In this commercial real estate market, every property that you list to sell or lease should be a ‘perfect listing’. All parts of the listing should be optimised for the marketing and negotiation process.
You can only create this ‘perfect listing’ with exclusive appointments; there is no advantage in wasting time with ‘open listings’ given that you have no control over the stock or the client. I am not saying that you totally ignore ‘open listings’, but I am saying that you should focus 90% of your efforts on listing stock that you can do something with.
In this property market and in most locations, vendors and property owners are under some pressure when they have to sell or lease. When it comes to selling or leasing their property, the competition is fierce and frequent. On this basis the property owners need the best ‘package’ of listing and effort that will attract the right momentum of enquiry. Enquiry will come from top a property that is well listed; that is our job. You can build a good database of leads and opportunities from good properties that are well structured for promoting and marketing.
So what does a ‘perfect listing’ look like in commercial real estate and how do you get to it? You may have some opinion on this but here are some of my ideas:
- To work with a listing, you must inspect it fully to see what issues and problems could impact the marketing and inspection process. Some clients like to hide a few things when they take their property to the market. Check out the property and ask a lot of questions.
- Review the area and any competing properties that may be located nearby. Find out what price they are being marketed at and determine why they have not sold or leased yet.
- What methods of marketing have been used for those other properties and has the marketing effort been positive or negative with those listings? Can you do better?
- Go through the sales and leasing history of other properties in the local area over the last 12 months. The trends will give you a good idea of price and marketing that should be adopted with the property today.
- With the subject property, what improvements are highly relevant to the marketing effort and how will you use them in the advertising material? The improvements will establish the target audience that you are writing the marketing material for. Get specific so the property is truly featured in your property promotion.
From these points you can see that it is really important to do your homework as part of the listing process. When you do this, the listing can be more effective and active when it comes to attracting potential buyers or tenants as the case may be.