Improve Your Commercial Real Estate Sales This Way
When selling commercial real estate, there are many things to look for and check. Lack of information can mean a failed transaction or slower negotiations. A good commercial real estate agent can add considerable value to the marketing and sale process.
It is no secret that many towns and cities are experiencing challenges with properties for sale and lease. Limited enquiries from qualified prospects mean that many properties will stay on the market longer unless the agent packages the property correctly and drives a solid marketing effort to the correct target market of prospects. This is where exclusive listings and top agents are now more critical than ever before.
investigating property facts
So, let’s presume you can list a property for sale in your local area. Facts about the property and the market should be fully investigated before you decide whether to take on the listing. Don’t take on every listing that comes your way; take on the ones that show promise and are of quality.
Here is a critical fact that should be remembered:
‘Quality properties will attract more enquiries in any market. With that enquiry, you can do more with inspections and negotiations.’
focus on quality listings to Sell
Many top agents will only focus on high-quality listings for this very reason. They know that ordinary listings can waste a lot of their precious time. You have a choice to list a property or walk away from it. Make that choice wisely.
Whilst every property is different, here are some of the key things to look into as part of the property investigation before listing:
- What is the ownership structure for the property? Understand that you are dealing with the right people, who are the legal decision-makers.
- Get some history of the property from the owner. Why did they buy the property initially? What is moving them to sell it today?
- Are there any orders, notices, restrictions, encumbrances, or hurdles that will frustrate the marketing and sales effort? If you can find any problems in the property today, deal with them and develop a strategy to move them away from your marketing and inspection processes.
- What are the absolute ‘must haves’ if the property is to sell today? Question the property owner about the triggers that will allow them to close on a sale. Get to the real facts of what they are doing today and why.
- Comprehensively review the property improvements, leases, services, amenities, and land. Ask questions about the property today, including why the property is to be coming up for sale.
- Check the property precinct for factors impacting the sale and marketing effort. Look at neighbouring properties, boundaries, zoning, market conditions, sale prices, time on the market, recent sales, and other competition properties.
- Given the price range and the target market for the listing, exactly how can you attract enquiries? What personal marketing efforts will be needed of you to generate inspections and ignite prospects’ interest in the property?
This property market’s sale and marketing process is more specialised and focused. Top agents know how to create enquiries with the right listings, and they can do that in any market and at any time.
