5 Reasons to Outsource Your CRE Marketing
Running a commercial real estate business is incredibly demanding. Time is not on your side.
Managing staff. Sourcing new deals. Juggling properties. Working with clients. You have your hands on many different areas of the business, which often times pushes marketing to the bottom of the to do list.
Whether you’ve been putting off marketing for that magic point at which you have more time or you’ve started a campaign that isn’t performing as you’d like, now may be a good time to outsource your marketing.
Beyond time, there are several reasons to consider outsourcing your marketing efforts to a team of professionals with a background in commercial real estate marketing. From greater expertise, to reducing the cost of hiring and managing additional team members, it’s the right fit for many CRE companies, both large and small.
Is it right for you? Let’s take a look.
1. Increased Access to Expertise
Even if you have a bit of time on your hands or a staff member you can task with basic marketing activities for your company, chances are you don’t have a background in marketing and are not up-to-date on all the newest technologies and tools, especially as they relate to commercial real estate.
Hiring an agency or consultant whose sole job is commercial real estate marketing strategy and execution helps you leverage greater expertise in many more disciplines than you have in-house. You can tap into experts in design, web development, video production, online marketing and any number of other fields, all of whom stay up to date with the current trends and technologies you should have at your disposal.
2. Get Fresh New Ideas
Another issue that real estate companies run into when managing their marketing efforts in-house is a dearth of new ideas. When the same group of CRE professionals, all with the same background and experience approach a problem, they’re going to see the same solutions time and again.
An outside marketing resource will help you see and attempt new things that you wouldn’t otherwise thing to try. That fresh, outside perspective might have helped manage successful property marketing campaigns with new tactics you can now leverage for your own business. At the same time, having those new marketing ideas might lead to innovative takes that you wouldn’t otherwise have thought of.
From best practices in website design to effective online marketing campaigns, there are numerous tactics can you try that probably haven’t been on your radar until now.
3. Offload Your Work
This is a big one.
You’re busy, and often times marketing is one of the first things to drop down the list when you’re in the middle of an event or a due diligence period. As important as marketing is, it has a greater impact on your future than your present, so it’s easier to ignore… for now.
By outsourcing your marketing, you can free up your bandwidth and focus your time on high-value activities that have the most impact on your business’s bottom line, and let an external company execute – ensuring you actually see results from your marketing investment.
Marketing in commercial real estate is all about speed. Having a clear idea of the what solutions to implement, the best practices to follow, and a background in what does and does not work is crucial to quickly execute effective marketing efforts for commercial real estate transactions.
Do you have time for that? Does your internal team have the resources needed to quickly and expertly test new ideas and get to a point of good ROI from any one campaign? For most, the answer is no.
By outsourcing your marketing, you can leverage the expertise and resources of others to improve both the speed and performance of your marketing efforts.
Instead of hiring one new person with limited expertise in all marketing disciplines, you can hire an agency or team of experts whose time is leveraged to your advantage. Need a new email this week for an unexpected opportunity? Not a problem, and no one on your team has to drop other important work to get it done. Or stay until 10pm working double time for a routine marketing effort.
5. Reduce HR Costs
A single internal hire can cost tens of thousands of dollars.
Recruiting, the interview process, training of a new employee, and then the recurring risk of turnover all add up to significant expenses that a small business cannot afford to shoulder again and again.
Unless you get lucky and find a marketing unicorn who sticks with your company for years, you’ll be lucky to get someone at a reasonable salary for more than a couple of years, and even then, your expenses are high.
Outsourcing your marketing allows you to leverage an existing team, offsetting the risk of hiring, management, and potential separation to another company. Additional expenses that go with internal hires, including payroll taxes, equipment, and time off are similarly off-boarded.
You get access to a team of marketing experts without the inherent risk of hiring them internally.
When to Consider Outsourcing Your Marketing
If your marketing budget remains slim and your limited campaigns are manageable in-house, you may not yet need to outsource marketing to an outside team. But when the time comes to accelerate sales, expand your reach, or launch more robust property marketing efforts, consider the benefits of working with a team of CRE marketing professionals.