Preliminary Marketing Report – Broker Feedback

Posted by mhurston on July 08, 2009
Creative Corner

Broker Marketing Feedback

While our overall office strategy effectively increased visitors to our website, lead generation that results in a transaction has and will most likely always come from the brokers own networking and marketing strategies. The following is based on the feedback received from our offices Brokers and their Marketing Specialists.

Print Ads

Of the brokers who responded to the questionnaire all of them were no longer running print ads, post cards or any printed marketing for that matter. The reasoning across the board was that it was simply too expensive for the current marketing budgets. While they did mention that in the past leads had been generated from print ads and post cards it was too low to justify the cost involved.

Email Marketing Campaigns

This was the number one used marketing resource of all brokers, primarily because it allows them to reach large amounts of people quickly and with little cost involvement. The additional tracking information seemed to be under used, though an added bonus for those who follow it. While some brokers indicated that they would receive up to five responses per every 100 emails, others mentioned that many of the smaller brokerage firms as well as agents who also work in residential were typically the first to respond. In either case, almost all of those who responded indicated that if email campaigns lead to a transaction it was usually due to an outside broker who received the email. This was also the exact result from brokers who were regularly using services such as PropertyLine and other third party sites.

Signs

Signs were and still are the primary lead generating tool, based on the feedback we received from the questionnaire. The majority of deals that did not involve an outside broker seemed to come from people driving by the property and calling the number on the sign. Simply put, property signs will always be a necessity.

Events, Press Releases & webSite

The various use of the companies website, press releases and participation in local events was very diverse overall. Where one broker mentioned that events such as NAIOP’s breakfast or an open house had lead to a deal, several other brokers had comments in direct contrast about the usefulness of participation in any event. Similar was the response about the companies website, such as the use of team sites and featured property sites. While some indicated that they had never received a call from someone who visited the website, others stated that they received calls on a regular basis from people who found them via their site, though none had lead to a transaction being done, so far. Press releases and news coverage seemed another item that some brokers felt strongly about being involved in, but others did not see the need. While some brokers saw media coverage as added exposure, even without leading to a transaction, others admitted it was useful for gaining public awareness, but since it wouldn’t lead to a transaction it wasn’t something they wanted to focus on.

New Media, Viral & Social Marketing

With the release of emerging social media and viral marketing there have only been a handful of people across our partnership that have actively been involved in marketing their listings this way, many with limited success, though at least two with significant results. Our take, is that as this technology becomes more familiar with more people and the learning curve is passed, it may begin to have similar results as email campaigns and PropertyLine.

Broker Suggestions

The broker suggestions this year were varied, but had a consistent theme. More tools and flexibility were desired. The top requests were, more flexibility with the company website as far as what information could be put up and how we are allowed to market them. A desire for broker edit able marketing templates was expressed, such as for brochures, proposals, offering memorandum, etc. The sharing of all email lists among all of the brokers within Colliers was also mentioned, as well as the sharing of more marketing collateral.

Feedback Sources

The information compiled within this report was primarily based on the ebb and flow of projects and production within the Las Vegas Colliers Graphics Department. In addition, the following brokers and marketing specialists gave feedback on the marketing questionnaire: (In alphabetical Order) Adam Malan, Alicia Luz, Brian Riffel, Delia Dominguez, Kimberlee Hamilton, Margery Schulz and Megan Hatala.

– Michael G. Hurston

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