The pandemic struck a blow to the commercial real estate industry (just like nearly every other sector) in 2020. According to The Motley Fool, almost every segment of the industry recovered from the initial shock of the Covid-19 shutdowns. In 2021, the challenges commercial real estate venues faced included labor shortages, travel restrictions, logistic problems, and inflation.
However, The Fall 2021 ULI “Real Estate Economic Forecast,” based on a survey of 49 economists and analysts at 36 major real estate organizations, predicts commercial real estate (CRE) property prices to increase by 7 percent in 2022 and 6 percent in 2023, based on the RCA Commercial Property Price Index.
Much of this increase depends on which segment of the real estate industry you’re reviewing. For example, The Motley Fool goes on to say, “Industrial and multifamily continue to outperform the market in rent growth, each at 5% this year, while rent growth for retail is predicted to be 0.6% and office…at -1.5%.”
Realtors and realty marketers, as you transition into the new year, you’ll need to make sure you’re dialed into the segments expecting growth while simultaneously not neglecting your retail and office customers that might not offer as much opportunity for revenue.
Your commercial real estate email marketing strategy is an excellent place to start, and here’s how:
1. The Intended Audience for Each Campaign
A good place to always start is with the people you’re trying to reach.
To which segment of the industry do they belong?
Are they in a segment that expects some growth in 2022, such as industrial or multi-family?
Or, are they in a segment predicted to bring in very little to no growth?
Your message and your frequency of messaging to folks in an industry expecting growth will be very different from an industry that’s not.
What is the role of the individual you’re reaching out to within the company?
Consider the role of the individual within the company. Different positions are going to have varied motivators. For example, the CEO will have other challenges than the CFO or COO.
The way you craft your message will need to take this into account. If you want a CEO to take action on your email, whether that’s a click, reply, forward, etc., you need to use a different approach than you would to get the CFO to take action on your email.
Suppose you haven’t collected industry or title data on the contacts in your database. In that case, you can use a data append service to append information like titles, industry, demographics, household income, and more.
With this information in place, you can segment your list appropriately to ensure the right people are getting the right messages at the right time.
2. The Goal for Each Email Marketing Campaign
After considering the “who,” you’re going to want to consider the “what.”
What is it you want to achieve with your email campaign? What action do you want your target audience to take? Brand awareness is all well and good, but consider the concrete steps you want people to take to help you meet your goal.
Is your goal engagement?
Engagement can be open and click rates, but it can also stretch beyond that. For example, are you trying to get people to click on a specific article or reply to your email to set up a meeting?
Is your goal lead generation?
Are you attempting to generate leads by driving people to a specific landing page and asking them to submit a form in exchange for something like a report or an ebook?
Are you trying to drive revenue with your email campaign?
Do you have a specific offer or promotion you’re trying to push to generate more revenue?
3. The Marketing Strategy Behind Effective Email Blasts
Send time, email list management and segmentation, and personalization matter.
When is the best time to send an email?
Send time refers to both day of the week and the time of the day.
GetResponse, an email marketing platform, evaluated its data to determine the best time of day to send based on metric benchmarks. They analyzed 4 billion emails from 1,000 active senders, and here’s what they found.
From the data GetResponse collected, reviewed, and evaluated, it appears that most messages sent out using their platform peak around 9:00 a.m. The highest volume of opens happens around 1:00 to 2:00 p.m., and the greatest click-throughs occur at 6 a.m., 12 p.m., and 6 p.m.
CampaignMonitor collected data from the millions of emails sent with their service regarding the best day of the week.
CampaignMonitor data shows that the best overall success rates are between Monday-Friday. But the most significant day for success regarding click rates was Friday.
It’s important to remember that data, of course, is relative and unique to your audience and database. These graphs offer a good jumping-off point. Continue to test and develop your email marketing program. Try out different send times to determine which is most effective with each audience segment. You may find different results than what is outlined here, based on the goal you’re trying to meet.
Magan Le states in her recent article, “How do your Black Friday and Cyber Monday email campaign metrics compare to the same time last year? What’s the year-over-year (YoY) trend for the past five years? How does it compare to how this year has been trending so far month-over-month and each month YoY?”
(She also provided us with this fantastic meme.)
Take the time to identify your benchmarks. Also, keep the iOS 15 update in mind. Open rates still have some value, but they’re not the metric they once were.
Download our free ebook: The Email Marketer's Survival Guide to Saying Goodbye to Apple Mail Tracking Pixels
How to manage email distribution lists?
Segmentation was covered a bit in point one. In addition to segmenting folks based on organization type/industry or job title, in the commercial real estate business, you might also find it helpful to segment your list based on lifecycle stage, location, or any combination of the four.
Segment based on:
- Job Title
- Lifecycle stage
Not only does this help to inform your messaging, but it also assists in creating hyper-relevant content for different segments of your audience. The more relevant and timely your email messaging, the more likely your campaign will be successful.
Email list hygiene is also a crucial part of email list management. With an email cleansing service, you’ll identify threats that simple verification can’t identify by itself. Keep yourself off email blocklists and actively protect your sender reputation with regular email data cleanses.
Email’s Place in Commercial Real Estate Marketing
Real estate marketers set themselves up for success when they know their audience, determine a goal for each campaign, and create a property marketing strategy that leverages send time, email list management, and segmentation.
For a free email list hygiene test, contact us today.
Melissa McGaughey, Director of Marketing at Webbula
Melissa McGaughey is an SEO Strategist and Inbound Content Marketer with a decade of experience in B2B spaces. With a background in Agile Scrum methodology, developing processes and systems to streamline workflows, enhance productivity, and drive ROI is her jam.
Webbula is the undisputed industry leader in Email Hygiene, Data Enhancement, and Audience Targeting services. Check out webbula.com to see what Webbula has to offer.