Selling commercial property could take a couple of weeks to a year or longer depending on whether it’s office space, retail space or a warehouse. Days on market will be directly affected by market elements such as the price of the property and local demand for a commercial property of your size and type.
In addition location, you’ll need to provide details about square footage, visibility for advertising, flow of traffic, foot traffic on a monthly basis, and major business or landmarks nearby.
“How do I know what price I should sell at?”
You need to price your commercial property accurately from the beginning. The last thing you want to do is price it above market because you won’t see any activity. On the other hand, you don’t want to price it too low because you’ll be leaving money on the table.
So, how do you price commercial real estate?
You really need access to past sales in your area that are similar to your property. Most property owners don’t have this data and its not readily available. This means that you’ll need to work with a local commercial real estate agent.
If you have any doubts about pricing your property then you can leverage our free commercial property valuation service. You’ll provide some basic details about your commercial property and we will handle the rest.
Marketing Tactics For Selling Commercial Property
Create Your Own Website
Every commercial real estate broker should have a strong online presence that drives clients to their listings and services. We’ve found that most commercial brokers lack an online presence.
Make sure you address this issue before you decide to list with a commercial real estate agent. If you’re going to sell the property on your own and want to create a professional website then you might want to consider Elementor Themes.
Seek out Clients
We highly recommend that the property owner or the commercial agent calls on local brokers to see if they have any clients looking for a property similar to the one you’re trying to sell.
Build Targeted Email Campaigns
One of the most cost-effective strategies to reach prospects, engage them in conversations, and convert them into deals is email marketing.
We use a private email database that allows us to market our properties to every commercial real estate broker in Texas.
Social Media Advertising Strategy
YouTube, Instagram, and Facebook are great platforms to raise awareness and drive potential buyers to your property.
These platforms offer laser-targeted campaigns, allowing you to select who, when, and where your Ads are displayed.
For example, if you are leasing a life science property you could launch a campaign targeting C-level executives in the bioscience industry in a specific geography.
Get Press Coverage
Having relationships with influencers, journalists, and bloggers can pay off big when trying to sell commercial real estate. Outreach takes time but press mentions can help expedite the sale of your property.
Having your own “black book” of influencers is a key asset and will save you thousands of dollars in PR agency fees who essentially spend most of their efforts around outreach.
Set Up a Google Adwords Campaign
This is a great way to drive potential clients to your commercial property but you’ll need some basic knowledge on how to set up an Adwords account.
Make sure your account is configured correctly from the beginning. This means that you’ve filled out the include/exclude section, you’re leverage broad match modified keywords, and you have robust negative keyword lists so that you don’t spend tons of marketing dollars are poor performing keyword searches.
Remarketing goes beyond simple display advertising. When a user visits your website, a cookie is dropped on their computer so you can target them and show relevant Ads when they browse on different websites.
This can be an effective way to stay “top of mind” and drive visitors that engaged previously back to your property listing or company website.
Attend Industry Events and Conferences
It goes without saying, commercial real estate events are a great opportunity to network, build relationships, generate leads, and expand knowledge about the industry and market trends.
The possibility to build many relationships and in-person interactions in such a short period of time is difficult to achieve through other types of marketing channels.
Advertise in Trade Magazines
Commercial real estate trade journals and online publications are read daily by thousands of potential investors, brokers, and other industry peers.
Almost all industry journals offer advertising opportunities to help with advertising commercial real estate in front of a large, national audience or a more focused regional segment.
Measure and Track Your Success
The most critical component of a successful commercial real estate marketing strategy is measuring the success of your activities. From the beginning you’ll want to define key metrics for each of your marketing channels, set up monthly reports, and make data-driven decisions to continuously improve your efforts.
Most importantly, don’t lose sight of how your marketing strategies impact your business objectives. If you can’t quantify the direct or indirect impact on your lease-up, sales, or tenant retention efforts (or whatever else) then you need to go back to the drawing board.
Drone Photography and Videos
Drone video and photography do a great job showcasing commercial properties from different perspectives and that’s why Aurum Commercial Realty uses it with every listing.
Whether your building a new office building or shopping center drone photos and videos are perfect for capturing everything going on at a construction site.