In this property market today, the types of enquiry and the number of buyers around looking for property are limited. On this basis the marketing process for selling commercial real estate should be quite specific and directed at the correct target market.
It only takes a couple of weeks before the listed property will become old information and irrelevant to the local property clients. The first two weeks of the marketing campaign should be quite specific and contain the greatest amount of focus and momentum to capture the target market that you seek.
Every property that is taken to the market for sale today, should have a specific target market that is clearly defined before the marketing process is constructed and costed.
If the marketing process is not matched to the local area, the target market, and the property type, the landlord or property owner will be wasting their time and precious marketing funds.
The marketing of commercial real estate today to be successful, must be matched to a number of key factors such as the following:
- The price range that is acceptable to the typical property buyer. In saying this, it is necessary to research the levels of comparable sales in the local area over the last 12 months together with the existing unsold properties in the local area. Anything that can give your trending pattern of purchase price and market enquiry should be assessed.
- The method of sale that will attract the target market without dissuading them from negotiating. Some buyers will simply not be able to operate under auction conditions of sale. That being the case, and where you still wish to attract the best price in the current prevailing market conditions, it may be more logical to use the tender method of sale, or the expressions of interest process.
- Multiple marketing channels should be used that comprehensively cover the local property market, the property investors, and or the business owners that seek property to occupy.
- The correct timing of the sale should be adopted so that it reaches the potential purchaser without any seasonal confusion or downturn generated from public holidays or business holidays.
- Vendor paid advertising is still very common in the industry although property owners are more reluctant to part with their marketing funds when enquiry can be slower or difficult. The real truth of the situation says that marketing is now more important than ever before. The purchasers of property tend to be more selective with the properties that they seek and more protracted in the negotiations that they undertake.
Given the above factors, the marketing processes for commercial real estate today are more important than ever before. Properties will sell in any market and at any time.
The major factor today in conversion of a property listing to a contract and completed settlement will come from the diligence of the agents in correctly listing the property and the comprehensive exercising of relevant skills in closing the deal.