The 2020 Pandemic impacted commercial real estate as it has other industries. Birth of the e-commerce changed the way Americans conducted business. Retail stores shifted to online, office buildings showed vacancies as companies began working remotely, hence, demand for these types of properties declined.
Consequently, now more than ever commercial real estate business owners must adapt to different approaches to promote their business and properties. Understanding these shifts in the commercial real estate marketplace and key changes will enable commercial real estate and business owners to stay afloat and grow.
1. CRE Market Continues Changing, Evolving, and Adapting to The Needs of Its Clients
Business owners of commercial real estate properties should become more flexible in lease options, creating an environment that’s healthier, amenities that are more in line with the community surrounding the property and the sign of times, re-positioning their properties if its economically obsolete and must adhere to green programs to name a few.
CRE property owners and property managers must appeal to their evolving target audience and tailoring their message to the decision-maker.
2. Virtual Marketing, Tours & Events
Most commercial real estate and even residential properties are being showcased through virtual tours. These different possibilities have enabled commercial real estate owners and managers to hold events remotely, when attending in-person wasn’t possible. Management companies can walk clients through the entire property through a virtual tour, hence, never meet a client in-person.
3. Innovation in Technology
Today’s changing world requires accommodating emerging needs of clients through innovation and technology. Post Covid-19 buyer’s and renter’s behavior has completely changed, creating a pathway for digital experiences than traditional approaches.
Property owners should update their websites and maintain an active social media presence. If taking the business to the next level requires investment in software solutions such as a “Client Relations Management” tools, then, this can be the difference between effectiveness, efficiency, and productivity or lack thereof. Technology to manage interactions can and will streamline and improve the process of engaging people of all levels in the business. It is a clever idea to bring the investors, clients, brokers and often lenders together with a touch of a button.
4. Interactive marketing
Companies should make interactive marketing campaigns available for existing as well as potential clients. In line with these changing dynamics in commercial real estate, shifting to personalization interaction has become more paramount than ever.
There are various interactive marketing platforms:
- Tell a story. Share as many animations and infographics as well as blogs as possible. Training will create loyalty.
- Layering Information. Share as much information with your targeted clients as possible.
- Personalized Contents. Have an insight into your customer’s behavior.
- Contests. Contents have always succeeded in catching customers’ attention.
- Take Polls. Clients always want to know how their views are different from others
- Videos. Videos can create a call-to-action which makes it easier to capture and retain the client’s attention as they are constantly re-engaging.
- Email. Prevalent practice to place your product and property in front of your captive audience.
The opinion is only an opinion of the editor. Please consult with your tax, legal and securities advisor for your investments. Thank you and working on the future of commercial real estate.