Many a commercial property owner will withhold some facts about their property and why they are taking it to the market to sell. That then makes the listing and pricing process a bit of a challenge. Some of those hidden facts about the property may very well impact the pricing and marketing process. Probing questions are required to help you to get to the real facts about the property listing and client situation.
From an agency perspective it is essential that you know what to look for, what to ask, and how to question facts that appear incomplete about the property or the clients situation.
A genuine client wants to sell the property first and foremost, and they should be open and honest with you about the property facts and circumstances. They need to cooperate and give you real information about their situation with that property today.
Here are some proven observations to help you make the right choices in listing and marketing and commercial property today:
- Price accuracy – Some owners will push you for an indicative price claiming that you should know about the local property market and the rates of enquiry. Perhaps you should know those things, but it is very difficult to give an indicative price without taking the time to go through recent sales activity and listing records for the area. That takes time to review and prepare, and so ask for the time that you need before you give a price or marketing opinion. Most top agents would ask for 24 hours to review the property facts and the market trends. It is a wise strategy.
- Method of Marketing – There are many ways to promote a property for sale in the local or regional area. A quality listing should be comprehensively promoted to a target segment of buyers and your database. That takes strategy, time and specific processes. To correctly market your listing you should ask for vendor paid funds for the process, an exclusive listing, and create a specific promotional campaign that gets the listing message around the buyers that could have an interest. As part of that campaign you can track and measure inbound enquiries efficiently.
- Method of Sale – Some methods of sale are far better than others for particular property types and at certain times of the year. Choose the best method of sale that makes sense for your listing; make sure that the method chosen seems to have the right control factors to facilitate timely inspections and negotiations. A timed method of sale is the best way to do that. Top agents prefer a timed sales process and that is usually selling by auction or tender. Both strategies work quite well when it comes to commercial property.
The message here is that most clients should be questioned comprehensively in the listing pitch and listing conversion process. Asking the right questions, giving facts about the market, and showing your confidence in doing so will help you list more property in an accurate and efficient way. When you ‘tick all the boxes’, it is quite likely that a sales result with your commercial property listing will come to you sooner.