The Importance of a Full-Funnel Leasing Strategy
Commercial real estate leasing tends to have a uniquely long sales cycle. Seeing a transaction with one tenant can take more than 12 months. Due to these circumstances and the state of competition in markets, it’s fundamental for leasing teams to focus on a full-funnel approach to leasing and marketing strategies.
A standard leasing funnel follows these five stages: Pre-tour, Tour, RFP’s/Offers, Lease, and Renewals. The problem with typical leasing strategies is they reach few tenants and their representation plus only reaching them at the top of this funnel. Exposure tends to disappear post-tour. Let's go through the stages individually to better understand the importance of a full-funnel strategy like RealtyAds in CRE.
Pre-Tour Awareness Stage
The first step in a leasing funnel is to generate awareness for your property. Traditional strategies to generate awareness in CRE include e-blasts, which have an average open rate of about 10%. This means 90% of your audience will not know about your property’s value. RealtyAds leads to a ~5x increase in market exposure, immediately increasing awareness of your asset to both brokers and tenants pre-tour.
Tour Interest Stage
Once prospects are interested in your property, you must convert awareness to tours. According to HubSpot data, converting a prospect takes 8 sales touches. RealtyAds helps convert awareness to tours through sustained, targeted touches to key decision-makers. Consistently reaching your prospects as they are aware of your property.
RFP's/Offers Desire Stage
At this stage, prospects are aware of your property, are interested, and must have the desire to engage in negotiations. This is one of the most competitive stages in CRE leasing because your asset is compared to any other asset the prospect is considering. RealtyAds helps increase desire by keeping your asset top of mind, leading CRE in total reach, frequency of reach, and message customization so you can deliver the right message at the right time.
Lease Action Stage
This stage is the brokerage team’s chance to turn awareness, interest, and desire into action via executed leases. According to the research firm Conductor, a more educated customer is 131% more likely to transact. RealtyAds helps your team close more deals by creating a more educated customer. A tenant who now knows all the benefits and value-adds of your asset through repetitive touches in all prior deal stages.
Renewals Loyalty Stage
This is the time in the CRE sales cycle to demonstrate value, drive customer loyalty, and push for renewals and expansions. RealtyAds uses the platforms people choose to spend their time on to engage with existing tenants and bring building amenities to life, ultimately positioning the asset for more renewals.
You need to focus on reaching tenants and brokers at every stage of the CRE deal cycle to avoid losing to the competition. Owners that leverage RealtyAds reach more qualified decision-makers and their representation throughout the entire leasing cycle - which leads to a more educated prospect and more closed deals.
