The marketing of commercial property can be challenging as you really do need to meet and attract a small target market segment that finds the property of relevance and attractive. The experience and marketing strategy of the real estate agent today is really very important in taking the high end commercial property to the market.
Today there is plenty of commercial property on the market for sale in most towns and cities. So it is a buyer’s market, and only a certain number of buyers can purchase a property given the difficulties in getting finance. That being said, properties will still sell if they are correctly priced and packaged in the marketing; you have to reach the right target audience.
Some property owners will find it very difficult to sell, given that their property could be quite ordinary and not be well packaged for sale. Every property has to be ready for sale; that means prepared in a number of ways:
- Presentation inside and around the property will influence the buyers choice. Any obvious problems of presentation should be rectified.
- When the agent takes photographs of the property, they need to be careful as to the angle and the features of the property that they capture. A lot of damage to the campaign can be done through poorly framed photographs in an advertisement.
- If the property is being sold as an investment, it is wise to rectify any matters relating to the tenancy mix and the lease profile. If any leases have unfinished matters outstanding with any of the tenancies, they should be completed and closed.
- If any rent reviews are still to be negotiated or are coming up soon, it is best to complete them and implement the rental change as soon as possible. The rental will have impact on the potential sale price through the process of capitalisation and return on investment.
- If any leases are coming to the end of lease term, the pending vacancy could be a negative factor in the sale marketing campaign. Decisions need to be made regards the vacancy and how it should be handled prior to the commencement of the campaign.
- Identify the features in the property that will attract the enquiry. That enquiry should be from the identified target market of potential buyers.
- Check out the competition property that will be on offer at the same time that you market your property. What are the differences between the properties and how can you take advantage of the situation?
- The first two or three weeks of the campaign are really important. During this time you will attract the enquiry providing the campaign is correctly structured. Make sure that your marketing is focused directly into this key part of the promotional activity.
- There are lots of marketing tools to use when taking a property to and through a sale campaign. The right choices need to be made based on the right method of sale. If you make the wrong choice of method of sale, you could frustrate the levels of enquiry. A case in point is when you use an Auction method of sale and you know that most buyers cannot operate in that type of sale process.
Even in the toughest of times and in the slowest of property markets, commercial property will sell. It takes a great real estate agent with creative marketing and sale tools to attract the right levels of enquiry.