Luciano D’Iorio, SIOR, regional president of CDNGlobal in Montreal, used to be a regular guest on a breakfast television show, where he would talk about projects underway in the city and topical issues in commercial real estate. His hard work preparing for these appearances paid off: A prospect invited him to a pitch, explaining that she saw him on the show and found him to be knowledgeable and passionate.
Paul Kluck, SIOR, first vice president at CBRE in the Denver area, had a similar experience in which visibility in the media led to an opportunity. Here, the catalyst was an article he wrote that was published in a local business journal. A reader who owned property in Colorado contacted Kluck and asked him for his help in listing a building in Denver. Kluck agreed and successfully sold the building.
Neither of these leads resulted from flashy advertising. Instead, they stemmed from “earned,” rather than “paid” coverage. Earned media is a hallmark of public relations (PR), which the Public Relations Society of America defines as “a strategic communication process that builds mutually beneficial relationships between organizations and their publics.”
Unlike advertising, which is typically more expensive, PR efforts do not guarantee favorable coverage. Practitioners can only influence—rather than control—the resulting content. But the return on investment can be high. D’Iorio and Kluck, along with other brokers and members of the media, offer suggestions on leveraging the potential of PR:
ASSESS AUDIENCE AND MEDIA NEEDS
Whether brokers are engaging in PR efforts themselves, or with the help of internal or external PR and marketing teams, they need to objectively consider what their target audiences want. Few people wish to read, listen to, or view content that is solely promotional (if they did, no one would DVR programs to fast-forward through commercials). Instead, they seek information and insights that correspond to their work or personal interests.
Media outlets that supply such content enjoy high readership, listenership, and viewership. Their editorial departments, therefore, appreciate brokers who help them do just that. Brokers, in turn, benefit from third-party credibility and the demonstration of their subject matter expertise that earned coverage confers.
APPROACHES TO EARNING COVERAGE: NEWS AND FEATURES
Some transactions and listings are so significant that they generate coverage easily. Mike White, SIOR, broker-in-charge at Charleston Industrial LLC, in Charleston, S.C., frequently secures coverage of his transactions in a local paper, which typically prompts inquiries and requests for information.
Other brokers may face greater challenges, depending on the size of their transactions and their geographic locations. Max Gross, editor of the Commercial Observer, a prominent commercial real estate newspaper, says that the publication generally restricts coverage of closed sales or financings to those that exceed $20 million. Its New York coverage includes the top ten largest leases every week, while its DC, LA, and Florida coverage focuses on leases that are either over 50,000 square feet or attached to an interesting tenant.
When it comes to news, you’ll increase the chances of coverage if you offer a scoop. “We want to break something,” says Gross. “We want to be first.” Kluck recognizes that many media share this sentiment. Accordingly, he selects one publication from his top three every time he has an announcement, and he emphasizes that the publication is receiving the information before its competitors.
It’s not about who you know, but who also knows you. The relationship can be built before a single call.
If your transaction or listing doesn’t generate coverage on its own, don’t despair: It might just fit into a feature story. Franco Faraudo, editor of the online magazine Propmodo, which covers innovation in commercial real estate, points out that the publication is not transaction-oriented, but that he and his colleagues are always looking to uncover trends that illustrate ways in which the industry is changing. The Commercial Observer also includes features as well as news.
Similar considerations influence choices of topics and sources for SIOR’s own publications and PR efforts. Alexis Fermanis, SIOR’s senior director of marketing and communications and SIOR Report editor-in-chief, emphasizes the challenge of showcasing every member transaction amid a sea of competing content online. She explains that only the unique case studies, significant deals, or content with educational and news value typically make the cut for magazine and blog articles. And when identifying subject matter experts for media interviews, those that contribute content for SIOR Report are frequently recommended. “It’s quite simple: you reap what you sow,” says Fermanis. “Every SIOR possesses expertise in their market, with many specializing in niche areas. By finding the right angle for your deal or crafting content that delves into pertinent topics that shed light on hot-button or complex issues, members can showcase their market authority.” She underscores that this not only aids SIOR and media outlets in curating sought-after content; it also establishes SIORs as industry leaders.
Fermanis also notes that SIOR offers a number of marketing resources to help its members take the driver’s seat and promote their listings and transactions.
Do your research before approaching a media outlet. Faraudo notes that every publication has a different angle so one particular pitch (proposed story idea) probably won’t work for all. He encourages would-be pitchers to read recent stories on the publication’s website and then pitch. Gross also warns pitchers to make sure that the Commercial Observer hasn’t already run a story on the topic. He notes: “Journalists are super vain, and nothing angers a reporter more than thinking that you don’t know their work.”
BECOME AN EXPERT SOURCE
Perhaps your deal or story idea doesn’t make the cut this time around, but if you offer thoughtful suggestions or observations on industry developments, you may find yourself at the top of reporters’ source lists the next time they need expert commentary. If you do become an expert source, be prepared for quick turnarounds. “Reporting is a time-sensitive business,” says D’Iorio. “If Biden makes a comment about real estate, reporters need to hear your point of view today, not in two days. By then, someone else has jumped on the opportunity.”
Beyond timeliness, how can you distinguish yourself from the crowd of would-be expert sources? “Be vulnerable, be honest, and speak the truth,” suggests Brandon Langiewicz, SIOR, managing broker and owner of Hoff & Leigh in Centennial, Colo. “People gravitate towards real, so be real.”
His colleague, Tim Leigh, founder of Hoff & Leigh, encourages brokers to become known “for something larger than commercial brokerage.” For Leigh, that something is community involvement: He has held elected positions in the Colorado Springs City Council and Utilities Company Board, and today continues to make regular appearances on a local radio show to discuss various topics of interest to the community.
Kluck advocates subject specialization. After Colorado legalized recreational cannabis, he became an expert on cannabis real estate, which led to many media opportunities with publications around the country.
ROI
Few people enjoy immediate success with PR initiatives. But if you’re willing to approach PR with hard work and care, your efforts may translate into business leads. Neil Sawicki, SIOR , president of Global Real Estate Advisors Inc., in Mentor, Ohio, says that publicity “makes people aware of who we are and how active we are in the community.” Leigh reports that as a trusted advisor, he gets called to help folks with their commercial real estate problems. He notes that trusted advisors don’t have to compete for listings or face arguments about commission rates.
“It’s not about who you know, but who also knows you,” observes Casey Flannery, senior associate at Foundry Commercial in Nashville, Tenn., and a member associate of SIOR. “The relationship can be built before a single call.”
This article was sponsored by the SIOR Foundation - Promoting and sponsoring initiatives that educate, enhance, and expand the commercial real estate community. The SIOR Foundation is a 501(c)(3) not-for-profit organization. All contributions are tax deductible to the extent of the law.
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