Since there are four different types of transactions in our commercial real estate world, leasing, selling and raising debt and equity, we will need to look at how to develop a good marketing list in each type of transaction. We have discussed the owner or landlord side and now will look at developing a list from the user’s perspective.
We have spent the last two weeks looking at developing an email list for the ownership. Let’s now look at developing a good list for the users.
Again, we will assume that you have developed the minimum requirement of having all of the facts about why you and your team and firm would be the best to assist them in finding space to lease or a property to acquire. I won’t look into what these minimums are in this paper.
So now that you have your information ready, how do you develop a list to send it too?
Like in the two previous papers, there are lists that can be developed using public records, lists from different journals, specific magazines and newspapers. Additionally, networking with other commercial real estate professionals, other organizations that have decision makers is a good way of adding contacts to the list you are developing.
One great way to develop your list is to keep up with comparables in the market you are working in. Keeping both the lease and sale comps will both add contacts to your list and also let you become an expert in pricing in that market. Once you win an assignment to assist a user, you will need that expertise to negotiate the best deal.
To add more contacts to your list will is quite a bit more work and since it is, not many will undertake the job.
Going beyond just the normal is where good can become great. “Successful people do what unsuccessful people won’t!”
There are a couple different strategies depending on your focus. One is to focus on an industry, the other is to focus on a market. If you focus on an industry, the first is to decide what type of user industry you want to work with. In some markets you have to focus on one type to be competitive while in others you will have the ability to work on many types. I have seen experts in industries like law or banking. These folks know the industry and their needs better than others and can be of greater assistance than others. Focusing on these industries lets you meet and probably get publications on these firms.
Another focus would be on a market. As in other marketing, in some markets you need to be an expert in just one to be competitive and in others you can be an expert in several and still be an expert. This is the more typical focus of most and using your time, money and energy to be a market expert will include having lease and capital market comparables and the ability to use those to win business.
Knowing when a lease is expiring, what that tenant has been paying, what they can pay going forward is critical to winning. You can only know this with deep market knowledge.
Let’s wrap this up.
Being able to develop and send focused emails to the users of commercial real estate will allow you to get the best market price and terms for your deal. Good luck!
I will have a guest writer next week discuss some BIG issues about trying to acquire lists from different services that offer those.
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