How to market your commercial property
People are either in the market to buy a commercial property or not. Unlike pitching a new product or service to the market, you can’t create demand for your property. Therefore, the goal of your marketing strategy must be to expose your property to as many potential buyers as possible.
By the time you are thinking about marketing, you should already have defined the terms of sale – how much, a timeline and the process. You’ll also need to decide if you are going to engage the services of a commercial property agent. If you do, you can still be as hands-on or hands-off as you like, but generally the more attention you pay, the better.
To market your commercial property for sale:
Think: Define your goals, identify potential buyers and consider the channels available. You’ll also need to decide how much time and money are you willing to spend on marketing.
Plan: Prepare your property for sale – this includes tidying up what you can and completing any outstanding repairs or upgrades. Develop collateral – ideally, you’ll want a mix of online, digital media and print media. To make the most of these channels, you’ll need good quality photos and descriptions of your property. Define your key message – what is it that makes your property stand out from the rest? To do this, think about your potential buyers – what are they looking for and what is of value to them?
Act: Execute your plan. Get your property out there and start talking – tell people you are selling and approach potential buyers directly.
Finally, some tips…
- Selling commercial property can take time, so be prepared for this. During this time, you can always go back and check your plan. Are you getting the visibility you want? What can you adjust, and can you redistribute your resources for a better outcome?
- Any marketing strategy should have a strong focus on digital media. Over 95 percent of New Zealander’s use the Internet for searching, so an online presence is critical when it comes to advertising your commercial property. Here’s more on listing your Commercial Property for Sale on www.nzcommercial.co.nz.
- Prepare the paperwork in advance for prospective buyers. You will need an Information Memorandum, which your commercial agent can assist with. This includes a detailed description of the property, including location, tenancy details, zoning, resource consents, etc. you don’t want to waste people’s time – or your own.
- Probably the most important step in the process is to identify potential buyers. This will save you time in the long run. Focusing your marketing efforts is more effective than casting your net wide and hoping for the best.
- Finally, don’t overlook the obvious. Potential buyers often include friends and family, tenants and neighbours.