How To Do Commercial Real Estate Marketing in 2020
The commercial real estate industry in around the world and especially Malaysia is experiencing a challenging period due to the Covid-19 crisis.
So in order to do well in this current situation, real estate professional needs to be more intelligent with their marketing efforts and strategy.
In today’s tech-enabled environment, real estate professionals must be able to expand their marketing strategies to include digital marketing real estate campaigns, paid social media advertising, online commercial real estate listings classifieds, and high quality branded property websites for individual projects.
How to develop your commercial real estate marketing strategy?
Below are 12 tips to ramp up your marketing strategy along with effective commercial real estate marketing ideas to expand your digital footprint and grow your business in 2020.
- Define Your Target Audience
How you market your commercial property depends mostly on who your target audience are. So you should start out by defining your main objectives and who your target audience is.
What industry is your audience in?
Where does your audience spend its time online?
What methods will you use to reach them?
What assets do you need to create?
What is your marketing budget?
You also need to have a good and clear value proposition for your audience, your value proposition will help set the foundation for your future marketing communications and materials.
- Create a Commercial Real Estate Marketing Plan
A Commercial Real Estate Marketing Plan provides a comprehensive overview of your overall mission, unique selling point, target audience, strategy and metrics you’ll measure success on.
When creating your plan, you need to include:
• business summary
• target market and audience
• marketing budget
• marketing channels
• marketing material
A healthy commercial real estate marketing strategy should have a well-balanced marketing mix and leverage Earned, Paid and Owned media.
Earned Media – Includes marketing activities that you typically “earn” by advocates of your brand and include free channels such as SEO, Social Media, influencers.
Paid Media – Refers to any performance-based channels or paid advertising like Facebook advertising, Google search marketing ,cost-per-click, banners, remarketing and paid advertising.
Owned Media – Typically includes your own media assets such as your property websites, blogs, social media profiles and email marketing database.
This marketing mix should be distributed across different channels to help mitigate any downside risk in the case things don’t work in a specific marketing area. With this plan in mind, start mapping out the elements that will be needed to implement your strategy.
- Develop Your Commercial Real Estate Website
Your property website will be the first impression you give a potential client and a key factor to promote trust and confidence to future prospects.
It can also serve as an important marketing asset allowing you to feature project news, demonstrate thought leadership through blog posts and research studies, and promote your properties with the help of a commercial property listing search engine.
An experienced digital marketing real estate agency can help turn your ideas intro reality .
You will need to create feature-rich property websites that stand out from the crowd. In 2020, if you don’t have a strong digital footprint online for your commercial properties then your competitors are going to overtake you.
Interactive property websites are a great way to showcase your commercial properties. Not only do they serve as a digital hub for your commercial property marketing efforts where you can display your unit listings, photography, video, floor plans, 360 virtual tours, brochures, availabilities, interactive real estate maps, property guides, real estate data and more but can also add “wow” factor to help engage and convert visitors much more effectively.
- Optimise Your Property Website for SEO
Make sure you develop a real estate SEO strategy as early as possible. Being visibility from search engines can have a powerful impact for your commercial real estate business and help drive tenants, buyers and investors to your website. Keep in mind SEO is a long-term process and requires months to start seeing impact.
- Technology Tools You Need
To execute an effective commercial marketing strategy, you need to make sure you have the right technology in place. The list of real estate marketing technology you use covers a variety of different uses and requirements, everything from Real Estate CRM contact management to email marketing to listing presentations and more.
It’s important to give the technology selection process the attention it deserves so you don’t have to keep changing platforms. The switching cost from one platform to another can be high, and will not only decrease your productivity but also hinder your ability to operate at 100% as you manage the transition.
Commercial real estate companies that streamline and optimise the various processes in their operations will experience sustained growth and overall success.
- Setup Email Marketing Campaigns
A great commercial real estate email marketing strategy is one of the most effective strategies to reach prospects, engage them in conversations, and convert them into real deals.
Building and segmenting a database of potential prospects for sending targeted real estate email communications is one of the single most important marketing activities you can do to help fuel your commercial sales or leasing efforts.
- Engage Your Prospects with Useful Content
Nurturing your contacts with relevant content is one of the key tactics to stay top of mind and nurture your prospects until they are ready to actively engage with you.
Create high-quality content that is useful, relevant or entertaining. This can be done in many different ways including blog posts, market studies, infographics, videos, property reports, and real estate data.
- Share Your Content on Social Media Channels
Using social media marketing for commercial real estate is free and an effective way to build brand awareness and drive visits to your website. Savvy commercial real estate professionals are also using social media to initiate conversations and facilitate connections with potential customers and partners.
Using LinkedIn for real estate, Facebook or even Instagram to get more attention for your listings can be a very effective tactic when used properly. The three mentioned social media networks are most relevant for commercial real estate, and where your company should be most active.
- Set Up a Google Search Marketing Campaign
There are 700 million searches on Google every day and your clients are searching for keywords related to your commercial property or business right now.
Google Advertising For Real Estate is a very powerful acquisition channel to help you set up commercial real estate ads , and what’s great about Google Ads is that you can specify your Ad budget to whatever you feel comfortable with and stop at anytime. Find out How much Google advertising costs.
- Set Up Paid Commercial Real Estate Ads Through Google Display Network (GDN)
Display advertising comes in different formats and can help raise brand awareness and impact thousands (or millions) of people very quickly in the Google network of websites.
Working with Google Ad networks can help you with advertising your commercial real estate to the right audience and will provide you with very granular targeting and allow you to decide what websites you want your Ads to appear on, like youtube, Bloomberg etc.
- Target Your Past Visitors With Remarketing
Remarketing goes beyond simple display advertising. When a prospect visits your website, a cookie is dropped on their computer so you can target them and show relevant Ads when they browse on different websites on GDN or Facebook.
This is an effective way to stay “top of mind” and drive visitors that engaged previously back to your commercial property listing or commercial property website.
- Always Measure Your Success With Real Metrics
The most important component of a success commercial real estate marketing strategy is measuring the success of your activities against your real estate metrics. Define key metrics for each of your marketing channels, setup a real estate marketing report, and make data-driven decisions to continuously improve your efforts. Test , measure and scale.
Also its very important, not to lose sight of how your marketing strategies impact your business objectives. If you can’t quantify the direct or indirect impact on your lease-up, sales or tenant retention efforts (or whatever else) then you need to go back to the drawing board.
Stay tuned with the realestatemy.com/blog for more up-to-date tips and guides for real estate marketing professionals.