Selling a property in today’s CRE market is tougher than ever. In order to effectively market your property and close the deal, your listing needs to compete with countless other demands for your buyer’s dollars and attention. But with enough finesse and agility, it is still possible to make the sale. Here are a few steps to take before you list.
Make Sure You’re Selling at the Right Time
Not every season is opportune for selling. If you have flexibility on your property sale timeline, it’s worth having a conversation with your CRE broker on the current temperature of your local market. In general, the CRE market moves in predictable cycles — recovery, expansion, hyper-supply and recession. How long each phase of the cycle lasts depends on a number of factors, such as interest rates set by the Fed, or an unforeseen change in regional marketplace conditions. Our team at NAI can run a location analysis and feasibility study to determine the current demand for your style and caliber of property and can advise you on next steps to help you get the most out of your sale while still meeting your business objectives.
Spruce the Place Up
When you’re looking to sell a home, conventional wisdom tells you to put up a fresh coat of paint to give the home a clean and inviting look. In the same way, consider giving your CRE property a “facelift” to help it stand apart from competing listings. Adding a fresh coat of paint, some new landscaping, or an attractive outdoor amenity can help your potential buyers see the potential in your space. For more ideas, check out our blog for simple ways to beautify your property.
Take Quality Photos
In today’s digital world, the stakes are higher for online listings. Your potential buyers want to get a full scope of your property and its features before stepping foot into the building. This is not the time to do the bare minimum. Hire a professional photographer to take high-quality photos of your property and consider adding a walk-through video, 3D virtual tours, or drone aerial footage to your listing. Make it easy and simple for potential buyers to be drawn into your listing right away.
Use Strategic Marketing
While there’s still much value in traditional print and outdoor marketing methods, a lot of CRE property browsing occurs online. Search engines, your website, and multiple listing services (CoStar, Loopnet, or Crexi) are great digital versions of your property sign. Plus, they give instant detail and access to contacting you or your broker. Partnering with a team like NAI gives you better access to national listing services and marketing resources. We also can increase your visibility in the local digital marketplace. NAI Mid-Michigan uses paid and organic marketing methods to put the property listings on our brokerage sites in front of regional audiences, increasing the chances that your digital listing will find its way to a qualified buyer in your region.
Understand Both Sides of the Transaction
Whether you’re looking to purchase a new property after your CRE sale or are planning a different investment strategy, taking the time to understand your buyer’s point of view will make a big difference in their experience and their interest in entering into a deal with you. Understanding what questions are likely to come up about your property, which documents you should have on hand for easy buyer reference, and the best way to communicate with them throughout the process will help pave the way for a smooth deal for both parties.
Partner With the Experts
Our brokers have decades of experience in closing commercial property deals in a variety of marketplace conditions. Partnering with a broker at NAI can save you time, money, and hassle as you prepare to sell your CRE property. Contact us today to find out how we can help.
