Sustaining Growth During Economic Uncertainty in Commercial Real Estate with Public Relations

In the challenging landscape of economic uncertainty, every sector feels the impact, and commercial real estate is no exception. Yet, with a robust public relations (PR) strategy, commercial real estate firms can navigate these turbulent times. PR is an essential part of preserving trust, demonstrating the continued value of your offerings, and enhancing your reputation in the industry.

This comprehensive guide will delve into the indispensable role of commercial real estate public relations during challenging economic conditions and explore essential strategies for success.

Emphasizing Value Amid Economic Uncertainty

During an economic downturn, investors often become more cautious and selective, scrutinizing their investments carefully. It’s in these critical moments that your commercial real estate public relations strategy needs to take center stage, offering clear and consistent communication that amplifies the inherent and enduring value of your enterprise and assets.

In the complex world of commercial real estate, the concept of value extends beyond the simple metrics of ROI and NOI. Value encompasses the experiential component of the stakeholder’s involvement, how well you align in terms of corporate culture, how you support the industry and community, and the knowledge and insights you provide. Each press release, social media post, or investor communication should reinforce these dimensions of value, offering powerful reassurances about the resilience and potential of your venture.

The channels of communication you employ should resound with the story of your enterprise’s enduring value. Whether it’s newsletters, press releases, investor briefings, or social media posts — every touchpoint should echo this core message. And in an age where storytelling reigns supreme, the narratives you weave can make your value proposition not only digestible but also highly engaging and convincing. It’s about painting a vivid picture of each offering’s potential, its place in the community, anticipated growth trajectory, and unique selling points that set it apart in the market.

Leveraging Media Relations and Thought Leadership

Economic uncertainty triggers a thirst for insights and understanding. Stakeholders, potential investors, and media outlets are constantly seeking expert analysis and interpretations about the commercial real estate market’s state and its future. This scenario presents an opportunity for commercial real estate firms to step up and meet this demand.

By harnessing media relations and establishing your firm as a thought leader in the industry, you can feed this demand for information while simultaneously boosting your brand visibility. Initiate proactive engagements with journalists and offer expert commentary on market trends, property valuations, and the wider economic impact on commercial real estate.

Regularly publishing contributor articles and blog posts that provide insights, predictions, and advice about the market can also reinforce your firm’s status as an industry authority. It’s about creating a dialogue around the challenges and opportunities the current market presents and offering guidance based on your firm’s experience and expertise.

Moreover, don’t hesitate to showcase examples from past economic downturns where your firm successfully navigated the challenges. These real-life narratives can serve as powerful testimonials of your firm’s resilience, strategic prowess, and industry expertise, helping to bolster confidence among your stakeholders.

Building and Nurturing Relationships

Economic uncertainty can often spark apprehension among stakeholders. Their concerns about the market’s stability and their investments’ performance are entirely valid, and addressing these concerns should be a key component of your commercial real estate public relations strategy.

Proactive and transparent communication becomes crucial during these uncertain times. Regular updates on market conditions, changes in enterprise and property value, and strategic adjustments your firm is making can go a long way in keeping stakeholders informed and engaged. These updates can be shared through various channels – newsletters, social media updates, webinars, or even one-on-one calls. The objective is to maintain an open dialogue with your stakeholders and address their concerns in real time.

The importance of nurturing relationships within local communities should not be understated either. Demonstrating that your firm is genuinely invested in the well-being of the community can foster a positive image and public support. This could involve participating in local initiatives, sharing updates on how your projects are contributing to the local economy, or even volunteering in community improvement projects. A firm that is seen as a community partner, rather than just a commercial entity, is likely to earn a better reputation and stronger public support.

Demonstrating Commitment

While economic uncertainty does present significant challenges, it is far from an insurmountable obstacle for commercial real estate firms. A solid, well-executed public relations strategy can help your firm navigate these challenging times, preserving its reputation and ensuring continued relevance in the market. By emphasizing the enduring value of your company, brand, and/or properties, leveraging media relations to establish thought leadership, and nurturing strong relationships with stakeholders and the local community, your firm can demonstrate resilience, adaptability, and a commitment to its stakeholders.

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How to write a commercial real estate pr pitch

Successful pitching in commercial real estate public relations is a function of two fundamental things: creating value and telling a story. We all appreciate useful information and get drawn into a compelling storyline. Journalists scan for these two components when they receive your pitch. This only takes a few seconds, and if you haven’t communicated these effectively upfront, it’s game over.

In launching or growing your business, given the substantial cost of paid media (conventional advertising), getting earned media (public relations) is crucial to your ability to scale while keeping your marketing budget manageable.

Let’s go over what’s most valuable to journalists and their audiences and how to communicate your insights and story in a way that drives results.

What journalists and the audience want to know

If you’ve communicated with a CRE journalist, you know they have clear expectations and standards regarding the types of stories they will consider. They’ll mince no words in expressing exactly how they feel about what you’re pitching — or you just won’t hear back.

So, what are journalists looking for?

Stories that create value for their audience, i.e., provide insights, inspiration, and takeaways (actionable advice).

Here are some of the high-value topics of interest in commercial real estate media:

  • Statistics (primary research)
  • Market outlooks/projections
  • New technologies and business models
  • Mergers and acquisitions
  • Hiring announcements
  • Transactional news
  • Product releases
  • Market trends
  • Capital raises

When considering a potential story, ask: “What could a reader do with this information?”

