Commercial classroom: Branding me - the local commercial real estate expert - by Edward Smith Jr.

This column is offered to help educate agents new to commercial and investment brokerage and serve as a review of basics for existing practitioners.

You market your listed properties; but what are you doing to promote yourself? Self-promotion is essential if you want to build your business. You need to tell people you are in the commercial real estate business, that you are a professional and the local market expert.

Start your public relations campaign by creating a format for your press releases and making a list of the local and regional newspapers and trade papers to send your news to. Publicize everything you do: education taken, certifications earned, designations or awards you receive, new listings and representation agreements and deals you close. Be sure to get written authorizations from any clients you mention.

Want some free publicity? Create a real estate column for your local paper. Information about market conditions, financing, taxes, local zoning. Be creative. I had an agent who started a weekly column, each week he interviewed one of the businesses in town. Asking the same questions; why did you open your business here? What do you do/sell? What other business would you like to see move into the community? Everyone was interested in learning about other businesses, and at the end of each article he posted information about available real estate and new businesses opening in town.

Create relationships with as many residential firms and agents as you can. Most of their customers work and their businesses or their employers may need your services. Ask them to introduce you to their customers after the house sale closes. Advise them that if you are successful in servicing their commercial real estate needs you will pay them a referral fee. Stay regularly in touch with your new clients after your initial introduction and keep the referring agent in the loop too. Business requirements are constantly changing, maybe they do not need your services this year but next year they will.

Building a referral business is creating opportunities for future brokerage. Systematically visit and get to know all the business owners in your town. You learn a customer’s lease is expiring in four years. Record this fact in your calendar program but also talk to the customer every four months or so to see how their business is doing. Their lease may run for four more years but the customer’s business needs may require a move sooner or maybe now they are ready to buy a building for their business. Good record keeping is essential. Communicate regularly to develop your relationship with your new customer.

If they don’t own the building their business is in, ask the name of their landlord. Make an appointment to meet with them. Do they have any other tenants not renewing their leases, are they ready to purchase another investment property or sell this one? Also use your calendar program to contact them on a regular basis.

Did you give out 500 business cards last month? This is your cheapest form of advertising. Give two business cards to every person you meet. Saying, “here are a couple of my cards, one for your records and please pass the other onto someone you think I may be able to help.”

Does everyone you pay money to know you do commercial real estate? If your barber, hair salon, doctor, lawyer, accountant, gas station owner, dry cleaner, deli, etc. need more space or want to buy a building, are they coming to you? Make sure they all know what you do. One of my agents made up a “mini” advertisement of her services and placed her ad in every bill she paid. The president of her local oil company saw the ad and called her to find his company a 30,000 s/f office building to buy.

The business and building owners in “your” town (your future clients) join service clubs, chambers of commerce and other organizations. Make a point of joining these groups yourself and get actively involved by working on some of the committees. Also, these organizations are constantly looking for speakers; volunteer to talk about current market conditions, valuation and investment concepts: showing them you are the expert.

Host a seminar; maybe get some mortgage providers to sponsor it. Invite business owners from town, be the speaker yourself and/or bring in an accountant to speak on tax laws and tax deductions, a 1031 exchange intermediary or a management company.

Get involved in the community, volunteer for local charities. Is there a local talk radio station? If so, let them interview you or make a regular commercial real estate market report.

Create a sphere of influence list of literally everyone you know on your computer. Call five people a day from this list, ask if they know of anyone you may be able to help with real estate needs. Advise them you will be emailing a newsletter of community news and get their email addresses. Start sending out your monthly electronic newsletter, it does not have to be long. Talk about real estate activity in town. Sneaker Circus is opening on Main St. next month. The vacant store on Second Ave. is going to be a new bakery. Also, add community events, “will I see you at the Memorial Day Parade?” Close every newsletter with a PS. “Did you think of anyone I may be of assistance too.” The key is redundancy, send your newsletter out on the same date each month, people will look forward to receiving it. And you will be adding 25 “neighbors” a week to your distribution list. These monthly emails constantly remind these folks that you are the real estate expert in town.

Most folks spend 1-3 days a week in their local grocery store, typically for 30-45 minutes; would you like to have a commercial that lasts that long? Consider “cartvertisng”. Many supermarkets have advertising spots available on their shopping carts. Talk about “branding” opportunities!

Get active on social media, Facebook and LinkedIn, in addition to posting your listing, think public relations. When you do any of the things suggested in this article send out your press releases and post your activities on social media.

If you don’t promote yourself who will?

Edward Smith Jr. CREI, ITI, CIC, GREEN. MICP, CNE, e-PRO and CIREC program developer, is a commercial and investment real estate instructor, author, licensed real estate broker, speaker, and a consultant to the trade.