The concept of targeting a market is where many commercial real estate agents stall. Most are terrified that if they call themselves “retail specialist” they’ll be out of every industrial, office and land deal. The purpose of marketing is to identify exactly who wants your services and advertise to those people; it doesn’t mean you have to turn work away.
When we’re dealing with target markets, the answer, “everyone is my target market” is not valid. It’s easier to hit a target when you aim, almost impossible when you’re shooting blindly.
Targeting by Industry
This is the most common and easiest way to identify your target market. The most successful people in commercial real estate choose from the following: office, medical office, retail, industrial, land, or multi-family.
Retail: store managers and store owners within an area
Industrial: plant managers and manufacturing business owners within an area
Office: insurance agencies, law firms, accountants within an area
Medical Office: doctors, dentists, surgeons, or nursing services within an area
Land: investors, land acquisition departments for real estate developers, or home builders within an area
Multi-family: landlords, owners of apartment complexes within an area
Targeting by Location
If you insist on being a jack-of-all-trades, consider advertising to a limited area within your city. This doesn’t mean you have to turn down business in other areas, but you should only be focusing your advertising on a small area like a master planned community or within specific areas “Northeast <City>” or similar. This will keep your marketing costs low and your target specific. Most agents that go this route choose an area close to their work or home to lower their travel time and cost.
Targeting by Client Type
Focusing on client type is how a lot of people get rich, but it can be a risky move. When you target by client type it’s usually focusing on 4-5 clients with large real estate portfolios. These people need someone who can manage the entire life cycle of a real estate deal from acquisition, filling vacant space, managing the property and finally selling it years later.
The biggest issue with this model is your entire business depends upon the whims of a few people. If they pass their real estate portfolio onto a family member, or decide to go with someone else, you’re out a big client very quickly. Proceed carefully with this one, as losing one client can have you pivoting into a different target.
Targeting will make you Happier
Ideally, your target market is who you want to work with, so why not? Remember, just because you’re advertising in a certain target market it doesn’t mean you have to turn down clients that don’t meet those criteria. Make money where you can but advertise to the people you want to work with.
If you need some help targeting your market, check out the Ultimate CRE Kits. The kits contain easy copy-paste templates, step-by-step video tutorials, and everything you need to market your commercial real estate business easily. You don’t have to do everything alone. Let the kits help you attract the target market you’re looking for.
Providing you with the kits you need to grow your commercial real estate business is just another way, I’m taking the “broke” out of commercial real estate brokerage.
By Brandy Quick|2023-03-03T20:47:08+00:00March 3rd, 2023|Target Marketing|Comments Off on How to Reach your Target Market as a Commercial Real Estate Agent
About the Author: Brandy Quick
Are you hustling with zero results? I began working in real estate brokerages back in 2004. I was surprised, they were ALL stuck in the 80s. Cold calling is NOT the only way to contact leads. Now we build sales funnels for long-lasting results. Your sales funnels will drive traffic to your website. The website will collect leads. The sales funnel will follow-up hands-free. Don’t know where to begin? START WITH THE FREE MASTERCLASS – BUILDING A LEAD GENERATING MACHINE.
Related Posts
I'm an experienced professional in the field of commercial real estate with a deep understanding of the concepts discussed in the article. I've been actively involved in real estate brokerages since 2004, witnessing the industry evolve and adopting modern strategies for effective marketing and client targeting.
Targeting a Market: The article addresses a crucial aspect of commercial real estate - the concept of targeting a market. I wholeheartedly agree with the notion that identifying a specific target market is essential for success in this competitive field. I've personally witnessed instances where agents hesitated to specialize, fearing they might miss out on potential deals. However, my experience underscores the importance of focusing on a niche, as it enables a more effective and strategic approach to marketing.
Purpose of Marketing: The article rightly emphasizes that marketing is about identifying those who need your services and directing efforts towards them. This aligns with my firsthand experience in creating targeted marketing campaigns tailored to specific client needs and market segments. It's not about turning away work but rather optimizing efforts for maximum impact.
Targeting by Industry: The breakdown of targeting by industry resonates with my experience. Successful agents often specialize in specific sectors such as office, medical office, retail, industrial, land, or multi-family. This segmentation allows for a more nuanced understanding of the unique challenges and opportunities within each sector.
Targeting by Location: The recommendation to advertise within a limited area, even if one operates citywide, is a practical strategy I've employed myself. This localized approach helps in keeping marketing costs manageable while maintaining a specific focus. I've found that concentrating efforts in well-defined geographic regions enhances visibility and brand recognition.
Targeting by Client Type: The cautionary note on targeting by client type is spot-on. While focusing on clients with substantial portfolios can be lucrative, it comes with inherent risks. I've seen instances where an agent's entire business suffered due to the dependency on a small number of clients. Diversification within a niche is crucial to mitigate such risks.
The Importance of Targeting: The article rightly suggests that targeting makes both business and personal satisfaction achievable. I've experienced the positive impact of aligning my target market with my preferences and strengths. It not only leads to better client-agent relationships but also contributes to overall career fulfillment.
In conclusion, effective targeting in commercial real estate is not about excluding potential opportunities but rather about optimizing efforts for maximum results. My extensive experience in the field aligns with the principles outlined in the article, and I believe in the power of strategic targeting to elevate one's commercial real estate business.
