Each commercial property is unique and will have elements of property performance that will have impact on the target market and the marketing campaign at the time of sale or lease. For this reason it pays to review the property fully before constructing the campaign.
Marketing errors and omissions produce problems; they also waste a lot of time and money for the agent and the property owner. Preparation is the key to the creation of a great marketing campaign.
Here are some key considerations to look at:
- The income from the property over the recent time will be available and will be required by investor buyers. Assess the income and look at the tenancy leases to ensure that the income is stable and has some growth. If any leases are soon to expire it is best to look at fixing that problem before going to sale.
- The tenancy profile and mix given the existing leases should be checked. Some tenants are of value to the property particularly if they are big brand names in the local area. Look at the leases to see just how long the tenants have on existing leases to remain in occupancy. The history of the property in the local area should be checked out (if you do not know the property well). Every property will have some identity locally. It is that identity that can make or break your marketing efforts. Talk to the neighbouring property owners and business owners so you can identify if any identity concerns exist from past history.
- The expenditure involved in running the property will be of interest to a buyer that is looking for investment. Importantly the expenditure should be fair and comparable to similar properties in the local area of the same type. If it is not you should find out why before you start your marketing campaign.
- The improvements on the property currently should be assessed for functionality and relevance to the tenants. Are they appropriate for the sale of the property now or should some upgrades or changes be made? It may be that you need an engineer’s comments to assist you here.
- The existing competing properties in the same location will have impact on your property promotion. Check out those competing properties and see what marketing advantages they may have.
- There will be a recommended method of sale or lease based on the prevailing market conditions and the factors of the property. Some properties will only suit a selected method of sale or lease. Understanding what works in the local property market is critical to the process of constructing the campaign.
There are many choices that can be made creating a marketing solution for a commercial or retail property. Today we have so many selections from traditional to electronic marketing.
Importantly each property should be looked at individually so the correct solution is offered that will attract the target market. The first 4 weeks of every campaign to sell or lease a property are very important; after that point in time the property is old news and enquiry can fall away dramatically.