Situation
Amidst a challenging leasing environment, RFR sought tools to help its properties find, advance, and close more deals.
One significant gap in their prior leasing strategies was the lack of a robust digital presence capable of creating and cultivating tenant relationships. RFR recognized that to compete at the highest level for tenants, this had to change. It was unrealistic to expect success without a solution to engage specific customers at every stage of a transaction.
Solution
RealtyAds’ AI builds a digital presence across all major ad networks with the push of a button—no expensive agencies or additional payroll required. Amid the pandemic, RFR received a virtual demonstration and began service within three days.
The goal of adopting RealtyAds was to enable RFR assets to not only reach brokers more effectively but also to engage targeted end-users actively evaluating office space.
RFR’s first property to adopt RealtyAds was 17 State Street in New York City. After seeing immediate improvements in market reach, RFR extended the service to five additional properties, including internationally recognized assets such as the Seagram Building and the Chrysler Building.
Within 24 hours of activation, each property was delivering its messaging to targeted individuals, tenants, and industries on platforms such as LinkedIn, Google, Twitter, and various ad-supported websites.
Much like a junior broker making cold calls, the aim was to translate this enhanced market reach into improved leasing activity by finding, advancing, and closing more transactions.
Result
In its first six months using RealtyAds, RFR completed nine transactions worth approximately $130,000,000 in lease value and saw a 300% increase in broker reach.
In every transaction, decision-makers interacted with the building’s digital presence prior to executing their leases. Across six months, there were more than 675 interactions with the building’s messaging before lease execution.
By consistently reaching tenants at various stages of the deal, RFR’s leasing teams were able to share each property’s unique story throughout the transaction process. These repeated touchpoints created familiarity, educated customers, and helped leasing agents close more transactions.
Takeaway
Commercial real estate is increasingly focused on tying software expenses to measurable revenue generation.
For too long, the industry has invested millions in listing services and marketplaces that promise exposure, but offer limited reach and no targeted outreach. These platforms rely on decision-makers finding your property amidst countless others.
RealtyAds is rewriting this outdated leasing playbook.
By adopting RealtyAds’ AI, brokerage teams can leverage their market knowledge to proactively target decision-makers on the digital platforms they use daily. This ensures properties reach prospective tenants at every stage of the deal, driving results as demonstrated by RFR and the 191 other ownership groups already utilizing RealtyAds.
