Larry Goodman is COO of HomeVestors of America.
Over my 35-year career in the real estate industry, I’ve learned that one of the most important aspects of any real estate strategy is properly marketing and advertising a property.
You can have an impressive piece of property, even better if it’s renovated and showcases the latest style trends. But it doesn’t do much when no one knows about it. So, how do you get people to pay attention to your commercial real estate space? The key is to not skimp on advertising.
Map out your plan.
Before you start throwing money at different marketing tactics, take some time to put pen to paper. Determine your goals and your budget. From there, you can start to outline a plan.
You’ll want to establish what it is that makes your property stand out from others in your area. Who is your target audience? What amenities do you offer? Are you located in a central area with lots of attractions within walking distance? Is your rent pricing competitive? Be honest about what you offer—those will be your main selling points in all of your marketing materials.
Invest in professional photography.
Your marketing is going to include visuals of the property. I recommend that you do not attempt to take high-quality photos on your own—especially with a cell phone. Include a line item in your budget for a professional photographer to come and take photos of the space.
You’ll want to make sure the space is properly staged before bringing the photographer in. Depending on your budget, you may even want to consider getting video footage so you can create virtual tours for potential renters to view on your website.
Don’t be afraid to go old school.
A good marketing strategy has a blend of traditional and newer marketing tactics. You want to make sure your advertising is seen everywhere. A general rule within the marketing industry is the “rule of seven,” meaning an individual needs to see your messaging at least seven times before they react to it. Mixing media is a good way to ensure your property is being showcased enough times to encourage engagement.
Some good traditional media tactics include:
• Flyers: Having a tangible item for people to take with them is always helpful. You can include a call-to-action on the flyers directing consumers to your website—reducing the need to update print materials regularly.
• Signage: Set up easy-to-read signage around your property. Clearly post your contact information so consumers know how to reach you.
• Direct mail: This may seem too old school, but again, we’re looking for our messaging to be seen in multiple places.
Embrace the digital age.
A pivotal piece of a strong marketing strategy is having a high-quality website. It should showcase your branding, photos, videos and even PDF floor plans of your property. Make sure your website is easy to navigate and has a convenient form of contact. You’ll also want to make sure your website meets basic ADA requirements.
Additional digital tactics include:
• Social media campaigns: Establish a social media presence. In this day and age, having social media pages like Facebook, Instagram and LinkedIn allow you to connect to your target audience and share information about your property.
• Retargeting ads: Create campaigns that show your digital ads when people use certain keywords or phrases. Your ads will “follow” them around the internet based on their recent searches.
• Email campaigns: If you have contact info from people who were once interested in your property, it’s not a bad idea to send them an email reminding them that you still have availability. People’s circumstances change regularly, so someone who couldn’t commit previously may be able to now.
• Listings: Include your property on various commercial real estate listing platforms. This puts you in front of people who are actively looking for a space.
In addition to a strong mix of traditional and digital media, I’ve found word of mouth is a tried-and-true way to advertise. Networking events give you the opportunity to speak directly to your target audience. You’re able to engage in conversation, explain the benefits and perks of your property and answer any questions someone may have.
Track your results.
Fortunately, with digital and email campaigns, results are recorded within the platform (Facebook, Google, etc.) you use.
With print materials, it can be a bit more difficult to track results. However, there are ways to do it. You can use customized URLs and QR codes on your printed materials. For instance, use a shortened URL or dedicated landing page URL that is only mentioned on your flyers or direct mail. By tracking the visits to that URL using website analytics tools, you can measure the traffic generated from those materials. QR codes work similarly. By using different QR codes for each printed piece, you can track the number of scans and subsequent website visits associated with each code.
You don’t need to use all of the tactics mentioned above to have a successful plan. Depending on your budget, you may need to mix and match. Measuring the results of each tactic you use will help you maximize the money spent. For example, if emails don’t seem to gain traction, you can redirect those funds toward your social media campaigns.
My final piece of advice is that whichever strategy you develop, commit to it. You don’t need to be unwavering. It’s fine to switch things up if something isn’t working, but make the investment to have strong, professional advertising. You may be surprised by how much it helps.
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