As a real estate investor and entrepreneur, I've often marveled at the commercial real estate industry. I started my real estate investment career 20 years ago, however, aside from owning my own properties, I spent a majority of my time working as a Startup Founder and Chief Marketing Officer.
It wasn't until recent years that I realized what was missing in commercial real estate: Marketing! While Marketing technologies have undergone significant transformations, especially concerning Social Media, Paid Acquisition, and Marketing Automation, virtually none of it is being utilized in commercial real estate.
In the past, the sale of commercial properties predominantly relied on conventional strategies. However, in the digital age, leveraging marketing technologies has emerged as a pivotal factor for virtually every other industry. Why not for CRE where the stakes are so high?
The paradigm shift in the market demands a nuanced understanding of how to harness the potential of marketing strategies effectively. Here, I'll delve into an overview on leveraging Marketing to sell your property faster.
Understanding Traditional Sales Methods
In reflecting on the past, it's important to acknowledge the conventional approaches that have historically shaped the commercial property market. The traditional methods of selling commercial properties involved:
1. Real Estate Sales Agents: Brokers and agents acted as intermediaries between sellers and buyers, facilitating property sales through their networks and expertise.
Notice, I said Real Estate Sales Agent and not Real Estate Marketing Agent – there is world of difference between Sales and Marketing. Marketing is used to find, attract, and nurture prospects at the top of the funnel; Sales is converting that interest into a signed contract at the bottom of the funnel.
2. Online Listing Sites: You read that correctly! Multiple Listing Services (MLS) and commercial property sites now represent a legacy approach. Again, they can still be a part of the overall marketing mix, but expectations need to be tempered as these sites are not designed to identify and nurture prospects.
3. Word-of-Mouth: Referrals and personal connections played a significant role, with sellers relying on their network's reach to find potential buyers.
While these methods held sway in their time, the modern era demands a more comprehensive and multifaceted approach, integrating digital tools and innovative marketing strategies to maximize property visibility and attract potential buyers efficiently.
These traditional methods don't hurt, but they're based upon a "one-to-a-few" communication channels and lack a sophisticated targeting methodology to get in front of the right prospects.
Leveraging Digital Marketing in Commercial Real Estate
In today's hyperconnected world, digital marketing should become a cornerstone for accelerating property sales. By harnessing various online platforms and leveraging data, agents and sellers can significantly expand their property's exposure and engage with a broader audience. Here's a breakdown of a few effective digital marketing strategies:
1. Ideal Customer Profile (ICP) Targeting: Want to attract more of the right prospects? This critical piece of the Marketing mix should guide each of the following points. But, it is rarely addressed in any formal manner. Agents and sellers should specifically identify ICPs on company and individual levels.
2. Social Media Marketing: Leveraging platforms like Facebook, Instagram, and LinkedIn allows sellers to target specific demographics, showcase properties, and engage directly with potential buyers through compelling content and advertisements.
3. Search Engine Optimization (SEO): Optimizing property listings and related content for search engines improves visibility. Effective use of keywords and relevant content increases the likelihood of reaching prospective buyers when they search for properties online. Knowing when to invest in SEO versus more streamlined Landing Pages is critical.
4. Data Analytics: Can be used to target specific audiences with surgical precision. The allows sellers to shift from a passive approach to a proactive one. Keep in mind the hardest part of selling any good or service isn't courting interested parties — it's finding them!
Integrating Innovation and Personalization
Beyond these strategies, the modern real estate market rewards innovation and personalized approaches. Emerging technologies like augmented reality (AR) and drone footage can provide unique perspectives, enhancing buyer interest and engagement.
Additionally, personalized outreach and tailored marketing campaigns cater to specific buyer preferences and needs, fostering a stronger connection and increasing the likelihood of a sale.
Conclusion
In conclusion, the evolution of marketing strategies can revolutionize the commercial property market, offering sellers unprecedented opportunities to expedite sales. Embracing a multi-faceted approach that incorporates digital marketing, innovative technologies, and personalized engagement is crucial in navigating today's competitive real estate landscape.
Remember, successful property sales aren't solely about showcasing the physical space; they're about crafting compelling narratives, leveraging technology, and establishing meaningful connections with potential buyers. By harnessing the power of marketing, sellers can elevate their property's visibility and significantly shorten the time it takes to close a deal in the bustling world of commercial real estate.
Until next time, Jason Huett Collaborative Commercial, CEO/CMO