Marketing Your Commercial Real Estate Property: 6 Tips for Marketing Success
You don't have to have an established marketing team to successfully sell your commercial property. With one knowledgeable real estate professional and a smart strategy, you can attract buyers and make a profit from the sale of your commercial real estate - with a great commercial property marketing plan. Whether you're new to the game or an old pro, these tips can help you sell your property quickly and to the highest bidder.
1. Make a Plan
Do research before listing your property for sale. Who are your customers, and what are their expectations? Where are they? What will they like about your property, and what will they want changed? How much do similar properties cost? What can you do to make your property more desirable? How long can you expect the sale of your property to take?
Set marketing strategy goals. For example:
- Create a brand for your property.
- Work with professionals to take stills and video of the property.
- Set a budget.
- Make a timeline.
As you establish your plan, work with your real estate agent. Focus on high-ROI projects and tasks to ensure that your commercial property will make a profit.
2. Create a Website
As much as 80% of investors start their search for a commercial property online. A fully interactive, top-of-the-line website is a must for attracting buyers. A real estate website needs to be highly visual, focusing on the most functional and attractive aspects of your property. Work with a website professional to use SEO and all the latest web technology to make your website stand out from the competition.
- Highlight the newest additions or remodels on your property.
- Add a blog to update potential investors and make your page more relevant.
- Keep the website easy to navigate and simple in design, to capture a range of audiences.
As you're choosing a graphic and web designer, look at their portfolio for experience in the real estate market. User-friendly, attractive design is critical. Spend time clicking on each website to evaluate its success, and choose the website developer whose style matches your brand.
3. Invest in Your Property
While a new construction property does not need to be remodeled, existing buildings often need upgrading before they're ready to be sold. Investing in your property to improve or repair existing systems can pay back handsomely, if the improvements are performed selectively. Buyers like smart upgrades. For example:
- Install environmentally-friendly fixtures to reduce power and water usage.
- Replace old appliances to improve the efficiency and visual appeal of the property.
- Repair major systems in need of repair, such as the roof or HVAC system.
- Make major cosmetic improvements to improve staging.
Work with a well-known commercial contractor to ensure all repairs are performed to code. Once the repairs are made, document the changes on the property's website. Mention all upgrades in the property listing and in printed media as well. Take pictures of upgrades to show the quality of the work and the finished results.
Staging is an important part of any real estate transaction, and commercial real estate is no different. Staging attracts and instills confidence in buyers, leading them to the firm belief that your commercial property is a sound investment.
- Use visuals and graphics. Hang signs that reinforce your brand and create a look that is visually cohesive.
- Install attractive landscaping. Good landscaping helps Investors form a positive opinion from the second they pull into the property.
- Work with a professional. Hire a professional interior and exterior designer to make your property look its best.
5. Hold Broker Events
Hold broker events that bring together the most important people in the industry. Broker events give an opportunity for agents in your area to see first-hand your property's good qualities and potential. The more brokers are allowed to explore your property, the more likely they are to push your property to their investor clients. Invite potential investors to these events.
In the days before the event takes place, stage and prepare your Hennepin County commercial property. Check that all systems are running smoothly, and plan to serve drinks and food to make your property as comfortable as possible. On the day of the event, play music and create a party atmosphere to help your guests relax and enjoy themselves.
6. Work With a Professional
It's important to work with the right real estate agent. Vet several agents before settling on the right candidate. When looking for someone, seek out professionals who have a track record of success selling property of the same type.
As you interview each candidate, ask them about their marketing strategy, and how long they anticipate it will take to sell your property. What disadvantages might you face while trying to sell your property, and what would they do to overcome those issues?
Avoid working with real estate professionals who seek to gloss over any issues your property is facing. The best candidate will have a plan to address problems in a straight-forward and logical way. Hire someone who you feel comfortable communicating with, and who has good references. Hiring the right real estate agent is the best way to ensure that your property will sell quickly and for a profit.