Commercial real estate is a dynamic and ever-changing market which is full of surprises for real estate business owners and customers alike. Add the pandemic to this mix, and the industry became even more volatile. Bloomberg News reports from December 2020 found out that there were over 1 billion unsold hotel rooms in the USA, and retail shopping was down by 70% because people shopped online. This means CRE spaces like shopping malls, hotels, and restaurants did not have a business even during peak season.
But since the effects of the pandemic are going down, business is bouncing back. But there are too many options for the customers right now and huge competition for business owners. So, what do you do to get ahead of this competition?
You get expert help in project management, strategy, and leadership planning to beat your competition. Other than that, there are some quick tips and solutions to give your business a competitive edge over the others. Read this article to know more about them.
CRE Market Trends after the Pandemic
Many CRE market trends are shaking up the industry at present. Check them out to make an aware strategy to beat your competitors.
Use of the latest selection of technology in project management to automate work and make it remote.
Office spaces will change due to the pandemic and remote work, but they will not shut down.
Retail shopping has not fully recovered, but e-commerce has raised the demand for warehouses.
Focus on sustainable real estate to reduce the carbon footprint of this global industry.
Top 8 tips to beat the competition in CRE
Here are some top tips to help you make more sales and get ahead of your competitive brands.
Humanize your company
Real estate sales are all about human contact. Even if it is commercial real estate and not residential, you need to connect with your customers regularly and make them feel valued to get their business. Why? Hubspot stats say that more than 90% of Americans depend on their decision on the quality of customer service to decide if they will repeat their business with a company.
The customers you deal with may be one of these 90% people, so make sure you up your customer relations and stay directly connected with them to amp up your sales. Sending them customized offers and exclusive benefits and talking to them in detail about their real estate needs can be a few of the things you can do to get ahead.
Define your target audience
Every business should have a target audience in mind. Experts say that if you believe the whole world is your customer, then you are wrong. You need to cater to a specific group of audiences to customize your marketing and sales plan based on your audience. How does it work?
Understand which social media your target audience spends the most time in. What is your competitive brand doing to communicate with this audience? Are you doing anything to provoke the thoughts of your target audience? Find the answers to these, and you are good to go.
Minimize site visits and speed up sales
Minimizing your site visits, be it construction sites or property tours, will help reduce your carbon footprint. It will help you cater to CRE trends and also create a USP for your business. You can also use virtual tours and drone views of properties to get a competitive edge.
Do competition analysis
What is your competition doing in business, be it social media, business strategy and leadership, or daily back office work? Do a thorough competition analysis to get a clearer picture of the market trends and what is going on around you. Do not let your potential customers tell you that a said brand is offering more than you have clear responses to such queries.
Attend industry-related events to build network
Your vendors, investors, developers, agents, competitors and customers make up your network in the real estate industry. So no matter who your competition is, you need to stay connected with every stakeholder in the real estate market to stay aware and grow your outreach. Attend industry-related events like conferences, seminars, etc., to build up your knowledge about the latest trends and accordingly plan strategy.
Always cater to your local audience
CRE businesses are mostly huge in size and have national and international dealings, but never forget to cater to your local audience. Why? You have a chance to communicate with them directly. Also, local people always tend to look for property buying or renting options within their known areas. Never forget to tap into this market in between your plans to grow and hit the national market.
Your online presence is a must
According to NAR reports, more than 97% of customers looked for properties online during the pandemic. More than 76% of them used mobile or tablet devices to conduct these searches. This is enough reason to strengthen your online presence. If you still live in the pamphlet and word-of-mouth phase of business, then you are already losing business that you don’t even realise.
The number of millennial homebuyers is increasing by the day and they are here to change the way you see the industry. Millennials check everything online before they set their hands on a product, be it a property or a toothbrush. So, build your website and your social media presence before anything else.
Always have competing property listings
It is not possible that the same company owns all the real estate listings in one complex, mall or property. So it is important that you know everything about the competitive listings inside the same building to help better your negotiations with your clients. Make sure to do your homework!
Plan your strategy and leadership with Assetsoft to beat competition
For all your real estate strategy and leadership needs, Assetsoft has a team of experts who can help you get a better grip on the situation. This is a cut-throat competitive market, and you need to plan better to hit the right chords with your customers and drive up sales even with competitors lurking around.
Give us a call to manage your projects and plan strategy and leadership.