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These were supposed to be tight times for commercial real estate. Prognosticators forecast the demise of downtowns as COVID-19 turned bustling streets into ghost towns. Property values were expected to plunge. Remote work and people staying home in droves were predicted to put a pinch on the office and retail markets. The industry was braced for a cash squeeze. None of it happened.
Commercial real estate sales soared to more than $193 billion in the third quarter, the rise fueled by the purchases of e-commerce distribution centers along with apartment buildings and life-science labs, according to Real Capital Analytics. Sales for the first nine months of the year reached a record $462.1 billion, topping 2019 totals by 10%.
Some firms have been caught flat-footed and unable to ride the wave because, in the throes of the pandemic, they tightened operations, cutting where they could, including in the marketing of their businesses. But following the sales tide as it rises requires commercial real estate marketing that gets the word to customers about firms ready and eager to do business.
The trouble is, in cases where marketing teams need to be bolstered or rebuilt, hiring is a challenge. Workers across the country quit their jobs 20 million times from April to August, according to federal data. Job openings increased 86% from January to September, but applications inched up just 8% over the same period.
All this has combined to leave some firms with slashed marketing teams watching as commercial real estate has surged. But there is an answer. Outsourcing marketing can be both a short and long-term solution.
First, outsourcing can allow firms to focus on what they do best: Selling. Rather than being locked in the office putting together marketing pitches, sellers can be in the field, meeting with clients and closing deals.
All the headaches of employing people are left to the outsourced agency. Firms pay for the work they get not for what people do – or don’t do – in between projects. The agency covers the costs of salaries, payroll taxes, benefits and the rest.
Finding a strong commercial real estate marketing agency means a firm is finding someone expert in the field. It isn’t part of an agency’s job. It’s the entirety of the agency’s job. It’s what that agency’s people do. They bring a level of expertise that’s difficult to match in-house.
So, how do you find the right agency? Here are criteria that matter:
The right agency might cost more per hour than a lesser competitor, but excellence in marketing is money in your pocket. The right agency will deliver marketing that delivers leads for you to convert to sales. That’s the name of the game. Go cheap, and you might go home with all your dotted lines still waiting for signatures.
Whoever markets your company is an extension of your company. Look for agencies with established records of success and established records of doing business the right way. Do your homework. Call around. Find out what people say about the agency. You’re looking for an agency that will hustle for you, not one that will hustle you.
Because you are seeking an agency with a reputation for quality and integrity, you are also seeking one with whom your working relationship is more like a partnership. The agency should know and understand commercial real estate and reflect that knowledge and understanding in the way it relates to you and promotes you.
The commercial real estate bull is running. Don’t miss the ride. Find an agency to help get the word out about your business. Give us a call at (317) 793-9014 or email us for a free consultation to discuss your commercial real estate marketing needs.