Last week out of home industry exec Jonathan Graviss talked about two out of home sales wins. Today he talks about managing out of home real estate and what makes a good digital billboard location.
What have you learned about managing out of home real estate?
In my journey managing the real estate process, I’ve learned invaluable lessons that resonate not only with the essence of sales but also with the nuances specific to real estate. Similar to sales, real estate demands key characteristics such as Communication, Burning Curiosity, and Resilience. Yet, beyond these, I’ve identified three crucial principles.
First, an unwavering commitment to being extremely detail-oriented is imperative. Success in real estate often hinges on the ability to identify and manage intricate details, such as zoning regulations, property boundaries, and contractual agreements. In our industry, where physical space and location are critical, a meticulous attention to detail ensures that the chosen sites comply with local regulations and meet the specific needs of advertisers.
Second, staying attuned to the ever-changing dynamics of the market is paramount. Understanding the growth patterns in an area and anticipating how it might impact property sales or development underpins strategic success. In addition, maintaining political relationships is vital. Ensuring awareness of potential ordinance changes and nurturing pertinent relationships can make or break an OOH market.
Third, meticulous lease cost management is non-negotiable. Practicing effective inventory management, identifying underperforming locations, and empowering the sales team to focus on these areas can be instrumental in optimizing results. Through this journey, I’ve learned that successful real estate management involves a combination of strategic foresight, attention to detail, and a keen eye on market dynamics.
What makes a good digital billboard location?
A good digital billboard location is characterized by high visibility, optimal traffic flow (high impressions), and a strategic placement that captures the attention of the target audience. The key factors include prime positioning along busy roads or highways, ensuring maximum exposure to passing motorists, pedestrians, or commuters. Additionally, factors like minimal obstructions and good sightlines contribute to the effectiveness of a digital billboard location. Ultimately, the goal is to position the billboard where it can effectively reach and engage the intended audience, maximizing the impact of advertising campaigns.
Jonathan Graviss is exploring opportunities in sales leadership and general management both inside and outside of the OOH industry. He is also looking into buying out of home assets. You can email Jonathan at jgraviss12@gmail.com.
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