Some key findings from the study:
- 80% of tenants and investors surveyed agree that they rely on the internet for their commercial real estate information needs more now than three years ago.
- Over three quarters (78%) of tenants and investors surveyed use online commercial real estate services or tools at some point in their commercial real estate search.
- Commercial real estate related online searches have grown 60% since 2008.
- Six in 10 respondents search for commercial properties using their mobile devices at least sometimes.
- Over half the survey respondents (55%) reported that they perform their own online searches for commercial property, even when they are working with a broker.
-Commercial Property Search Behavior.
Brokers and firms not using online services to market listings are missing
a significantly large portion of the prospects who are actively searching
for commercial space.
Brokers and firms should look for mobile-optimized advertising solutions they do not miss out on the large mobile searching audience that will likely continue to grow.
-Use of a Broker.
Brokers and firms should consider advertising their services online
as a way to attract and retain new clients. Even if a tenant or investor
is already working with a broker, they may be actively searching for
listings on their own, which is another reason for brokers to advertise
What Do These Results Mean for Commercial Real Estate Professionals?
The Internet plays a critical role in the way
investors and tenants research commercial
real estate properties.
A variety of online sources are used.
Brokers and firms are missing
opportunities by not advertising online.
Ensure your online advertising solution
is optimized for use with mobile phones
The use of a broker does not eliminate
investors’ or tenants’ own online searches.
Online property listings lead to property
sales and leases.
Everything above is straight from the study.
Sounds pretty convincing. It is from Google after all.
It’s also from Loopnet. I think they have made a fair point.
But, what about the real world?
Your real world.
The study is targeted to hit straight between your eyes.
Think back to your last 10 deals. What was the origin of the lead?
How many of them came directly from a third party site?
How many came from other sources? I know you track them we all do.
Did that client search the world over, find your amazing property click on your bio and say “hey I want to move into this 60,000 sq. ft. warehouse tomorrow. Let’s do a deal.”
I could happen right?
It may have happened right?
Has it happened for you?
Now, I know I know you have many multiple funnels that you work to get deals.
The internet may and I say may just be one of those funnels.
So it’s justified to just throw a little money at it get some exposure and see what happens. It’s marketing after all.
Or maybe not!
You and I know you watch, track, KPI, performance metric or whatever buzzword you use to know exactly what every lead, origin, conversion and the costs of each one of those are.
So, I have jumped on the horse more than a few times with my opinion about online searching.
Loopnet and Google back it up with numbers.
So, Let’s really find out about online searching from you.
LET’S HEAR YOUR OPINION.
IT’S THE ONE THAT REALLY MATTERS.
Use this space. Use the groups in LinkedIn this is posted in.
Post a thread on Twitter. Opine with the real world stuff.
Joint Study by Loopnet and Google Finds 78% of Tenants and Investors Search for Commercial Real Estate Online. And Loopnet Wants Your Money. Can You Tell Me Why?