• By Admin
  • July 20 2020

By now, it’s likely you’ve heard a lot about the pandemic and how it is affecting commercial real estate, and all other industries, for that matter. You’re worried about your profits, and you’re right to be concerned about the future. Rather than dwelling on the negatives, it is imperative to utilize this time to be prepared for the new post-COVID landscape that you will find in a few months or a year from now. 

In many ways, the commercial real estate market may change for good, but many of the fundamentals will remain the same. Your future sustained success in this industry will depend on how fast you are able to adapt. Remember that in order to grow, you will need to keep optimizing your systems and upping your ROI; otherwise, you will stay trapped. Here are all of the aspects of your business that you should be looking to organize and optimize in order to be better equipped to adapt to the changing industry.

Rethink Your General Approach

Now, is the time to start thinking objectively about your general approach. You have space to implement some tweaks that may help you out in the long-run. It is time to be honest about your past successes and the ways you hope to build on them. The CRE industry has been hit heavily almost immediately by the pandemic, but there are also signs of optimism floating around.

The losses we saw in March and April seem to be recovering, and there are plenty of indicators that point to a bounce back. Previous recessions have led to the median price of commercial property falling by 11.7%. However, there are indications that this recession will be different due to the unique characteristics involved and how dynamic the global economy and marketplace have become. Therefore, any downturns may be shorter than in the past.

The nature of viewings may have changed, but the property market itself has not paused completely. With the availability of remote viewings, virtual tours, and even self-showing tours, there have been many new innovative solutions emerging to mitigate the pandemic impact. The companies and individuals that keep this mindset will come out with their best foot forward. This means you must tailor your approach and ensure that your digital approach is optimized for efficiency. Now is the perfect time to really start fine-tuning your systems, and building/remodeling your sales funnels to ensure that they are ready for this new digital era that we will find ourselves in.

Since face-to-face deals are now becoming rarer, how will you adapt your current approach in order to thrive instead of dying? Are you utilizing video conferencing technologies to manage your properties and to conduct sales calls?

Analyze Your Systems And Sales Funnels

A key aspect of your strategy will be your systems and sales funnels. They will always be vital, but now you have a chance to take a breather and really focus in on the parts that can be optimized, and those that can be automated. It is time to reflect upon your entire sales structure to measure performance.

If you don’t already have a well-functioning sales funnel, now is the perfect time to start building one. It doesn’t have to be complex, to begin with, and you can start with some simple landing pages to attract qualified leads.

Time Is Money In CRE

The nature of the market may change in the following months and years, but the effectiveness of having an optimized system and sales funnel in place will remain as important as ever. Ask yourself these three questions:

  • Do I have a workflow that I follow in order to get results?
  • How much time does it take to get a lead from inquiry to a sales call?
  • What would I focus on if I had more time?

Incredibly powerful technologies like 1PropertyMarket, possess the ability and automation software to not only help you find leads, but to nurture them all the way to the sales call.

This means more time to focus on how you can deliver results for your company’s growth. Besides, more time is more money.

Optimize Your ROI & NOI

We covered both of these concepts in other pieces, and we dedicated whole posts to them because they are extremely crucial when it comes to commercial real estate investments. 

It is vital to have the best understanding of these figures, so you know exactly where you need to optimize. You should be consistently keeping an eye on your net operating income (NOI) and your return on investments (ROI) to get a better idea of your overall performance and where you stand as a whole.

Your return on investment (ROI) is the final profit that you end up with, and you should always be looking to maximize this figure whenever the opportunity arises. Consistently look for ways to optimize your processes. A stagnant ROI can indicate specific inefficiencies that need to be addressed, and it is important to recognize this in the early stages. Your NOI is the net operating income (NOI) that shows whether a property will be a good investment. 

This figure becomes even more relevant in the pandemic, with supply being reduced somewhat. Now is the time to be more patient and wait for the right opportunity to come about. There is no point rushing into a sub-par investment simply because of fear. All indications point to the market recovering, which means you can expect plenty of opportunities. Rather than getting big deals, you also need to be upping your ROI. This can be done by addressing specific inefficiencies, which we will explain below.

Strengthen Your Marketing Strategies

If you want to have consistent success, then you will need to really hone in your marketing approach. Your marketing is an integral aspect of your business, and it is bound to become even more prominent in a post-COVID environment. You need to make sure that your strategies are up to date and as effective as they can be.

Now, is the time to really start defining your target demographic, and reaching them in the most effective way possible. It is also the time to monitor your marketing budget and find areas where funds can be spent more efficiently. Technology has already played a huge role in CRE marketing in recent years, but you can expect this to increase even further after this pandemic. Expect an added emphasis on online listings, remote viewings, and quality branded content. Savvy visitors need to be won over, and they aren’t always easy to target. Your networking should focus on a numbers-based approach that utilizes data to provide personalized messaging. This is what will deliver results for you.

You need to have a defined marketing plan that is optimized for the situation we find ourselves in. This may mean that the budgets are reduced, but it also means finding the opportunity to use them more efficiently. You will also need to balance earned media, paid media, and owned media.

Aspects such as SMS can be well worth optimizing during this pandemic since they can bring short-term results. Furthermore, SMS and the data from the responses can be looked at and analyzed to spot opportunities for growth. Ideally, a mix of marketing channels means that you can mitigate risk in case there is a sudden disruption in one side. Now is the time to make sure that your marketing strategy is well-built to survive in the long-term. After all, it is your marketing strategy that will ultimately have a huge impact on your long-term success. 

Moreover, you need to focus on efficient lead generation strategies that will help your business grow. 1PropertyMarket has developed some of the best ways to gather pre-qualified off-market leads with ease. Their high conversion rates and the optimized turnkey solution is perfect for all individuals involved in CRE. This should be an integral aspect of your marketing strategy for the new post-COVID era.

In Volatility, Strategic Success Is Born

The post-COVID climate is unpredictable, and no one can be certain of what to expect in the commercial real estate markets. That being said, there is confidence-building that the markets will bounce back, and real estate is poised to play a crucial role in the recovery. The best way to prepare for this is by taking a measured look at your current approach and analyzing the key facets which can be optimized and those that can be done away with it. This will put you in the best position to deal with whatever challenges the new market may hold. Work on your systems and sales funnels, and you will find that they will work for you in the next few years.

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