Each commercial property is unique and will have elements of property performance that will impact the target market and marketing campaign at the time of sale or lease. For this reason, it is worth reviewing the property completely before building the campaign.
Marketing errors and omissions cause problems; they also waste a lot of time and money for the agent and property owner. Preparation is the key to creating a great marketing campaign.
Here are some key considerations to keep in mind:
- Income from the property during recent time will be available and required by the purchasing investors. Evaluate income and look at lease agreements to make sure income is stable and has some growth. If any of the leases are about to expire, it’s best to look into fixing that issue before going up for sale.
- The profile and combination of tenure should be verified given the existing leases. Some tenants are valuable to the property, especially if they are big brands in the local area. Look at leases to see how long tenants on existing leases have to stay in occupancy. The history of the property in the local area should be checked (if you do not know the property well). Each property will have some identity at the local level. It is that identity that can make or break your marketing efforts. Talk to neighboring property owners and business owners so you can identify if there are any identity concerns from past history.
- The expense involved in running the property will be of interest to a buyer looking for an investment. Importantly, the expense must be fair and comparable to similar properties in the local area of the same type. If not, you need to find out why before you start your marketing campaign.
- Property improvements currently need to be evaluated for functionality and relevance to tenants. Are they appropriate for the sale of the property now or do some updates or changes need to be made? You may need the comments of an engineer to help you here.
- Existing competing properties in the same location will have an impact on the promotion of your property. Take a look at competitor properties and see what marketing advantages they may have.
- There will be a recommended method of sale or lease based on prevailing market conditions and property factors. Some properties will only follow a selected method of sale or lease. Understanding what works in the local real estate market is critical to the campaign building process.
There are many choices that can be made when creating a marketing solution for a commercial or retail property. Today we have so many selections, from traditional marketing to e-marketing.
It is important that each property is analyzed individually in order to offer the right solution that will appeal to the target market. The first 4 weeks of any property sale or lease campaign are very important; after that time, ownership is old news and research can drop off dramatically.