Over the past few years, there has been an undeniable shift in how companies search for space. Instead of just relying on in-person tours, the search now starts online. In addition, companies don’t just want to learn about the space itself — they want to know the features of the building and how it helps them entice employees to return to work.
If you’re thinking, ‘is my digital offering enough to meet tenant demands?’ you're not alone. According to the 2023 Global Landlord Report, 54% of landlords are investing in digital marketing software this year: a 50% increase since 2022. This significant trend highlights the importance of digital marketing in today's commercial real estate market, and Kerri Thomas, SVP of Leasing, AREP says it best:
“If you don’t have a good digital strategy, potential tenants will throw you out immediately. They’re looking for any reason not to tour 20 spaces… having videos is so important because some decision-makers may never even walk the space.”
Keep reading to learn how upgrading your portfolio’s digital marketing improves efficiency and helps you lease space faster.
1. Provide tenants the modern experience they expect
Just like residential renters, commercial tenants expect to start their space search online. They want a level of buy-in before they step foot into a prospective listing. That’s where digital content can help.
Brokers can use content like virtual tours, videos, and microsites to understand what tenants actually want. And tenants can weed out or add new listings to their lineup, all while sharing them with internal stakeholders and collecting feedback along the way.
Especially now that the leasing decision is no longer up to one party, the ability to share content with a panel of decision-makers across business units is critical, even more so when those stakeholders are remote.
“Digital marketing reminds tenants after tours what properties, amenities, and services they like best,” says Jonathan Fanuzzi, Executive Managing Director at Newmark.
“Video tours are important because the decision-maker may never have walked the space,” adds Thomas. “You can even bridge in-person tours with digital content. You learn a lot during an in-person tour and hear what tenants are really looking for. With digital marketing, you can easily bring up other options on-site that meet their needs.”
2. Bridge Marketing and Leasing efforts
Not so long ago, marketing and leasing teams operated separately. Marketing focused on building brand awareness while leasing honed in on closing deals. While these areas of interest remain, these two teams have become increasingly dependent on each other.
With this partnership, teams are better able to connect information that brings listings to market faster. But, as always, there’s room for improvement. That’s where technology comes in.
Patrick Mulvihill, Senior Vice President of Leasing at BXP, says, “marketing teams used to be focused on branding, but now they are working more hand in hand with leasing teams and leveraging digital marketing content. This makes processes more collaborative.”
Digital marketing content is also measurable, much more so than its traditional paper-based counterpart. Measuring listing engagement and understanding who is engaging helps marketing and leasing teams tailor their efforts to provide exceptional experiences at every stage of the leasing process.
Thomas says, “before digital marketing, people were making choices based on feelings. Today, tools like VTS Market help you be better informed to take action on a real strategy from empirical data.”
3. Offer increased customization and consistency
Commercial real estate is a fast-paced industry, with new listings constantly cropping up. Without digital solutions, it can be hard to keep all stakeholders, internal and external, in the loop in real-time.
When they’re out in the field, agents can miss important, deal-closing information if they only rely on traditional, non-digital tools. “A major challenge for brokers is getting accurate data before they get a potential tenant involved,” says Fanuzzi. Oftentimes an agent will only realize this when a tenant misses out on a potential asset because the broker didn’t have the right data at the right time.
Digital content can be updated to keep all parties informed, which builds confidence and reduces the friction in the leasing process, helping close deals faster.
Get more deals done, faster
Top players in commercial real estate are leveraging digital content across all areas of their business. Leaders like Thomas say that “there used to be this check box model of we need XYZ marketing, and now with solutions that enable digital content, like VTS Market, we can see what marketing materials people are looking at and what works instead of just spending time making materials for every possible channel."
Elevate your marketing and close deals faster with VTS Market.
