Marketing retail space for lease or sale in today’s age of ever-expanding digital interconnectivity requires a carefully planned and executed strategy to meet the demands of potential tenants and investors.
Over 86% of prospective tenants and investors start their search for commercial real estate online nowadays, so you need a more robust and digitally-focused approach to maximize impact.
Below are 3 best practices to successfully drive attention and leads to your retail property listings.
1. Create All Essential Content
Compelling Property Description
A well-crafted description for your retail space should be succinct (aim for 100-200 words), highlights key selling points, defines who the property is for, and avoids jargon and cliché. Provide informative copy in a short and clear manner with key supporting statistics, without over explaining.
Photography will do much of the heavy lifting. Photos should be carefully selected from work by a professional to highlight the absolute best aspects of the property. It’s difficult to truly capture what it feels like to be inside of a property. Hire someone who has experience doing so and your marketing efforts will benefit from it.
Beyond photography, videos can be a portal into the property and how it is structured. Video content will highlight key amenities referenced in your description, showcase the best elements of the property and provide a visual reference for the floor plan. Drone videos showcase your property from the air and can beautifully capture the area to better understand the location
It goes without saying that surrounding amenities within a trade area or neighborhood of your target property are critical to highlight. Create a retailer map to display and reinforce as many of these details as you can to help strengthen the value proposition for your property.
Learn more about Why You Need an Amenities Map.
Site Plan for Property
Site plans are a great way to visually depict the overall property, including outdoor amenities like parking, storefront space, etc. are important elements to supplement your descriptions with.
Demographics provide useful data about the population in the proximity of the property, such as average household income, population density, traffic counts, etc to help your potential tenants/investors quantify the current market size and extrapolate future growth.
Similar to the impact of location, it matters who else is already at the property. Showcasing the existing tenant base helps create “social proof” for your property, identifies potential competitors or gaps, and provides ideas for possible synergies with existing brands.
2. Package Your Content
Today’s retail buyers/tenants want 1) convenience and 2) speed so why not give it to them?
Once you have crafted all your essential content, it’s time to put into use across different marketing assets that are readily accessible and easy to digest.
Here is a checklist for key marketing materials you will need to help equip you with a streamlined process when you’re ready to start promoting your space:
3. Promote Your Retail Space
Once you’ve developed your marketing assets and prepared the supporting content needed to promote your property, it’s time to raise awareness and expand reach for your listings.
To supplement the efforts of your brokers in generating leads there are several channels that offer unique benefits for you to consider, including:
Your Company Website
Your company’s primary website is the first place you should feature your commercial properties for lease or sale.
One of the most effective resources you can add to your company website is a an interactive property search engine, searchable by location, property type, availabilities, and other factors of importance to prospective tenants. This helps to showcase your full list in a user-friendly interface.
You can link back to the property website or a listing page, provide a download of the brochure behind a form (so you can capture user information and follow up), and quickly generate leads using contact forms.
At this point, you likely have a large database of leads. These are individuals you already know are interested in properties in the geographic location you’re targeting and should be your initial targets.
There are three things to consider when using email to promote a new property:
There are dozens of social media channels, but only three you should consider for your retail marketing and advertising efforts:
Read more about how to use social media effectively in our detailed guide to social media marketing for commercial real estate.
Commercial Real Estate Listings Sites
You likely already know about and have listings on the major CRE sites like CoStar and LoopNet, but there are dozens more that cater to specific markets and property types. These platforms allow you to rapidly amplify your message and reach your exact market where they start their searches, and not necessarily always with a large cost associated.
Read more about the top Commercial Real Estate listings sites in our 2019 guide here.
Paid Online Advertising
Advertising your listings has a number of clear benefits, including the ability to reach a large targeted audience almost instantly, get immediate results to test your marketing collateral and targeting, an investment that can be easily measured to determine ROI.
These are the most important channels through which you can generate visibility:
Whether you’re preparing to put a new property on the market or have been struggling to reach your targets with existing an existing listing, staying proactive with an effective marketing plan can help ensure you maximize success.
Use the above elements in your retail marketing plan to expand your reach to more prospects who might be interested in your property listings.