Situation
Amidst a challenging leasing environment, RFR was looking for any tool that would help its properties transact with greater success.
One clear gap in their previous marketing strategies was constructing a digital presence that could both create and cultivate tenant relationships. RFR knew that to compete for tenants at the highest possible level, this would need to change. It was simply unrealistic to expect to compete for customers, yet have no marketing solution that could reach specific customers at every stage of a transaction.
Solution
RealtyAds Pursuit Marketing builds a digital presence on all major ad networks with the push of a button, no expensive agency or added payroll needed. Amidst the pandemic, RFR took the time to receive a virtual demonstration and began service 3 days later.
The goal of adopting digital channels was to help RFR assets not only reach brokers more effectively, but also reach targeted end-users actively evaluating office space.
17 State Street, New York City, NY was the first property to sign up for RealtyAds service. After seeing immediate improvements in market reach, RFR deployed RealtyAds service at 5 additional properties. This included internationally known assets such as the Seagram Building and the Chrysler Building.
Within 24 hours of activation, each property was delivering its messaging to individuals, tenants, and industries of their choosing on platforms such as LinkedIn, Google, Twitter, and a series of ad-supported websites.
Like a junior broker making cold calls, the hope was that this improved market reach would translate into improved leasing activity.
Result
In RFR’s first 6 months of RealtyAds service, they completed 9 transactions worth roughly $130,000,000 in lease value and saw a 300% increase in broker reach.
In each of the completed transactions, the decision-makers interacted with the building’s digital presence prior to executing their leases. In total, there were more than 675 interactions over the 6 months prior to lease execution.
By reaching tenants at various stages of the deal, RFR’s leasing teams could keep sharing the building’s story throughout the entire transaction. These routine touches to a prospective customer create familiarity, a more knowledgeable customer, and ultimately help leasing agents close more transactions.
Takeaway
Commercial real estate is rightfully eager to tie marketing expenses to revenue generation.
For far too long the industry has invested millions in listing services and marketplaces with the promise of more exposure, but the truth is these channels offer limited exposure and zero targeted outreach. You have to hope a decision-maker visits the website where they then hopefully find your property amongst all the competition.
RealtyAds is rewriting this antiquated marketing playbook.
By adopting RealtyAds service, your brokerage team can use their market knowledge to target decision-makers and proactively reach them on channels they already use every single day and at every stage of the deal. As with RFR and the other 191 ownership groups we’re servicing, this outreach will help your assets pursue tenants more successfully.
