Guide to Marketing Commercial Real Estate
Success in commercial real estate is measured by occupancy rates. You must continually fill your pipeline with new tenants while making sure current ones stay put. When building a marketing strategy, identify your target tenants and then determine the right messages and media to reach them.
Other People Are Reading
-
Identify the Target Tenant
-
Learn from tenants you already have and strive to keep them happy. Understand their businesses and why they lease from you. Use this information to build a prospect profile that will help you find similar tenants.
If your property is new, match amenities, location, size and other factors to business types. A busy dental office with lots of traffic flow wouldn't be a good target for a downtown office building with restricted parking. A customer service or telemarketing firm would be a good prospect for a big, open office space located in a corporate campus.
For help locating target businesses, purchase lists from companies like Dun & Bradstreet, LexisNexis, Equifax and Experian. This information will create the foundation for your marketing campaigns.
Develop Your Marketing Message
-
Identify the features that make your property unique and align them with tenant benefits. Communicate these points consistently in all marketing communications. Consider obvious features like an on-site fitness center, and less tangible ones like vicinity to a popular shopping center. Focus on the features that distinguish your property from competitors and describe why a prospective tenant should care. If your building is "green" and certified by the Leadership in Energy and Environmental Design (LEED), it consumes less energy and water. The benefit to tenants is lower operating costs.
-
Determine the Right Media Mix
-
Determine the most cost-effective way to deliver your message to the target audience using a range of options---from traditional to digital media. To inform prospects in the neighborhood about a leasing promotion, put up a sign, host an open house or hand-deliver flyers. If you're marketing industrial space, a well-placed ad makes more sense. Whatever media you choose, a website is a must. Always include professional photos and a list of features and benefits.
Establish a Budget and Timeline
-
Allocate dollars and a timeline to your marketing strategy. Plan your budget for a year out and create a timeline of tactics for at least the first six months. Market conditions change so be flexible but avoid ad-hoc activities that are almost always ineffective and a waste of money.
Track Results and the Competition
-
Track every marketing activity to assess where you got the biggest bang for your dollars. If you host an open house, get everyone to sign-in with their contact information. If you're running an online ad campaign, use programs that measure click-through rates. Timely data will allow you to adjust your tactics if they are not delivering results.
Remember to keep an eye on your competition. How are they marketing to prospective tenants? What new amenities have they added to their property? Be aware so you can stay one step ahead.
-
