Case Study: Developing a Marketing Strategy for a Regional Commercial Real Estate Firm
The Client
A regional commercial real estate firm with a portfolio of 25 office and retail properties.
The Challenge
The client was struggling to attract new tenants and maintain high occupancy rates in a competitive market. Vacancy rates were averaging 18%, above the market average of 14%. The average time to lease vacant space was 6 months, compared to the market average of 4 months. The firm needed to improve its marketing and leasing strategies to stay competitive.
Solution
Over an 12-month period, we:
1. Conducted a comprehensive market analysis, including a survey of 150 potential tenants and a review of 20 competing properties.
2. Developed a targeted marketing strategy focusing on the unique value proposition of each property and the needs of specific tenant segments.
3. Created new marketing materials, including property brochures, website content, and email campaigns.
4. Implemented a CRM system to track and manage leasing leads.
5. Trained the leasing team on consultative selling techniques and the new CRM system.
6. Launched a tenant retention program, including regular events and personalized outreach.
Results
After 18 months:
- Reduced average vacancy rate from 18% to 12%.
- Decreased average time to lease from 6 months to 3.5 months.
- Increased tenant retention rate from 60% to 75%.
- Generated 30% more leasing inquiries through targeted marketing efforts.
- Improved tenant satisfaction scores from 3.8 to 4.3 out of 5.
- Secured 8 new leases with high-profile tenants, increasing total leased space by 15%.