If it can help them identify opportunities in the marketplace, avoid risk, get inspired, or anything else fruitful, you likely have something worth sharing with the media and audience. If you’re unsure if the story idea is viable but have a relationship with a journalist, you can leverage that connection to gather feedback on your idea. The journalist may even appreciate you asking for their thoughts and giving them first access to the story.

Before you send a pitch, know the journalist’s interests and what beat they cover; only pitch stories relevant to their publication and followers. With most publications’ websites, you’ll find a search bar where you can punch in a journalist’s name and browse all the articles they’ve written — Google search also works.

Gathering the facts and how to present them

Once you have a viable angle in mind, you need to present it in a manner that immediately captures the attention of journalists.

Get to the heart of the matter right away by addressing the FACTS. Opinions and feelings have a place in an authentic story, but what’s most critical are the factual details — the subjective is the icing on the cake of truth and reason.

Hook the journalist with a headline and first paragraph that address the 5Ws:

  • Who:
    • is involved (stakeholder organizations and individuals)?
    • is it relevant to or would be interested?
    • does it impact or benefit?
  • What:
    • is being announced?
    • is the past or planned outcome?
    • are the details?
  • When:
    • did or will it start/finish?
    • was the idea conceived?
    • will the impact be felt?
  • Where:
    • is it happening?
    • did it start or originate?
    • will it have an influence?
  • Why:
    • is it important to the audience?
    • will it support the industry/consumers/society?
    • did the company or individual launch this initiative?
    • are the stakeholders excited about it?

Start with a blank document and set up bullets like these. Plan a discovery call with your team and any involved stakeholders and talk through these points until you feel confident you’ve gathered all the facts and context for the story. And to make it easy to prepare executive quotes to include in the release, record the meeting and pull from the conversation.

The result will be a substantive press release covering everything a journalist would want to know to make a quick decision to respond to your pitch and request an interview. This is how CREC starts the discovery process for every release — it works!

When sending out a pitch, you can either present it as a formal press release or write it up like a genuine email directly to the journalist. If your announcement is relevant nationally, you’ll want to prepare a press release and publish it to a leading newswire service (Cision). In addition to putting it on the wire, paste the copy of your press release into the footer of a friendly personal email and send it to the journalists you know who, based on your research, write about the subject.

For releases primarily of interest regionally, a personalized, informal email is ideal. Include all the facts and the story in the body of the email, preceded by a gentle, rapport-building introduction. Follow the details with a low-pressure call-to-action to request more information and schedule a conversation. It’s okay to make the tone softer and less journalistic than a traditional press release but stay objective.

Should you follow up by phone?

If you know you’re sending the pitch to a journalist that would care about the story, it’s acceptable to follow up with a phone call to check if they’ve received your email and can provide any feedback. If you already have a relationship with the journalist, you should certainly give them a ring — it helps build rapport and might save your email from the junk folder.

Telling a story and what not to do

Whatever you pitch and however you put it out there, it needs to be framed in a narrative. While the facts are the priority, the story puts the announcement in context and helps the reader relate. The storyline allows the audience to understand how things got to where they are and how the information fits into the broader framework of industry, society, and life.

Telling a story can sound challenging; however, it’s relatively straightforward in commercial real estate PR. Using the facts and story points you pulled together in the 5Ws exercise, you can assemble a narrative that commences with all the key facts.

Then, in the body of the release, elaborate on how the announcement developed, who was involved, what role they played, what outcome occurred (or will), and why it’s relevant to internal and external stakeholders (including industry and community). Reach out to CREC for examples of what this looks like.

Finally, let’s talk about what not to do in your pitch — these will save you:

  • Don’t be self-serving or promotional.
  • Report the facts and don’t use a persuasive style.
  • Take a journalistic tone.
  • Keep it in 3rd person — No ‘I/You/We.’
  • Avoid adjectives and adverbs, i.e., don’t dress it up.
  • Convey opinions and feelings in quotes from the executives (no more than 2-3).

Stories that give

Thinking like a journalist and anticipating readers’ interests will get your story out there. In commercial real estate, like most industries, what’s most interesting are stories that ‘Give.’ When you provide the audience with something that inspires, informs, or equips them to do something that leads to growth, journalists will quickly respond to your pitches and be happy to write articles that feature your company and executives.

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Going the Extra Mile

[00:00:00] What does it mean to go the ‘Extra Mile?’

This is something that I’ve always followed in my business.

Something I learned from Napoleon Hill.

Going the extra mile means putting in more effort than what you get paid for.

What it really comes down to is generating more value than your client expects.

What does this do for you?

[00:00:15] It helps build your brand.

It generates goodwill with your prospects… with your clients.

When you are willing to give more than you get, you’re also building trust, and trust is a crucial element in building that long-term relationship that’s going to allow you to push forward with your clients and maintain [00:00:30] that relationship and grow it and get those referrals that you need to build your business cost-effectively.

Another great thing about going the extra mile is it generates increasing returns, whereas a lot of marketing activities generate linear returns, in other words, you only get out what you put in.

Now, inbound content and thought leadership are some of those strategies that generate increasing returns, but as an underlying business strategy, almost an ethical driver of what you do with your business and your clients is going the extra mile and delivering greater value than is expected.

It comes down to the old saying: “Under Promise, Over Deliver.”

[00:01:01] So how can you go the extra mile?

You can deliver the project sooner than expected. You can go a little bit beyond the scope. You can do a better job than they would ever expect that you could do.

Surprise your clients and delight them.

This is true, regardless of industry: it doesn’t matter whether you’re in real estate, finance, art… any industry.

Going the Extra Mile counts.

How has going beyond expectation help you get to where you are?

 

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