Marketing Commercial Properties During the Pandemic
Today's buyers are concerned about indoor air quality, touchless technologies, outdoor amenities and building apps, according to CBRE .
Marketing commercial real estate during the novel coronavirus COVID-19 pandemic requires creativity, tech savvy, meticulous planning and an understanding of how buyers’ needs have changed.
In a new report, CBRE outlines three ways in which the coronavirus outbreak has transformed commercial property marketing and offers tips on how to adapt.
During pre-coronavirus times, the most in-demand office amenities included gyms, cafes, lounges and meeting spaces. Now, most buyers are concerned about indoor air quality, touchless technologies, outdoor amenities and building apps, according to CBRE.
“Before COVID-19, most property marketing emphasized in-demand amenities like communal gathering spaces. Today tenants want property features that support a healthy and safe building environment and a property owner that cares about their tenant’s wellbeing,” the report states.
While virtual tours have been around for a while, shutdowns and social distancing have made virtual tours a necessity and agents need to find ways to make their listings stand out in a competitive market.
CBRE recommends a multi-pronged approach to virtual marketing that incorporates sales management platforms; “dynamic marketing” using brochures, websites and e-blasts; and advertising on social media.
“Now, greater comfort with the technology, combined with travel restrictions and cost-savings initiatives, will lead to out-of-market investors and tenants virtually touring dozens of properties before making a short-list to tour in person,” the report states.
Before an in-person tour, agents need to communicate with owners to ensure that the building spaces have been deep cleaned and designate a guide to take potential buyers on a touchless tour along a clearly marked path. It’s also important to find out whether the owner requires a waiver before conducting tours..
“The partnership between our property management, leasing and sales professionals is more important now than ever before,” stated Emma Buckland, global president of property management at CBRE.
“While virtual tours are replacing in-person tours in many instances, physically visiting a shortlist of properties is likely necessary to make a final selection,” she added. “Both parties are working together to support health and safety protocols for existing and prospective tenants during on-site tours.”