In this commercial property market, finding the right listings and marketing them to the correct audience is really critical. Real estate agents today have an abundance of overpriced and empty properties to sell or lease. This then says that the best properties will always get the majority of enquiry, and those that are not so good will spend extended time on the market unless the prices are lowered.
When it comes to listing commercial or retail property today the following factors need to be carefully considered and structured into the marketing campaign:
- The timing of the marketing campaign needs to be matched to the local area and the business community. The majority of enquiry always comes from the local area. One of the highest value tools in the marketing toolbox will be the traditional signboard. Every property you list should have a signboard placed on the property as soon as possible.
- It is better to list a property on an exclusive listing basis. In this way you are removing the threat of other competition agents interfering with the marketing campaign for taking the listing away from you. It is normal for commercial listings to be exclusively committed to an agent by the client for a period of three or four months. If the property has not sold or leased during that time, it is likely that something is wrong and that are marketing package should be revisited.
- Every listing is an excuse to talk to business leaders and tenants in the local area. On that basis prepared brochures for each and every listing that comes on to the market, and take those brochures to the businesses and tenants in close proximity. As part of that process you should ask the business leaders of their intentions regards property and any future needs or opportunities they may have in changing premises.
- Ensure that you have inspected the property comprehensively and then identify any challenges or hurdles that could be a frustration to any tenants or buyers as the case may be, that will be inspecting the premises after the commencement marketing. Remember that you only have a short window of time to attract new enquiry at the start of a marketing campaign. This period of time will usually be the first three or four weeks; after this time the property becomes relatively stale on the market. Strike when the property is fresh and of interest to the local business community.
The marketing of commercial and retail property today is quite specific. The best real estate agents know how to market property in this tough market. They simply get involved with the business community and property investors at a local and personal level. They then drive ongoing contact and relevant information into their database frequently and effectively.
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