I enrolled in a program called the Clockwork Accelerator [affiliate]. We were on a call with a coach and other business owners. We were discussing the things that kept us up at night. Mine was the lack of conversions I’ve had this year (fancy way to say NEW sales with clients that haven’t purchased before) and what I was doing to combat this issue. I also mentioned that I was in the real estate space, and the interest rates may be a continuing problem, but I didn’t want to sit on my hands and idly wait for things to get better.
That room LIT UP like a Christmas tree. Every business owner chimed in with some great advice on how real estate can convert even in uncertain times. I will now bestow this sage advice upon all of you!
#1 Re-message. One overall theme was the ability to re-message your services for the changing environment. If deals are drying up in one area, start focusing on another. In the last recession, many of my clients re-messaged from investments to landlord and tenant rep, as those areas became more important. The moment banks stopped penny pinching; we swapped the message back to investments. The brand changes were temporary, but necessary for the changing economic climate.
#2 Creative solutions. Businesses might be reluctant to move in uncertain times, but if their space isn’t efficient, it’s really a question of expense versus investment. If it makes more sense for them to stay in their space, consider selling them on a sublease for their unused space or subleasing the entire space (if possible). With the dissolution of many co-working spaces there may be an increased need for small workstations in your location.
#3 Finding opportunities. Networking doesn’t have to be only a combo of the local NAIOP chapter, Chamber of Commerce, and the Better Business Bureau luncheon. Look for industry specific gatherings near you, including restaurant owners, business owners’ meetups, etc. – Meetup will likely have a few business networks in your area that you can join. Bisnow has a lot of commercial real estate events too.
#4 Attracting qualified leads. Establish a “freebie funnel”. What the heck is that?! It’s where you offer something for free in exchange for a lead’s contact information, and then the lead is kept-in-touch by either a “welcome sequence” or a weekly / bi-weekly newsletter or (ideally) BOTH of those things. Here are some ideas on some things to offer that are NOT a free consultation.
+ eBooks (or White papers)
+ Guides or tip-sheets
+ Checklists
+ Video training
+ Podcast training
+ Webinars (live and evergreen)
+ Kit (combo of above)
One really cool thing about working with me on a new website design is you’ll get an ebook (your freebie) with the purchase of a website package. And if you’re not quite ready to buy a fancy-schmancy website designed by yours truly, check out the do-it-yourself website kit. It has everything you need to build a lead generating website yourself.
Providing you with 2 ways to build a website that attracts quality leads is just another way, I’m taking the “broke” out of commercial real estate brokerage.
