Q&A; Helpful Advice From A Broker Leveraging Digital Marketing
Leasing strategies in commercial real estate are evolving. Today, Brokers can access marketing tools that help streamline, automate, and target the ideal tenant for an asset. Digital Marketing, specifically Pursuit Marketing, is becoming an essential tool for brokers to lease space. To help you stay competitive within CRE, we asked a broker for advice on leveraging digital marketing!
Typical day or week as a broker in commercial real estate
That’s one thing that makes it interesting - each day is unique! I'm consistently working on new business development efforts and servicing existing clients through phone calls, building strategy sessions, proposal negotiations, or meeting with tenant reps to catch up on the market. Then, I try to host broker events or open houses to get people through my buildings.
Go-to strategy to attract clients to an asset
The best I can do is provide as much information as possible to the brokerage community on my listings. For example, always inviting brokers to preview the space, giving them ample materials to ensure the potential clients have all they need, and keeping up with the tenants that are in the market.
Biggest challenge of being a broker
One of the biggest challenges for me is the disconnect between communication - I speak with the brokers, and then they speak with the clients. So that is why I focus on passing on the most helpful information and strengthening my broker relationships as much as possible. How can I ensure my buildings are getting in front of the right people?
Most rewarding part of your job
Seeing a deal go from start to finish! CRE has a long sales cycle, so it's rewarding to help my clients fill their buildings. Knowing that I did everything possible to put a tenant into the perfect space and seeing a satisfied client keeps me going. I also love giving tours- this is where I can really show off all the great things about my buildings.
Piece of advice to a broker just beginning in the industry
Knowledge is power. The key advantage to being successful as a broker is information, a true understanding of the marketplace, and always be persistent.
Thoughts on CRE evolving through new technologies and software
I first noticed the impact of new technologies and software through clients - the way they prefer to communicate with tenant reps is fluid, and technology has made that a simple process. Introducing new software to CRE is way more interactive; I can use an iPad to take notes while giving a tour and store them in a place where anyone who needs access has it. Lastly, virtual tours provide the ability to allow a client to get a feel for the space even before they tour in person. This is instrumental in helping a tenant visualize themself in the space.
Personal opinion on digital marketing in CRE today
Everyone is always on their phone or iPad, and having a digital presence for your asset enables easy access for potential clients. Additionally, as a leasing broker, you see CRE influencers building up their personal brand and sharing professional & personal information - this is awesome, from experience, it helps for winning new business when a client can get to know you.
Biggest benefits of creating a digital presence for your asset
I’m hired to lease a building because I know the market back and forth. I use that information by going to the broker and educating them about the opportunity. The downside is it’s not sustainable to take every broker out to lunch or meet every day. So, I think the biggest advantage is that when I am entertaining certain brokers, my digital presence reaches any others that I can’t currently be in person with. A digital presence helps us be confident that the building is getting in front of prospects actually in the market.
Most challenging aspect of creating a digital marketing strategy
100% content generation. Keeping up with creating, optimizing, and distributing content is more time-consuming than people think. And it is essential for your content to be quality, so luckily, there are options like Managed Service, where content can be handled entirely for you and your team.
Something that shocked you about leveraging digital marketing
The actual, attributable reporting you get. Being able to target a specific company and then getting a report that lists out when and how many times you reached them is next level. This helps me by giving me the information I need to apply my own sales style to those specific prospects.
Advice to someone building their CRE digital marketing strategy
Look for a solution that makes it as easy as possible for you and your team - so that you can focus on prospecting and leasing. Check out companies and tools that focus on your specific industry or specifically just deal with commercial real estate marketing. And most importantly, make sure they align with your values - what’s their background? How much CRE knowledge do they have? Finally, you must ensure who you partner with will drive the results you’re looking for!
In the next 10 years, where do you see digital marketing in CRE
It will be more and more of a primary aspect of leasing buildings. Right now, I think we’re still at the ground stages of leveraging these technologies, so I would keep an eye on these digital marketing and software companies because they're on to something!
