Over the last decade, the way consumers research and buy products and services has fundamentally changed. Consider the following statistics:
81% of consumers conduct online research prior to making a purchase online
Consumers are most likely to trust a business that makes it easy to contact people at the company
Nearly half (48%) of online shoppers will simply head straight to a large e-commerce marketplace
The highest concentration and demographic of digital buyers is Millennials aged 25-to-34
While these statistics are focused on e-commerce and consumer product purchases, these trends are increasingly applying to purchasing decisions made for professional services, such as commercial real estate brokerages. The positive news is that you have time to implement strategies to be successful and competitive in the digital age, but you need a strategy and to begin implementing it now.
When you consider that 81% of consumers will conduct research online prior to making a purchase, this trend also applies to decisions concerning real estate and preferred brokers. When a prospective client Googles your name, what do they find? Do the results represent the brand you’ve spent years or decades developing? Does it set you apart from the competition, or does it conform to the style of everyone else's profiles, websites, or listings?
At a recent commercial real estate conference, we had a discussion with several successful brokers who stated their clients wouldn’t select a broker based on an online review. But taking into account the aforementioned statistics, and when you consider that Millenials are the largest group of digital buyers, it’s reasonable to expect this target market will be the entrepreneurs and rising leaders that will be in a position to select the broker to represent them in the coming years.
One of the most basic—yet effective—solutions is evident in shoring up your online presence. You could spend a copious amount of time and effort to optimize individual social media channels including LinkedIn, Twitter, and other related-profiles—or you can partner with a technologically-savvy proptech company such as TenantBase.
TenantBase can enhance your digital presence, while simultaneously generating new clients and commission revenue. When it comes to sourcing online business in the world of commercial real estate, it’s important to focus on the fundamentals of having and maintaining an enhanced online presence. Let TenantBase manage the heavy lifting in getting you up to speed. You can visit our partner page to learn more.