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What difference will one year make in commercial real estate? During periods of growth like the last decade, the sector has experienced record profits, very high asset values and abundant development opportunities. However, economic downturns usually hit the commercial real estate industry harder than other sectors.
Commercial real estate brokers are now riding this seesaw as the US looks to the abyss of recession. From shopping malls to office buildings to warehouse space, rising interest rates are driving lower market demand and making deals more difficult to complete.
Many commercial properties tend to cut costs wherever possible, including marketing. This is wrong. Now is the time to invest in smarter, more effective marketing and consider out-of-the-box strategies that can help set real estate brokers and their listings apart from the competition during tough times.
Below are four tips for commercial real estate professionals looking to harness the power of innovative communication strategies to thrive, even during economic downturns.
Take advantage of new tools
Marketing tools for everything including commercial real estate have evolved dramatically over the past decade. Print advertising in mainstream newspapers has been replaced by digital advertising, social media, email marketing, and more.
In the commercial real estate space, traditional marketing methods have been widely replaced by platforms such as CoStar and LoopNet. While these have undoubtedly helped commercial real estate professionals place listings in front of ever larger pools of buyers, they’ve also prevented a single listing from truly standing out. You may be spending $2,500 a month on LoopNet’s diamond marketing package, but what is it? TRUE buy you when everyone else is doing?
During the economic downturn, commercial real estate professionals must consider how their marketing programs leverage owned, earned and paid media.
Hosting carefully curated events and having specially-chosen influencers targeting your buyer pool to grab attention, you may be able to best position your retail listings. . Or maybe partnering with a local charity or beloved community business is a way to secure media attention and local love. No matter the property, there are many ways to market your property and all of them should be considered.
increase marketing costs
As the commercial real estate market squeezes, so do fees. With a tighter budget, commercial real estate professionals need to expand their marketing budgets and find ways to get the most out of their money.
Consider questions such as: Should I spend more on social media marketing? Or work with a public relations company to new york times Also rob report Can I make better use of my marketing dollars? Will Land.com or LoopNet’s expensive marketing packages be the best way to showcase my property, or will an innovative promotional video that goes viral help other brokers and prospective buyers? Will it attract attention?
Make sure you’re delivering the right message to the right audience at the right time. Otherwise, your valuable advertising dollars will be wasted.
create a powerful narrative
Make your property part of a larger story.Ask yourself: What is your property historical significanceIs it home to iconic individuals or work of art? created more affordable housing options for working families, or spur change in an important area?
The more you can position your property in trends, the more interesting it will be to the media and the more attractive it will be to potential buyers.
Work with high-quality, proven communications professionals
In times of scarcity and uncertainty, commercial real estate professionals must put all their money to good use. Remember, nothing is more expensive than cheap advice.
When considering a telecommunications company, be sure to ask for case studies detailing relevant experience and previous work. You also need to make sure the people driving your marketing strategy are familiar with the new media landscape as well as the commercial real estate space.
Despite the many challenges facing commercial real estate professionals in the upcoming recession, it is still possible to sell commercial properties If Innovative communication strategies are fully integrated into marketing programs. By harnessing the power of owned, earned and paid media, your listing can capture media attention, reach a deeper and wider buyer base, and be the envy of your peers. All this for less than you would spend on traditional marketing. It may make your next trade successful.
Nathan Miller is the founder and CEO of Miller Ink, a marketing and risk management company.
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