It’s no secret that commercial real estate competition is increasing, particularly for office properties. “Commercial real estate office space for lease” was one of the most expensive real estate SEO keywords of 2016. Prices in commercial real estate are expected to increase by 5 percent in the next year, while the office vacancy rate is forecast to increase to 13.4 percent by the end of 2019.
So how can commercial real estate companies compete with increased competition at an increased price point? The short answer? Brand differentiation. Tenants need to know why they should choose your buildings—as opposed to any of your competitors’—to call their workday home. And for a space where most Americans spend at least 40 hours per week, that’s a significant need to address.
Creating a successful brand differentiation strategy requires more than designing an eye-catching logo or using a memorable mascot. In this rapidly developing market, you need to prove that your commercial real estate firm provides the premier office environments in your area.
Since every brand differentiation strategy will be different, this article series will outline tried-and-true methods that have proven successful throughout the industry.
STEP ONE: Cultivate personal relationships with clients
At its core, commercial real estate is about connecting two groups of people, your firm and your clients. In a fast-paced world driven by lead generation and the frenzy of social media marketing, it is important to remember to slow down and focus on who your clients are: people.
People, now more than ever, appreciate hand-written thank-you notes, customized phone calls, and other detail-oriented forms of communication that add that extra personal touch.
CRM software companies can help commercial real estate firms streamline this personalized communication with their clients. RealEstateTechNews.com recommends ClientLook, for its free “unlimited support and personalized training.”
Specific, personalized engagement with customers will help your commercial real estate firm stay top of mind with your customers, while also enhancing your authenticity and credibility.
Read Part 2 of this series to discover how you can make your properties work for you by attracting the right tenants, and Part 3 to learn about designing your office properties to connect to your brand’s story.