When it comes to marketing and selling a commercial or retail property today, you really do need to have a solid strategy to take the property forward and create the best enquiry. With less property enquiry and buyers around, you must have a focus of doing more with fewer enquiries that are coming in off the marketing efforts that you adopt.
It should be said that the best way to market a commercial or retail property today is through an exclusive listing process. In this way the agent can focus on creating the best enquiry for the property. Any client that wants to ‘open list’ their property is really wasting their time and yours (if you take the listing). Top agents do not take ‘open listings’ for this very reason.
Here are some rules that should be applied to the sales process for commercial and retail property today.
- Choose a method of sale that activates the market. A timed method of sale such as Auction or Tender may be the best way to go. In this way your enquiry will be optimised. This process also helps you build your database of leads.
- Vendor paid marketing will be part of the listing process today with almost all exclusive listings. The vendor should commit reasonable funds to the marketing effort. Top agents know how to sell ‘vendor paid campaigns’, so you should know how to do this too.
- When a property is marketed comprehensively into the local area you can capture other opportunity locally. One good property listing is a great excuse to talk to many other people and business leaders. Use your listings to open the door on other opportunity.
- Every listing will have a target market. The success of the marketing effort will be largely based on how you attract that target market to you. Given that the property market is so challenging at the moment in many locations, make your marketing effort stand out as unique and high profile. This will also help grow your list of qualified buyers.
- Local property investors are always on the look-out for good property to invest in. Purchase decisions depend on price. Ensure that you price your properties keenly with relevance to the prevailing market conditions.
- Local business owners are always interested in current properties for sale or rent. Every listing that you take to the market should be personally marketed to each local property investor. Send a brochure into the business community and follow it up with a personal telephone call.
- Time on market will change throughout the year. Make the time of property promotion part of your overall advertising effort and strategy.
A commercial property can sell at any time; the results that you get in any sale or advertising for sale come down to matters of pricing and promotion. If something is not selling, then take a serious look at how you are promoting the property and at what price.