In today’s commercial property market, the sale process is quite specific and very special. All factors of the property and the market must be looked at by the agent before the marketing campaign is established and actioned. If you really want to sell the property, pay particular attention to the preparation process for every quality listing. Exclusivity is required.
So what can you do? When you fully understand the prevailing market conditions and the factors of the property as it exists today, you can productively move ahead in marketing and promotion. You may even have some property challenges to work through before you establish the campaign of promotion.
Here are some things to look at:
Review all leases relating to the subject property. As part of that make sure that any weaknesses are addressed. There is no point in having ‘hurdles to address’ in the upcoming advertising or property inspection period. Review the services, amenities, improvements, and locational factors. Look for the strengths and weaknesses in each. Assess the competition properties in both price and location. The other properties locally will have a history of marketing and enquiry; that will give you hints and ideas of the issues that are working when it comes to property promotion. Understand the prices recently through the area. Are prices lifting or are they stable? Perhaps they have fallen over the last few years (that’s not unusual). There are cycles to the pricing process and they are quite easy to see. Look at the time on market that applies to the property type today locally. Given the chosen method of sale, the time on market will be quite important. Choose the method of sale that brings the best results in a timely and efficient way. The property owner will have price and market perceptions that may need to be shaped. Get details of comparable sales as part of that process. Look at what competing agents are doing locally with other properties. You may have some other listing challenges in the area that impact your marketing campaign. Go through your database to see if you can create a ‘short list’ of qualified buyers that are still in the market looking for property. They can be quoted the property as soon as it is released to the market. Establish a marketing campaign that is targeted to the right segment of buyers. Make sure that the promotional process is quite specific and complete. You will need vendor paid marketing funds for that. Review the property for any repairs and maintenance issues that should be addressed prior to the promotional process commencing.
So there are plenty of things to do as part of preparing a commercial or retail property for sale today. A good property preparation will help the inbound enquiry rate considerably and shorten the time on market. Most marketing campaigns should be very focused for the first 4 weeks of release.