RealMassive already has 5 billion square feet of commercial real estate space on its listing platform. This amount of space makes it one of the most comprehensive repositories of commercial property information in the world. With an estimated 1 billion square feet being added to the site every week for the next four to six months, they are quickly looking like a legitimate rival to CoStar and LoopNet.
Luckily for us, the same openness that RealMassive applies to their listings they also have for the insights that the information about these listings create. By examining which buildings on their sight have higher lease prices and lower vacancy rates they have noticed a few important details that their most successful brokers continuously employ.
CEO Patrick Lashinsky recently divulged a few highly actionable tips to brokers at our CRE.tech LIVE seminar, produced in partnership with JLL, last week and we are happy to share them with our readers.
High Quality Media
Having photos of a property is a no brainer. But according to Patrick, the quality and amount of photos is incredibly important. The average listing has 8 photos of the property displayed. Top brokers, those who converting their listings into commissions twenty to thirty percent faster than their peers, have fifteen photos on average. I expect that as these numbers get out RealMassive might see a raise in the number of photos being posted on their platform.
“Floorplans are the second most desired feature behind pictures,” Patrick explained. Even still, only twenty five percent of listings include them. Showing where the rooms are situated is a good first step in informing the potential tenants, but use of floorplans doesn’t end there. “One of our brokers created five different examples of possible floorplans,” said Patrick. The outcome of this effort was a predictable lower than average time on the market.
Appeal to the widest audience possible
This one came with a great anecdote. A building had two separate floors listed on RealMassive. One of them had only basic information about the area and mostly focused on the space itself. Obviously, the listing broker was targeting locals who already knew the area and what it had to offer. The other listing took the time to explain why the area would be a good candidate for someone from out-of-town looking to relocate. It incorporated information about access to local amenities like public transit, freeways, shopping districts and other important companies in the area. The results of the efforts were clear. As Patrick put it, “The broker with the wider approach had the property move in less than 90 days. The other property is still on the market and it is almost 200 days later.”
He shared this video as a good example of a creative way to show off the area around a listing.
Be part of the community
One of the non-technical pieces of advice that RealMassive’s data showed was that the most active brokers generally had more than one affiliate organization. Being a part of another team, even if it means just sponsoring a little league team, was a noticeable common factor for many of the most successful deal makers.
We are grateful that Patrick came to our event to give us these interesting finds. We are in the process of editing the full video of this presentation and should have that out shortly. In the meantime, we hope that these pieces of advice will help all of you brokers out there be more effective with your listings, wherever you decide to post them.