This article goes over some of the most important considerations to help you market your commercial real estate assets in this shifting market.
Craft A Solid Marketing Plan
The first step in marketing commercial real estate is to develop a comprehensive marketing plan. This involves identifying your target clientele, the marketing channels you want to use, your budget and particulars, and your specific timeline for each campaign.
A popular marketing framework among CRE experts is the SOSTAC model, which stands for situation analysis, objectives, strategy, tactics, action, and control. This model can help you craft a clear and actionable roadmap that will help you make informed decisions and adjust your strategy as needed.
Work With Commercial Real Estate Experts
Networking is the name of the game for commercial real estate. Partnering with local CRE experts and authorities in the industry can get you access to insights and off-market data that can inform your marketing campaign. They can also pinpoint potential buyers or tenants, help you navigate financial and regulatory hurdles, and negotiate deals seamlessly.
Leverage The Internet
No CRE marketing strategy is complete without an online presence. Listing your properties on online listing platforms and sharing them on social media have proven to be among the best ways to market commercial properties because they allow you to reach a much broader audience than traditional print.
It should go without saying that your online posts will rise and fall based on the quality of presentation. Be sure to take high-quality photos/videos and create interactive virtual tours when you can to make your offerings stand out and attract more clients.
Master Lead Generation Strategies
Related to the above, lead generation is a critical aspect of commercial real estate marketing. A steady stream of leads enables you to grow your CRE business efficiently. Some of the best strategies for generating leads include search engine optimization (SEO) if you’re running your own website, pay-per-click (PPC) advertising, and content marketing (e.g., social media and email campaigns). These can help you generate leads and position yourself as an authority in the industry.
Research Your Competition
An often underutilized CRE marketing strategy is simply understanding your competition. Ask yourself questions like: Which brokers are vying for the same clients? Which marketing tools are my competitors using? Are there gaps in their strategy that I can address in my own plan?
A great way to do this is by doing a SWOT analysis (strengths-weaknesses-opportunities-threats) on your competitors. This will help you avoid pitfalls and identify opportunities to differentiate yourself and stand out in the marketplace.
Measure Your Results
What gets measured gets managed.
Always make sure to have a system for keeping track of your marketing campaigns to ensure that you are maximizing ROI and not throwing resources down the drain. Key metrics like website traffic, social media engagement, and lead/conversion rates paint a clear picture of the effectiveness of your marketing strategy.
Final Thoughts
Commercial real estate marketing is a complex process, but the rewards can be great if you do it systematically and engage with the CRE professional Using the strategies discussed above coupled with a comprehensive marketing approach, help to maximize returns on your real estate investments.
