Commercial real estate is a different ballgame from residential real estate. Trying to find reliable clients can be more challenging, so you need to have effective marketing strategies to reach the right target audience. In this guide, we’ll delve into some strategies and tactics you can implement to market your commercial real estate property well.
How Can Real Estate Marketing Be Effective?
Commercial real estate can be highly competitive, which means that effective marketing is more than just a necessary step; it’s an advantage over your competitors. Real estate marketing is the means through which your property is connected with potential tenants, allowing you to fill your property’s vacancies, leverage competitive rental rates, and secure reliable, long-term lessees.
Strategies to Market Commercial Real Estate for Lease
1. Listing the Property for Rent
Real estate listings are the first strategy you need to focus on. There are both local and much larger-scale commercial websites where you can submit your property’s details. These websites have a vast audience and are made up of people who are actively looking for specific types of properties. As such, before you create a listing, you should keep the following in mind:
- Investing in professional photography – High-quality images are crucial in order to capture your commercial space completely. These pictures will make your property more attractive to potential tenants, so make sure to highlight key features like spacious interiors and ample parking.
- The listing should have a written description that provides comprehensive details about your commercial space. This should include the total square footage, layout, available amenities, and any other unique features. Ideally, you should also be transparent about the lease terms and pricing as you are more likely to get qualified inquiries.
2. Promoting the Listing
Once you’ve crafted the perfect listing of your commercial property, you should take both a digital and localized route. Take advantage of specialized online listing platforms that are dedicated to commercial real estate, such as LoopNet and CoStar. You’ll reach a much larger audience this way.
But, you should also utilize local promotions. You are more likely to find faster-qualified leads in your own neighborhood. You can advertise in local newspapers and publications, create a press release, or look into industry-specific magazines. There may even be real estate websites or social media groups dedicated to your local area. So make sure to research those and upload your listing onto all available platforms.
3. Make Use of New Technology
In this day and age, there are many new types of technologies you can incorporate into your marketing strategy. One example is to create a virtual tour of your commercial property. This can be done through the simple use of software and 3D models. These are especially valuable for larger or unique properties as they provide an immersive experience of the property itself. Potential tenants from anywhere in the country can explore the property remotely, which can lead to more qualified leads.
4. Build a Local Network
If you plan to stay in the real estate game for the long run, then you would do well to start creating a network of business associates, property managers, and real estate agents. Through this network, you can advertise any properties you have for rent or even find potential tenants through your contacts. Networking is often seen as a path to referrals and will improve your access to tenant pools.
5. Consider Advertising
If you’re having trouble finding tenants or are in a rush to find a new tenant, then advertising may be the way to go. Social media can only do so much, especially with a new profile, so social media advertising can help you reach a wide localized audience. You can even consider advertising on Google, which may be more relevant, especially if your property’s target audience is in a niche.
6. Focus on Accessibility and Location
Location is an important consideration for businesses. They will always be on the lookout for commercial properties that can improve their workflow. Therefore, if your property is located near highways, public transportation hubs, or important business districts, this is a point you need to clearly highlight. Even if your property is not in the dead center of these activities, you should still mention the distance to the closest strategic locations. Clearly communicating these advantages can be a deciding factor for many of your potential tenants.
Competitive Pricing Strategy
Pricing is fundamental, especially when dealing with businesses. These types of properties tend to be highly competitive, so if you’re priced too high, your tenants may simply choose a nearby competitor. It would be best to study the local market to find competitive rental rates. However, keep in mind that you have to consider the unique features and amenities of your property. If your property can justify the price, you have some leeway as businesses may consider other factors such as location and amenities a priority above the price. Being transparent from the start will help you with negotiating satisfactory lease terms, especially for long-term tenants.
Real Estate Marketing does not simply mean you promote your commercial property on real estate platforms. You need to be strategic about your approach in order to beat your competitors and find the right tenant. The research and effort you put in now will help you in the future as well. So make sure to spend some time crafting the perfect strategy before implementing it. Make use of the tactics and methods mentioned on this blog to help you market your commercial property.