If you are considering selling your commercial real estate in Windsor Ontario, or if you have offices or apartments that need to be leased, a specific marketing plan will give your property the edge from its competition.
Let’s take a very common scenario: You are the owner of a building complex that has several tenants, however, one unit sits empty. As you know, if you are not leasing to maximum capacity, then you aren’t making maximum money. And that’s the reason you are in the rental business isn’t it?
Or, consider this: You have a great property but it no longer fits your needs. Maybe you want to buy something bigger or perhaps you are ready to sell and retire! When this happens, you, as any seller, want to sell so you can collect your profits!
What you need is not only a professional commercial real estate agent, but one that will design a marketing program that will attract buyers and renters. Yes, you will list your property and stick a sign up, but that’s not the only way to maximize exposure. The longer it sits, the more money you may lose.
What is it that you must ensure from your real estate agent when either selling your property, or trying to find tenants.
1. Hire a professional real estate agent who will target the right buyer.
Look at it this way: As a real estate agent, if I am selling a unit in a high-rise condo, located downtown near businesses and entertainment, the buyer I will try to market this property to is a single home buyer, who works downtown and wants this sort of lifestyle. I would also consider a couple who want to downsize or newly retired who wants to enjoy the amenities without worrying about landscaping or maintenance. So the same goes with selling commercial real estate. It is necessary to target the buyer as well as commercial real estate agents who have a genuine interest in the property. Figure out who your buyer or tenant are.
2. Create visually appealing, informative brochures and fliers.
Here, you want to give potential buyers or tenants the information they need, such as zoning, parking, square footage, availability, features and other valuable information. When hiring a real estate agent, ask to see their promotional materials they designed for other clients.
3. Create a website or blog regarding your property.
Buyers as well as tenants look online when they are in the market to purchase or rent a property. In fact, the vast majority will look online before they even contact a real estate agent. Create a site (many are free), that offers professional photos, descriptions, location and other information that you provided in your brochures. Include contact information and share this site on all social media accounts, including LinkedIn, Facebook and Twitter.
4. Advertise, Advertise, Advertise!
This includes not only traditional advertising, with newspapers in their real estate section, but also online advertising. Market your website on sites such as Facebook, Google or Yahoo. This latter form of advertising is gaining in popularity and can increase your audience by thousands.
5. Spread the word:
Word of mouth is still a very efficient way to market your property, but it pays to be creative. For example, if you know of several building owners that would like to expand their portfolio, contact them to discuss their interest or if they know of anyone else that would like to buy commercial property. If renting an apartment building, contact local real estate agents and provide them with fliers regarding your property. Agents often have clients that are looking to rent, even temporarily, particularly if their home sells quickly or they want to downsize. If you are a member of any business associations or a Chamber of Commerce, contact other members and ask them to pass the word around.
6. Offer incentives:
Buyers like to know they are getting a deal. If selling a property, offer to help with closing expenses. If renting an office space or apartment offer a discount on first month’s rent. The incentives can be as creative as you want them to be. If time is of the essence when selling or renting out a space, these incentives can make your property look more attractive.
Overall, get as much publicity for your building as possible. Post signs, add balloons or anything else that will catch the eye of the buyer or tenant. Provide as much information as possible and again, hire a real estate agent who has plenty of experience selling commercial property.