When you need to research something – whether a phone company, new car, specialty grocer or real estate – chances are you searched for it through an online platform such as Google or something similar.
According to a joint study performed by LoopNet and Google, 78 percent of American adults look for information online about a service or product they are interested in buying. That shouldn’t come as a surprise. What’s more, 61 percent of adult internet users bank online, 96 percent of baby boomers conduct their job searches online, and 90 percent of home buyers are searching online during the buying process.
Would it really surprise you that these trends play into the commercial real estate market, too?
Commercial Real Estate and the Internet
In the commercial real estate industry, marketing is a big factor in a broker’s success. New tools are developed each day that work to connect tenants and landlords all over the nation. Better and more efficient applications are being created constantly to make the process of searching easier for the consumer.
The study also revealed that 78 percent of tenants and investors search for their commercial real estate online. In fact, it also concluded that 80 percent of tenants and investors are using the internet more now than they did three years ago for their commercial real estate needs.
It’s no surprise that advances in technology, online platforms, and the introduction of CRETech, that searches for commercial real estate and related fields have grown 60 percent since 2008. These searches are performed on a plethora of devices, such as a phone or iPad, and whether the consumer is using a broker or not, 55 percent of survey respondents reported that they did their own online research.
While there’s an increase in the use of online searches, there’s also a decrease in the use of traditional methods of commercial real estate searches. For example, driving around the neighborhood to scope out a property or calling the broker for a list of available properties.
So what does this mean?
If you’re a broker and you’re not utilizing an online platform for your active listings, you’re missing out on a large portion of tenants searching for commercial real estate. The searches should also be mobile-optimized since searches are being performed on many devices, not just the traditional computer.
More so now than ever, brokers must advertise their services online to take advantage of prospective tenants searching for commercial real estate online.
The internet has played such a large role in our lives, and that’s not going to change any time soon. If anything, internet usage will grow and continue to play a critical role in commercial real estate searches by consumers and other brokers.
As a commercial real estate professional, you already know the importance of the internet to growing your business. But, when you look at statistics like this, it’s a big reminder that it’s time to take action to move more of your focus on these trends. Do you have a strategy in place?
Our team at Property Capsule specializes in helping commercial agents and brokers take their property portfolio presentations to the next level. From iPad and mobile enabled property listing presentations to your online web presence, learn more about our services here.
It’s time to ramp up your online presence to maximize lead generation, conversion and sales. Connect today!