Situation
Commercial Real Estate has a uniquely long sales cycle with many layers, including prospecting, touring, and negotiating. Successfully generating consistent touches to your target audience throughout the entire transaction enables you to keep your asset top of mind and, in turn, close more deals.
To successfully lease space in CRE, it’s necessary to consistently communicate your asset’s ‘why’ at every stage of the deal cycle, including pre and post-tour. DRA Advisors’ use of RealtyAds essential software is a prime example of the power of consistency in telling your property’s story. This article details a recent tenant pursuit and how DRA leveraged digital channels to better communicate their building’s strengths – reaching targeted direct decision makers at key pursuits ~50 times during each deal stage.
Timeline
R&D Legacy, a commercial office property in Plano, Texas, first launched its digital presence through RealtyAds in April 2022. The content for this asset was immediately distributed over popular social platforms, specifically to a hyper-targeted audience of the leasing team’s choosing to find more deals. The goal was to further educate the tenants and brokerage community on their building’s strengths through more effective, routine outreach.
Within a month of launching with RealtyAds, the digital presence DRA’s third-party leasing team, HPI, had created was reaching top brokers in the market, including JLL tenant reps who, in June, brought one of their clients seeking ~15,000 SQ FT of office space to tour R&D Legacy. At that point, HPI added this prospective tenant to their Target Audience. By the end of June, the c-suite of the prospective tenant had not only toured the property but also interacted with R&D’s digital presence 20+ times, advancing this deal.
One advantage of leveraging RealtyAds to proactively reach prospects is that your leasing team can provide real-time direct feedback into the target audience. When leasing teams are engaging with the tool and inserting ideal pursuits, such as their current TIM (tenants in the market) list, you can advance the leasing process by proactively placing your asset’s messaging in front of the right audience.
Ben Cuzen, a Vice President with HPI, reiterated his support for this modernized outreach adding they have been “supporters of the (RealtyAds) product for years and believe in the ‘reach’ to prospective tenants.”
As the deal advanced to the proposal stage in July, R&D Legacy continued to stay top of mind by reaching Corning Incorporated’s decision-makers over 50 times through Facebook, Instagram, LinkedIn, and Twitter. Then, in August, during Letter of Intent negotiations, the company continually engaged with R&D Legacy’s digital presence.
In the following months (September and October), as the deal moved to lease review, c-suite decision-makers continued to be reminded of the opportunity at R&D Legacy. As in previous deal stages, the tenant saw the property’s offerings more than 100+ times.
Finally, in November 2022, just six short months after R&D Legacy created its digital presence; Corning Incorporated signed a lease at R&D Plaza for an estimated $2,000,000+ lease value.
Unlike traditional forms of commercial real estate leasing, RealtyAds software gave DRA and HPI the tools to directly communicate with their prospect at every stage of the deal, amplifying their offering to the audiences that matter most to leasing. Without a digital strategy, there is no way to reach the customer post-tour, and too often, buildings are buried in a comparison matrix, reducing decisions to purely economic.
Result
Every leasing team, asset manager, and CRE marketer will have their own strategy, opinion, and idea of the perfect leasing stack. However, one thing’s for certain, reaching your customer base should be a top priority. Unfortunately, far too often, properties are not able to tell their full story.
When it comes to ensuring you’re finding, advancing, and closing more deals, no tool is more essential than RealtyAds. That’s why implementing this leasing enablement software as the foundational component of your strategy is so crucial. Without it, your asset is at a quantifiable competitive disadvantage, not reaching customers and simply not competing for tenants at the highest possible level.
