The commercial real estate market today is fiercely competitive. Consider it in terms of the franchised auto sales business – an industry in which the concept of brand loyalty has been dead for years. These days, it’s common to see “millennials” driving Cadillacs or baby boomers driving Volkswagens, and it boils down to the fact that everyone today is open to the entire market’s offering. Brand loyalty no longer dominates a car buyer’s thinking. The same idea holds true for commercial real estate, and the upshot is that landlords have to match every deal on the street to gain new business and even fight the open market again to retain current tenants. Here are three elements that make up a triple threat for any listing agency – the kind of things that truly set a listing agency apart and give you a far better chance of getting your property in front of the right audience.
• A High Performing Website
The lack of brand loyalty establishes a market competition that demands listing agents bring something far more to the table than a few agents who know real estate and a website. Landlords need an agency with creativity and cutting edge methods to deliver a level of customer service not available elsewhere. A quality website with proven traffic and relevant content is equally important, because the right website can provide a significant client advantage – or not. Learn more about critical elements for your agent’s website on our post, “How to Make your Commercial Property Stand Out Online.”
• Updated Content
It doesn’t end with the optimized site. Keeping your listing agency top of mind means staying in front of prospects on a regular basis so that you and your property are highly visible when the time is right for prospects to expand locally or relocate into the market area. This involves the prolific use of the tools available today. Relevant and informative blog posts are critical for engaging the prospect base on a regular basis and encouraging communication and interaction with your listing agency. Topics need to be meaningful, timely, accurate, informative and thought provoking. With any luck, this relevant content will draw new prospects to your listing agent’s awareness, adding new prospects to the distribution and building on itself.
• Agency-Generated Market Data
Complete market data generated within the agency itself is another critical element to gaining and maintaining visibility. It’s important to track statistics and give those numbers relevance through trending analysis. This is a massive undertaking and needs to be prioritized at your listing agency – they should consistently provide their prospect lists with quarterly and year end data that is highly accurate and filled with insightful trending information. Just as important is the forecasting that is drawn from long-term market trends as well as the agent’s experience and awareness of market velocity and nuances. In short, your listing agency needs to be considered expert in its market knowledge and able to back it all up with the statistical data.
Any association to a listing agency with this triple threat brings significant added value to you. If your current agency is falling short, take a moment to consider the impact those shortcoming might be having on your portfolio vacancy rate. And then give us a call.