Commercial real estate may sound like a promising investment, but it can lead to devastating bankruptcy when incompetent marketing leaves owners with an abundance of office suites and no tenants to fill them. Owners who lack proper marketing skills will almost always lose out to the competition.

Marketing business space within a commercial property relies on a multi-pronged approach. Owners must first devise a plan of action, based around their property’s key selling points and the target markets that would have the most to gain from renting such a space. Once the finer details are hammered out, it’s time to begin an ad campaign involving both digital and print media.

Thomas Ligor of New York says that this may seem like an extensive to-do list, but most owners will find that effective execution of one step almost always makes the next step easier. It all begins with the initial planning phase.

Creating a Marketing Plan for a Commercial Property

It would go beyond foolhardy for any business owner to launch an ad campaign without first identifying the primary selling points of their product or service. This applies to commercial space as much as it applies to any other real estate. Owners must know why a tenant would choose them over the competition. A few key points to consider include:

• Location: Is the business located in a desirable part of the city? Are there eateries within walking distance where workers can take their lunch? What about bars or other attractions where colleagues can unwind after work?
• Size and layout: What is the square footage of the available space? Are the office suites generally uniform, or are there different options available to businesses of varying sizes?
• Amenities: Does the business offer any special accommodations such as an in-house gym or a sizable parking garage? How many conference rooms are there? Are there bathrooms on every floor?
• Price: How does rent compare with other commercial properties in the area? If located in an uptown or downtown office park, this concern could prove especially vital.

After considering the building’s key features and determining which talking points to highlight (and which to avoid), the next order of business is to identify a target market. This will vary in accordance with the type of building. For instance, an office building doesn’t need to market nearby foot traffic, whereas a retail space won’t need to focus as strongly on spatial versatility.

The key features identified above will also play a direct role in determining the best market for the space. Marketing a commercial business space to large advertisers or legal firms might not prove effective if they’d have to fight over a limited number of bookable conference rooms. By contrast, those same businesses might love a space with grand window views where they can dazzle their clients.

Integrating Digital and Traditional Marketing Methods

Just about no real estate venture can meet success in today’s world without heavy reliance on digital marketing. Its use has become mandatory for renters seeking to find any tenants at all, so commercial property owners will want to utilize all of the following resources:

• Online real estate listings: Popular listing sites like LoopNet and CoStar are a first stop for many prospective tenants seeking to rent out business space. When creating a listing, it’s important to use SEO keywords so that the ad will be easier to find.
• Social media content: Many realtors have found success on social media. If using Instagram for photos, a good tip is to hire a professional photographer. An even better idea is to create YouTube videos. While most people expect pictures to be doctored or strategically composed, videos can provide an honest 360° view of the available space.
• Email blasts: Mass emails make it easier to reach several prospects at once, and it’s easy to keep an ongoing list of contact info.

These resources are a good start, but it’s important to remember the rule of seven. Most prospects have to see a brand’s marketing at least seven times before they’ll bite the bullet and investigate. This means that digital marketing isn’t enough. It’s key to integrate traditional marketing as well.

Something as simple as putting a sign out front can do the trick, but flyers are both cost-friendly and effective. They can be distributed anywhere and will summarize the same information as an online listing while putting it directly in the prospect’s hand so they can’t simply click away.

Conclusion

The commercial real estate market might be competitive, but all it takes to navigate is a bit of planning and a multi-faceted ad campaign. With the right strategy and a nice array of resources, commercial business owners with even a hint of marketing savvy can beat out the competition and fill those vacancies in no time.