How to Develop an Email List: User Edition

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Since there are four different types of transactions in our commercial real estate world, leasing, selling and raising debt and equity, we will need to look at how to develop a good marketing list in each type of transaction. We have discussed the owner or landlord side and now will look at developing a list from the user’s perspective.

We have spent the last two weeks looking at developing an email list for the ownership. Let’s now look at developing a good list for the users.

Again, we will assume that you have developed the minimum requirement of having all of the facts about why you and your team and firm would be the best to assist them in finding space to lease or a property to acquire. I won’t look into what these minimums are in this paper.

So now that you have your information ready, how do you develop a list to send it too?

Like in the two previous papers, there are lists that can be developed using public records, lists from different journals, specific magazines and newspapers. Additionally, networking with other commercial real estate professionals, other organizations that have decision makers is a good way of adding contacts to the list you are developing.

One great way to develop your list is to keep up with comparables in the market you are working in. Keeping both the lease and sale comps will both add contacts to your list and also let you become an expert in pricing in that market. Once you win an assignment to assist a user, you will need that expertise to negotiate the best deal.

To add more contacts to your list will is quite a bit more work and since it is, not many will undertake the job.

Going beyond just the normal is where good can become great. “Successful people do what unsuccessful people won’t!”

There are a couple different strategies depending on your focus. One is to focus on an industry, the other is to focus on a market. If you focus on an industry, the first is to decide what type of user industry you want to work with. In some markets you have to focus on one type to be competitive while in others you will have the ability to work on many types. I have seen experts in industries like law or banking. These folks know the industry and their needs better than others and can be of greater assistance than others. Focusing on these industries lets you meet and probably get publications on these firms.

Another focus would be on a market. As in other marketing, in some markets you need to be an expert in just one to be competitive and in others you can be an expert in several and still be an expert. This is the more typical focus of most and using your time, money and energy to be a market expert will include having lease and capital market comparables and the ability to use those to win business.

Knowing when a lease is expiring, what that tenant has been paying, what they can pay going forward is critical to winning. You can only know this with deep market knowledge.

Let’s wrap this up.

Being able to develop and send focused emails to the users of commercial real estate will allow you to get the best market price and terms for your deal. Good luck!

I will have a guest writer next week discuss some BIG issues about trying to acquire lists from different services that offer those.

 

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How to Develop an Email List: Landlord Edition Part 2

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Since there are four different types of transactions in our commercial real estate world, leasing, selling and raising debt and equity, we will need to look at how to develop a good marketing list in each type of transaction. We will look at developing these lists from the landlord side. We will also look at developing these lists from the user.

Let’s look at developing a good list for the capital markets. This includes Sales, debt and equity, we looked at the leasing last week.

We will assume that you have developed the minimum requirement of having all of the facts about the asset available to market. Buyers, lenders and equity sources won’t spend much time on a deal that doesn’t have at least the minimum amount of information. I won’t look into what these minimums are in this paper.

So now that you have your information ready to market, how do you develop a list to send it too?

If you are marketing a property that you want to send to as many buyers, lenders and equity sources plus their representatives as needed or agreed upon. I presume one of the main reasons you are hired is that you know the right folks to market a property too.

A couple of the different capital market areas are a bit easier than others to get a good list. The lenders and equity sources are always out looking to place capital in deals and market themselves more readily than a lot of the buyers. I’m not saying it is that easy and even if you get a good list, you may have a difficult time getting your email or call returned in a frothy market like we are in now.

There are lists in different publications of lenders, equity sources and buyers that can get you started on getting a good list together. These lists usually have the top 25-50 or so in each category to get you started. Some are in specific type publications while others may be in your local business journal.

The second list is quite a bit more work and since it is, not many will undertake the job.

Going beyond just the normal is where good can become great. “Successful people do what unsuccessful people won’t!”

So how do you go about getting this list? The first step is to decide what type of asset you will be focused on meaning office, industrial… In some markets you have to focus on one type to be competitive while in others you will have the ability to work on many types.

The best list of buyers, lenders or equity sources are obviously the ones who have completed a deal or several deals in the product or the area you are working. These are found in publications, deed records and by networking with others. This takes time and persistence.

The next step is a bit tougher since the one you are looking for now are the groups in each category that didn’t win the deal but had the capability to close as well. This list is the one you will have to spend a lot time and energy to continue finding these sources. Once you are a known deal maker in the product and area that you have focused on, these sources will start seeking you out and make keeping your list easier.

Let’s wrap this up.

Being able to develop and send focused emails to the capital market sources when you want to sell, need debt or equity for a property will allow you to get the best market price and terms for your deal. Good luck!

I will discuss developing email lists to track and find users of space next week.

Photo Credit: Hubstop.com

How to Develop an Email List: Landlord Edition Part 1

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Since there are four different types of transactions in our commercial real estate world, leasing, selling and raising debt and equity, we will need to look at how to develop a good marketing list in each type of transaction. We will look at developing these lists from the landlord side. We will look at developing these lists from the other side in another blog.

Since leasing space has the most transactions out of all of these, let’s start with it.

We will assume that you have developed the minimum requirement of having all of the facts about the asset available to market. Most folks looking for space will spend any time digging through information to find facts for a property that aren’t easy to find. I won’t look into what these minimums are for this blog.

So now that you have your information ready to market, how do you develop a list to send it too?

The first step is to focus on is getting as many tenant reps as you can on a list. Generally these brokers have multiple assignments from their clients so that if you are sending your marketing information to 100 of them, you may in fact be showing your marketing information to several hundred prospects. Additionally, these brokers have vetted their clients so that you can feel reasonably secure that they will transact shortly.

The second list is quite a bit more work and since it is, not many will undertake the job.

First you will need to decide which properties are competitive with yours. Not only in location but class, size of space available, amenities and curb appeal. Once you have that list, you need to take time to go to those properties to get the list of tenants and to really compare your asset to it. Now comes the hard part! You need to get a contact for each of those tenants, with an email address so you can start sending “focused” emails to them. Generally, all of these tenants will have information on the internet for you to “mine” to get this information.
The great thing about this list of tenants is that they have already decided to be in the area of your property. You will need to only sell your competitive advantages like your amenities, your ownership, how well you treat your tenants and other soft points of your asset.
These emails will be more focused in nature and may have highlights from your property manager discussing how they keep the asset ready for the tenants or even from tenants in your property discussing how well they are treated

Let’s wrap this up.

Being able to send out two focused emails, one for the tenant reps and the other for the tenants in your competitive set will give you the best chance of filling and then keeping your property full. Good luck!

I will discuss developing lists for the capital markets side next week.

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