When you take a commercial or retail property to the market for sale or for lease, seek to understand the competing properties that you are up against in your marketing efforts. Undertake this essential research before you commence your specific marketing for any listing. If you fail to do this, you could be wasting your time in marketing and promotion of any listing.
Good property and precinct research will help you with designing your marketing to match the local area enquiry and the target market. To help you here, I have given you a list of facts that should be captured into your ongoing market research.
- Get to know the supply and demand for commercial and retail property as it applies locally. Have these facts changed over the last couple of years and if so how and why? If you are located in an area of property change or growth, you will need to be ‘on the ball’ when it comes to shifting trends, new developments and rates of enquiry.
- New property developments will occur in your area from time to time, based on the business sentiment and the growth of the local business community. Check out the local planning approvals office regularly (at least monthly) to see what new developments may be coming up. A new property development can shift market rentals and prices significantly. Property incentives will be attracting property investors and businesses to the new developments; that can have real impact on the local property market.
- When you look at competing properties in the local area, it will be evident that some of them are not being correctly marketed. Some agents simply do not have their ‘act together’ when it comes to attracting the right buyers and tenants for a property. See what works and what doesn’t work when it comes to property marketing today. At different times of year the successful methods of sale and lease will change, as will the levels of enquiry that you are getting.
- The process of marketing a property for sale or lease will be greatly enhanced if you do something that is unique and relevant to the buyers and tenants that are out there today. It could be that you should use a timed method of marketing and that you take the property to the market personally.
- Every good listing you have on your books is a prime reason to take a property personally into the local business community. The local business community will share market intelligence with you as you proceed through this simple process.
Check out the listings of other agents in your local area. From time to time those listings will expire and become available for listing with another agent. An overpriced listing with one agent today will become another agent’s opportunity at a lower price later on.
John Highman is a leading commercial real estate coach who has helped thousands of commercial salespeople and agents promote and grow their real estate business. You will find many more helpful commercial real estate tips and strategies at http://www.commercial-realestate-training.com/