Ways to Sell Commercial Property
Selling a product is all about making a convincing case about its merits to potential buyers and creating marketing channels to bring buyers and sellers together. Commercial real estate sale requires systematic efforts on part of the seller to reach a wider set of potential buyers. Marketing is the key aspect that needs to be focused upon.
How to Sell
Selling anything is about matching supply with demand. You need to identify people and businesses that would be interested in buying a particular piece of commercial property, which you are selling. Here are some marketing ideas for you, which will definitely help you clinch a deal.
Do Your Homework
Making a sale is all about tapping the right sales channels and reaching your target group of buyers. Before you can sell, you need to do your share of homework and research. Firstly, study the property which you plan to sell. It may be a shop, office space, or a piece of land, which is ideally suited for a commercial complex. Make a list of pros for a buyer, who would buy it and also list out the cons. Consider the location and identify the niche businesses that could take advantage of such a commercial space.
If it’s a shop in a business district, would a fast food chain be interested in buying it or would a clothing brand prosper there? Thinking on these lines will help you decide your marketing strategy to reach niche buyers who would be interested in it. Make an information brochure with all the details about the property, including square footage, amenities, and the nearest landmarks to its location. Lastly, you need to research the market prices in the area, which will help you determine what would be a reasonable price for the property.
Advertise in Newspaper Classifieds
One of the best ways to get the word across, about your commercial property is to advertise in a newspaper. Provide all the vital details, along with the location details. Let the advertisement be well designed and have a catchy line like ‘Ideal Space For a Boutique’ or ‘Prime Location For a Fast Food Joint’. This advertisement will definitely get you some serious inquiries. Expect a lot of calls and arrange for somebody to take them for you.
Post Ads on Real Estate Portals
Another way of advertising your commercial property on sale is to post information about it on real estate portals that have a national and international exposure. Provide detailed information about the property site, along with photos, with contact details. This is bound to generate a lot of inquiries.
Publicize Through a Sales Billboard
One of the most conventional ways of advertising your property is to put a ‘For Sale’ billboard near it, which can catch the eyes of people visiting the area. You will be surprised to know how many properties have been sold through inquiries generated through simple billboards.
Create a Brochure and Pamphlets
If you want, you can even create brochures and pamphlets which can be mailed to prospective businesses who might be interested in them. This can net in a lot of potential buyers from niche businesses.
Find a Real Estate Agent
You always have the option of leaving the whole job of advertising and finding buyers to a real estate agent, who will do it for a commission. In case you don’t have the time or energy to go through the entire property advertising and follow-up campaign, agents can handle it all for you. They can handle all the paperwork involved in closing a deal. Research the track record of an agent before handing over your property to him for sale. You don’t want your time to be wasted.
It is good to have a clear idea about the price which you, as a seller have in mind, before you start negotiating with a potential buyer. Be decided on what your first selling price is going to be and how much are you willing to climb down if the buyer plays hardball. That is, be clear about the bargain price which you are willing to settle for. Bring your negotiating skills to the fore, be reasonable and close the deal on your terms.
I would suggest that you try selling the property on your own first and if you don’t find any suitable buyers after persistent effort, go to an agent. If you manage to sell it all by yourself, you can save on the commission fees that are normally paid to agents. The key to selling is persistence and using as many sales channels as you can to reach the target pool of buyers.