In this commercial real estate sales market you need to find well-qualified buyers, and to do that effectively and quickly. Conversations and prospecting activity will help you find those customers that want to buy or lease property.
As part of this process, it is worthwhile to sit down with the seller of the property to brainstorm all the regional property activity and history that they have seen recently. You do this by asking specific questions at the time of listing.
Well-directed questions give you a well-directed property campaign.
In many cases, you can set your sights on finding property buyers. Do that by just taking some of the further steps below.
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Local Property Market Intelligence
Provide local property market intelligence to the seller as part of the property listing and appointment process.
Those ideas are the main reasons that they will hire you as the real estate broker or agent.
Do not overlook the market intelligence that the seller could have gained from owning the property for a number of years.
It is quite likely that these questions below will help you extract more ideas from the property owner and perhaps even highlight the ideal type of buyer that you should be targeting.
The seller of the property knows the property, and the property precinct.
This feedback then makes your brokerage job easier.
Questions to Ask About Purchasers
Key questions to explore to help find the right property buyer:-
Who has a similar property and possible expansion objectives in the area? – This should be all the local businesses in the precinct for the surrounding 1km.
What companies in the region have recently undertaken acquisitions? – Even in a changing property market, some businesses are still going very well.
Look out for these growth segments or needs that require more property to occupy.
- What companies in the area are highly active and quite profitable? Who or what are they and do they need more space in your precinct?
- What are competitors of the subject property and its business? Do these competitors need more property to operate from in your area?
- Who are the established contacts that have enquired regards other properties recently from other sale campaigns? Are they still looking for property? Could they look at the new listings coming on the market?
- Who sells to the same customers that the subject property sells to? Could this be a channel of interested buyers?
- Are any of the existing customers of the property vendor/owner that could be considered potential purchasers of the property today?
- Are there any industry related executives seeking to move into their own property and run a similar business themselves?
Property Targets and Priorities
From the above list, you will achieve an ideal buyer profile for the property being sold. Target the best property buyers. Where are they? They are those that are suitably placed to purchase.
Document the buyer profiles to the seller of the property. Achieve mutual agreement with the client or seller. Target the ideal purchaser profiles in your marketing campaign.
You should be attempting to profile the purchaser with the following facts in mind:-
- both public or private company
- private individual or investor type
- selected industry
- benchmarket equity
- ideal timing
- preferred location
- required cash flow
From this list, build your property promotion. Understanding real estate buyers are part of and driven from getting more enquiry in brokerage today.
Local Area Marketing for Purchasers
The sale of commercial property and the location of a buyer is not just a function of advertising and waiting for enquiry. Gone are the days of advertising the property and waiting for the telephone to ring.
In this property market, make the telephone ring. As part of that, connecting with local people is a good thing. How can you do that? Conversations every day will help you improve your business opportunities.
The most successful agents and brokers in this market are exploring many channels of property interest for buyers. In markets like this, it is the targeted market that you identify and how you tap into it that really matters.