The 3 Greatest Mistakes in Today’s CRE Property Marketing
Commercial Real Estate (CRE) marketing is broken. Whether you’re an asset manager, broker, or an in-house marketing expert, we’ve heard it from you firsthand. The RealtyAds Team has even lived it as former brokers, assets managers, and property managers.
To get better, and to start spending client capital more prudently, we have to examine what’s broken. The most common mistakes we see in CRE property marketing are:
- Failing to Reach End-Users: C-level decision makers are the customer of CRE. Their execution of a lease drives the net operating income of an asset and pays the brokerage commissions, yet not a single form of marketing in CRE today (no matter how much you spend) gets your property in front of this vital demographic.
- Failing to Stay Relevant / Top of Mind: CRE has a uniquely long sales cycle. It takes 12+ months for a lease to be finalized. However, all the forms of marketing we depend on last a matter of hours. Marketing to brokers for a few hours over a 12+ month sales cycle will not keep your building top of mind, when it matters most.
- Failing to Provide Measurable Results: Representing a client well means properly allocating their marketing budget and providing measurable results. However, today we do not (or cannot) track meaningful data on our marketing spends. Even worse, we’re not giving brokers actionable data to improve their leasing efforts.
CRE requires selling a physical good, an environment. As such, seeing space in person will always be critical to the sales process. However, it’s not realistic to think a property that’s investing heavily in marketing yet failing to market to the customer, failing to stay relevant to brokers, and failing to provide measurable ROI on marketing spend can remain competitive. The tired playbook of eblasts, broker open houses, direct mailers, and entertainment needs to be re-written to allow for greater market exposure, for less money.
The good news is each day the RealtyAds Team is writing the next chapter in CRE marketing. The RealtyAds Platform, driven by proven artificial intelligence, will make creating your digital presence (which solves the issues noted above) across ad networks such as Google, Facebook, Instagram, LinkedIn and Twitter effortless and effective.
We guarantee cheaper, more effective, and safer marketing awaits.
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When it comes to commercial real estate advertising, you should think about the following items to make sure you get the best return on your advertising dollars. When you use RealtyAds, RITA will coach you on the items below and make suggestions and campaign modifications to make sure you are getting maximum ROI.