing. You have to get the story out to the market in the most efficient way and attract the right tenants that can give the property a real future. Not every tenant will be a good tenant.
Not only is it essential to undertake efficient advertising in the local media and press, but signboards boards and the internet are also a vital advertising medium to attract enquiry. A signboard is often the most effective way of selling or leasing a property given the local passing traffic and the surrounding community. The internet is the most efficient way to attract enquiry from the broader market at low cost.
The traditional newspaper as an advertising medium is becoming less efficient in sustained message value and remains high in cost.
When the advertising of specific properties is undertaken as part of a campaign, the switchboard or receptionist in your office should be kept fully informed of the particular campaign and of the appropriate person to whom any telephone inquiry should be directed regarding that property. Efficiency in the call and enquiry capture process must be established. Your database in the process will also be part of the capture strategy.
Signs on the Property
Signs placed on the property are still high value in the advertising process locally. The following points should be checked regards your signage.
- Ensure that colours and design proposed are correct for the property and the agency.
- Check address, website, email, and telephone numbers for the property board.
- Put your name on the board to personalise any contact and be prepared to attract enquiry at any time and on any day.
When you and the agency appear on a joint advert, signboard, or brochure, the following matters should be considered relative to your office.
- If one or more joint agents appear one on top of the other in the advert, then try to position your name on the top.
- If joint agent's names appear side by side, endeavour to position your name on the most prominent side which in most cases is the right hand side.
- Insert location of your other offices particularly if joint agent has mentioned more than one office.
- Be careful to select the correct size name (Logo) plate. Often imbalance is due solely to the use of the wrong size.
- Where possible always offer your services and be seen as an expert as you then have some degree of control and will attract the right enquiry.
- The use of corflute signs is to be encouraged today. These signs are cheap and have a use as an external sign on industrial and office properties and as an internal sign on shop windows. They are very versatile and easy to transport.
- Old signs that show damage should always be refreshed or discarded because they can send the wrong message regards your expertise as a real estate agent.
Each Agency should maintain a Sign Location Register. In the Register, is recorded the location of all boards that are erected, the erected cost of such board, whether any or all of such cost is recoverable from the client and the date upon which such board is returned "to store". It is preferable that the Register allows sufficient space for insertion of a photo (photos) of the erected board.
During early negotiations with a client, stress should be placed upon the promotional value of having a sign placed upon the property. Wherever an opportunity occurs in the promotion of a property, you should arrange for an appropriate sign to be erected either "For Sale - For Lease - Auction - Tender" etc.
"Sold By" and "Leased By" stickers should be held in stock for immediate use wherever possible. Your success in the property promotion needs to be conveyed to the market. This will generate more listings for you.
Always obtain your clients approval before erecting a sign and confirm with your client any commitment to costs. When client's approval is obtained, the site should be inspected to establish the best location for sign placement.
Conjunction Agency Signs
Wherever possible with conjunction agent relationships and property promotion, establish your agency as the co-coordinating Agent, thereby responsible for production, order, location and sign placement, therefore giving you final control. Should your Agency not be the co-coordinating Agent, the person responsible for signs or their representative should always be present at meetings dealing with conjunction signs.
Ensure that your Agency always obtains equal space for its name and logo on any property signage as compared with the space used by the conjunction agent. Negotiate for the correct colours to be used and secure the side of the board which has the greatest prominence given the location that the board is to be placed.
John Highman is an expert in investment real estate strategy, property performance, and tenant mix analysis and strategy. He is an author and coach that helps property investors, and real estate agents improve their retail, industrial, and commercial real estate opportunities and targets.
John has specialised in major commercial, industrial, and retail property for over 30 years. He knows what works and what doesn't. He gives you the 'good oil' on getting active and achieving results.