The world has gone digital.
Everyone goes online to search for information, including finding vacant office spaces to rent.
To convert leasing prospects into deals this year, your real estate business must go digital.
After all, 78% of real estate searches begin with a search engine.
Prime rental rates in Singapore rose by more than 3% during the 1st quarter of 2023 and has climbed 1.3% quarter-on-quarter this year in the core business areas.
This suggests that demand for commercial space will remain high while supply will remain limited, making it critical to employ effective digital strategies to attract the highest quality tenants for your office space portfolio.
Now, there are still time-tested marketing strategies that work for real estate firms.
Open houses and events, as well as utilising your network of real estate brokers and professionals for referrals, have an average conversion rate of 1.3%, according to Ruler Analytics.
But outdated strategies like cold calling, newspaper advertising and using print collateral like brochures are less effective these days.
Real estate firms that embrace new technologies stand to profit and create a competitive advantage against their peers.
Here are four highly effective digital marketing strategies that DREA uses for its commercial leasing clients to capture and convert high quality commercial tenants.
To get attention in the digital landscape, you need to create content. This includes various forms such as captivating photos, immersive video tours, and informative floor plans.
Videos in particular are highly effective for real estate marketing. Listings with video receive 403% more inquiries than listings without video. 80% of prospective buyers will watch your online videos of the properties before they decide to visit them.
Now that we have the content and creatives ready, it’s time to generate high quality leads.
According to a study from the National Association of Realtors, 47% of real estate businesses report that social media generates the highest quality leads compared to other sources.
Facebook, LinkedIn and Instagram allow you to target the people who are tasked to find office spaces for their workplaces. This could be the property manager or the head of administrative work. Through these precise targeting capabilities, you increase the chances of securing the next tenants for your commercial space.
How to get started:
Prospects who are actively looking for their next office space are among the prospects in DREA’s ready-to-use audiences. Typically, LinkedIn, Facebook, and Instagram are employed for this purpose in the commercial sector.
LinkedIn is our best bet for commercial real estate because it can generate a high visitor to lead conversion rate of 2.74%
So armed with our ready to use audiences and content, we can easily get prospects for your office space portfolio.
We also have an automated lead management system, which means that our lead filtering system will remove the low-quality leads and only send your sales team the leads that are likely to result in new office tenants.
This system works 24/7 so you’re generating quality commercial property prospects even while you sleep!
In a recent campaign, DREA was able to generate 100 leads for a commercial real estate company at a bargain cost of $150 per lead!
Google remains the most popular way for people to find information. Using Google Search Ads to promote your office space will increase its visibility.
The task here is to identify the most relevant keywords for your target market. Since you’re looking for tenants for your commercial properties, keywords like “Singapore office space for rent” or “Singapore commercial real estate for lease” are likely to be used by your target market when conducting online research.
This implies that they will see your Google Ad and will most likely click on it. By removing words like “residential” or “apartments” from your ad to exclude buyers looking for residential properties, you ensure that your ad is not shown to irrelevant market segments.
Google Ads also allows you to specify where the listings should appear geographically. This means you can target Singapore exclusively or the ASEAN region as a whole.
According to Ruler Analytics, paid search has an average conversion rate of 1.5%.
Businesses often expand to other countries and Singapore is a fantastic country to set up an office. This is where 360 virtual tours can be truly effective. As it is an immersive virtual experience, it’s like visiting the actual office. This allows them to decide quickly, and you can get the lease agreement done without them flying in.
Listings with a virtual tour get 40% more clicks than those without.
How to get started:
DREA can assist you in implementing this powerful strategy to highlight your commercial real estate in an immersive way.
These 360 Virtual Tours never sleep so you can market your commercial space 24/7 and brings you closer to the goal: a signed lease in the shortest amount of time possible.
This will help you stand out from your competition and allow you to close your high-quality commercial tenants faster even without being physically present because these virtual tours save time and effort for everyone.
You can work with us to handle the entire marketing process for your office spaces. This means we can handle everything from creating digital content to generating high-quality prospective tenants for your office listings.
We have an extensive portfolio of successful real estate digital campaigns that produced significant ROI for our clients.
Feel free to message us on our WhatsApp if you have questions or would like to learn more about our real estate data and marketing services.