by Jack Audett, Public Relations Co-Op
An essential facet of being a successful commercial real estate owner is the ability to market your property. Without a proper marketing strategy in place, your investment can be for naught. And, with fears of a looming recession, honing these skills is more important than ever. Below, see a list of marketing recommendations that can help ensure that you’re getting the most out of your real estate investment.
DO: Adhere to the “Rule of 7”
The advertising “rule of 7” posits that a potential customer must see or hear something seven times before they decide to make a purchase. Therefore, the core tenets of effective commercial real estate marketing are awareness and brand building. This means advertising your property across an array of platforms and outlets, which are outlined below.
DO: Effectively Advertise Your Property Online
When creating an advertisement, one of the most important things to consider is the amount and type of information that you are providing to interested parties. At a minimum, a strong advertisement should include clear images, thorough details of amenities/general features, maps, and contact information. Furthermore, to truly stand out, it may be prudent to include interactive maps, a direct inquiry form for interested tenants and brokers, availability and asking rates, and any additional marketing materials – including a property website, virtual tour, or video(s). Popular listing sites include CoStar and Loopnet, the former of which is valuable for targeting brokers representing tenants, while the latter is a great way to market to tenants directly.
DON’T: Make Unsubstantiated Claims in Your Advertisements
Providing false or inaccurate information about properties is unfortunately not uncommon in the real estate industry, and such an act can bring with it severe legal and financial consequences. When advertising your property, it’s best to be as honest and transparent as possible – not only will potential customers appreciate this, but it also mitigates the potential for disappointment and even legal action down the line. Consumer protection statutes exist in every state, and being caught for deceptive advertising will not only hurt your pockets, but your business reputation as well. Consider contacting a business and commercial law attorney if you have questions or concerns regarding business compliance.
DO: List Your Property in Trade Publications
If you wish to target tenant representation brokers, running ads in publications such as Banker & Tradesman, Bisnow, GlobeSt, and The Business Journals is essential. Outlets like these are read across the entire commercial real estate industry. However, it is important that you adequately research the specific targeted market and sector of each publication before you consider purchasing ad placement. Types of advertisements in these publications included display ads, sponsored content, newsletter placements, etc.
DON’T: Fail to Identify and Appreciate Your Target Audience
All too often, many businesspeople forget that the focus of marketing should be on people, not simply the product. At its core, marketing serves to home in on a specific audience that is most likely to purchase and benefit from the service/product you are offering – this is your target audience or market. However, if you do not have an accurate profile of your target market, composed of demographic, psychographic, geographic, and other segments, you will end up wasting time and money without a lack of target optimization. Advertisements can be quite expensive, and marketing efforts in general can quickly take up time and cause hefty financial burdens. Thus, it is essential that you do not fail in identifying your specific target audience when marketing a property, and then employ a marketing strategy that will best appeal to that specific market.
With these recommendations in mind, you can be confident that even in today’s tumultuous real estate market, you are well on your way to being able to market your commercial property efficiently and effectively.