The commercial property is unique when it comes to marketing and selling. You are selling an investment property with attributes that involve cash flow. For this reason the marketing of a commercial property for sale should involve certain information and elements of:
- Rent opportunity, stability, and growth
- Tenant profile and lease tenure
- Tenant mix analysis
- Quality of property and the improvements therein
- Location and access to the property
- Demographics and growth of the local area and community
- Services and amenities of the local area and within the property
- History of the property and integration to the surrounding business community
These factors help the potential buyer understand the opportunity that sits in the property. The property investor is buying opportunity and that has to be marketed quite clear.
So to sell more commercial real estate, the real estate agent must be completely in control and aware of market trends and competition properties in the area. That will include rental trends, sale prices, time on market, and methods of sale.
Not all commercial properties are the same and for that reason the marketing of the commercial property has to be set to a clear target market and time line. This makes it easier to attract the inquiry. It takes about 6 to 8 weeks to fully promote a commercial property to the market. If the property has not generated the right inquiry by then, it will go stale and inquiry will slow.
In the first 3 weeks of a marketing campaign, the property must be comprehensively promoted across all media channels that are required to capture the target market. Only the real estate agent can make that decision and recommend the best marketing strategy to the client. Only the real estate agent really has the extensive database to understand what is really going on in the local property market.
To sell a commercial property well in this market, the ultimate target that the property owner requires will be a timely sale and a good price. For this reason the prospective buyers should be well qualified and screened by the agent or broker. The potential buyers have to be of sufficient strength and substance to borrow or source the money needed to complete the deal.
Whilst many investors exist in the commercial property market, do not overlook the businesses that want to owner occupy the awards from which to run their business. It pays to keep in contact with all major businesses in the local precinct for this very reason. They can be a source of some major property sales and leases.
Notably business owners are a different type of property owner than the typical property investor and they usually hold property for longer based on the regional business decisions that they need to make. To sell more commercial property you simply have to work the property investors and the business owners in your local area. The lists and responsibilities will follow.