In commercial real estate today, there are alternatives to be had when it comes to marketing and selling a property. As the local specialist commercial real estate agents, we can provide the right solutions to tap into the current levels of enquiry and momentum from the market.
Part of our sales pitch and presentation process should be to show the clients exactly what is going on locally and how they can be part of it. Throughout the year the property market is under change in prices, and enquiries, and marketing alternatives. If anything that makes the property market extremely interesting for us as agents to work in and create opportunity from.
This then says that we should help the clients choose the best method of sale given their property type and location. Here are some tips to help you choose the right method of sale:
- Understand where the current property enquiry is coming from and at what frequency. What are the buyers looking for when it comes to improvements and location? There will be particular price ranges and quality factors that influence the amount of enquiry that you get. It should be said that a quality property will normally attract good enquiry in any market.
- Review the property currently to ensure that you totally understand the weaknesses and strengths that the property presents. Some of those weaknesses may need to be addressed as part of the sale process. You don’t need hurdles and challenges when it comes to a property inspection process. Get the landlord or property owner to spend some money on the property prior to the commencement of marketing.
- If the property is being sold as an investment, take time to review all of the leases and the tenancy mix. It may be that some of those leases need to be renegotiated for extended. Investment properties are usually sold when they offer future income opportunity and capital growth. The leases in the property today a part of that equation. It is our job to make the income and the lease profiles stack up when it comes to timing of sale.
- Take a look around the local area today to see what other competing properties remain unsold. Also take a look at their method of marketing and form an opinion as to the inquiry they may be getting, and the success of the campaign for each listing. Adjust your method of sale and marketing initiatives to improve on any other competing properties in the local area.
- The chosen method of sale should also have some relevance to the methods of marketing that you are to adopt, and the required timing of sale, or settlement of the property. These three factors come together when it relates to choosing a method of sale. As a final note, it should be said that the client for the property should be providing vendor paid marketing funds. Today and that is the rule and not the exception. Get those funds paid upfront prior to the commencement the marketing campaign.
From these points it can easily be saying that your choice of method of sale will have a lot to do with the level of enquiry that you achieve. Make your choices based on the market today and what the market is looking for. Help your client understand those choices as part of listing the property.
You can get more tips like this in our Newsletter for Commercial Real Estate Agents.