Tips for Marketing Your Commercial Property

Tips for Marketing Your Commercial Property

Whether you know it’s time to sell because you witness your company growing too big for your space or you want to venture out of CRE investing, placing your commercial property on the market can feel like a daunting endeavor. Even if you are opting to retire from a business you have owned for perhaps decades now; you can benefit from these tips to market your commercial space for sale.

Never Under-Estimate First Impressions

Look at your property through the eyes of a buyer.  In doing so, you may quickly be able to point out the deficiencies and know which areas require repairing.  It is better to address glaring issues with your property before placing it on the market so that they won’t turn off potential buyers.  You may be very proud of your property, but buyers will scrutinize everything you may have grown accustomed to overlooking.  Cracked windows or a broker door, chipped or fading paint, and don’t forget the parking lot.  Fix the potholes, paint over areas as required, check the ceilings and roof, etc.  Basically, do everything you can to make your property appealing and lessen the buyer’s leverage.

Winning Potential Buyers

A Commercial real estate search could give you ideas to makeover to your property from the inside out by knowing what is trending in the market. Make the interior area clutter-free and presentable with all minor and major repairs completed so that there is absolutely nothing between you and your best deal! Your tenants and employees should be briefed on the need to maintain cleanliness since straightening up last minute is never possible.  Keeping the property presentable is vital while you are marketing the property.


Set A Pricing Strategy

Pricing strategy requires some homework. Look for all the commercial buildings for sale in your vicinity and find out as much information as you can about them. Know how much they are being sold for, what advantages are they offering to buyers, the distance from your property, etc. While you do this, you will know more about your competitors and how best to up your game. Investors are most interested in the income generation potential of the property, and they will certainly know about the pricing of other similar properties in the area.


Consider Investor’s Point of View

Your listing information should be up to date for better negotiation while drafting the contract. Make sure you understand what your investor is looking for. Whether the investor wants a turnkey property that’s 100% leased or is willing to make improvements to the building or the tenant mix  You must be aware of all the information beforehand so that there are no disputable data points during the contract procurement. In your formulation of a real estate sales strategy, you should highlight your property's attributes, know your competition and lessen potential leverage on the part of the buyer. Location and demographics play a significant role in winning over buyers, but in the end, the numbers must make sense.


Search for A Commendable CRE Broker

Sometimes this can seem overwhelming, and If you feel like all this is too much for you, you can perhaps enlist the help of a seasoned commercial real estate broker.  This can bring down your stress level significantly.  You must have a stable relationship with your broker built on trust since the CRE transaction and process is challenging to maneuver. Your broker must be proficient in market knowledge, must be up to date with any technological changes, attracting the maximum number of buyers and skilled in the art of negotiation.