Although the commercial real estate market has been glacier-slow lately, things are about to start heating up.
Rates are stabilizing, buyers and sellers are finding their way to a reasonable middle ground on pricing, and the market is finding its footing on a new normal.
Are you ready? How can you reignite your game in the thawing market?
Start with these three surefire strategies to start warming things back up.
1. Go where your prospects are
Seems logical, right? But it's not that simple. Here's how to see if you are seeking out your prospects or waiting for them to find you.
Do you execute outbound email campaigns? Email is one of the most effective marketing tools out there. Period. Are you optimizing your email list as an asset that can help keep you visible, provide value to your clients and prospects, and position you as a category leader? If not, start now. Emails and e-newsletters put you in your prospects' direct line of sight in the devices they use and view the most—their phones and laptops. That is simply an opportunity you should not be missing out on.
Do you attend your avatar's industry or topical events? While not every avatar has industry or topical conferences, if yours does, do you attend, speak, and shake hands? Look beyond the obvious. You'll likely find less competition and more room to stand out.
How often do you stop by for a visit? Whether that visit is virtual or in person, make it a practice to stop by with the sole purpose of providing your top 25-100 prospects or clients value. Not sure what would be of value? Market information, an article, or an invitation are all good starting points you can move on, quickly. A virtual "visit" could be in the form of a monthly newsletter, a phone call, and/or outreach on LinkedIn.
2. Position yourself as an expert & category leader
Let's face it, you have competition and lots of it. Executing a transaction for a client doesn't mean they see you as an expert. It means they know you can execute that transaction. The difference is that if they see you as an expert, they are less likely to ditch you for their next transaction, more prospects will approach you instead of you having to approach them, and you will be able to be more selective with your deals.
So, how do you position yourself as an expert?
Release authoritative content and distribute it widely. Write an article for a media vehicle that your target client reads. Once the article is published, send the link out via your monthly newsletter, post it on LinkedIn, post it on your website, have your company post it, and share it in any relevant groups you're a part of on social media.
Address your avatar. Speak to their concerns, their ambitions, and their objectives but provide your guidance, backed up by data and examples.
Stay in your lane. Favor your asset class, region, and avatar in your focus so people know exactly what your expertise is. Speak more about your asset class and region and less about the general market.
3. Be Visible & Stay Present
Show your face, regularly. Make sure that your prospects, clients, and peers hear from you and see your face regularly. People have short memories, there's lots of competition, and regular and consistent visibility reinforces your positioning.
Social Media: Make sure you have a consistent presence on social media. Select channels where your avatar, influencers, and referrers can find you.
Post content that speaks to your avatar, influencers, and referrers and that they will find valuable. Valuable is different from entertaining.
Use social media as a sales tool. Leverage the direct access the channel provides. Social media is a powerful sales tool if used properly but the best use depends on your audience and the channel.
Newsletter: Create a monthly e-newsletter to get in front of your current and former clients and prospects with high-value content they will use. Make sure your newsletter is well-designed, delivers information your prospects want and need, and is an accurate reflection of the positioning you are aiming for.
Put these three surefire strategies into play now as the market starts to heat up. Even if things did get a little cold out there in the trenches, by executing these strategies you'll warm things back up and go from freeze to fire in no time.