There are currently around 5.6 million commercial real estate buildings located in the United States. When looking to start to sell commercial real estate, you’ll soon realize that it’s very different from residential real estate.
Doing your research now on what to expect when selling these properties, you can prepare yourself for any potential surprises in the long run.
Here’s the ultimate guide to selling commercial real estate in a competitive market.
Selling Commercial Real Estate Means Finding the Right Buyers
Unfortunately, you can’t trust that the perfect buyer will automatically find your commercial real estate property.
Take time to understand what you’re selling to properly think what buyer is the right fit. Options could be anyone from a business owner to a property investor. After you know who best suits this property, directly contact people who fit that description via calling or email.
You may have to put in a little work into a property to make it ready to sell to one of these interested buyers. Consider commercial painting for your building to increase the curb appeal.
Create a Background Story for Your Property
To cut through all the noise of other sellers and properties, make sure you create an engaging story to go along with the property you’re selling.
Include details about anything the buyer can gain from owning the property. This will help pull them in and interest them. Also, make sure to note any specific value the property can have for them.
Basically, figure out what your potential buyer wants and cares about and find a way your property can meet those needs. Instead of it sounding like every other listing out there, your approach will aim to be engaging and interesting.
Learn How To Use Marketing
With commercial real estate selling, you need to learn how to use marketing to your advantage.
It’s always important to work on getting local community contacts secured when working in any type of real estate. If you keep everyone in the loop with your business, these contacts can help you gain leads for future listings.
Your community may already have meetups for local business professionals that can also help you get your name out there. Make sure to connect with people like investors, business owners, and lenders.
Always keep an on-going contact list of all the people you make contacts with. This way you can utilize email marketing and calling in order to generate interest in your properties.
Social media is a very popular method of modern day marketing. You can link to the listing that you’re pushing and even include pictures to entice potential buyers. The size of the global audience you’re able to reach for the minimal amount of money it costs is well worth the investment.
Even though the costs are less than traditional media marketing, there is still merit to a television or radio add. These methods help increase your visibility and recognition in the local area.
Putting in the Work Brings Results
Selling commercial real estate is significantly different from selling residential homes, however putting in the work by using these steps can help you hone-in your commercial real estate skills and bring significant results.
Bonnie Roberts Realty specializes in sharing decades of real estate advice for interested realtors and buyers.
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