Creative Ways To Market Your Property For Success
By Randolph T. Mason, CCIM, SIOR
Let’s face it, no one is going to buy or lease your commercial property unless they know about it. So, when there is a plethora of properties and opportunities for tenants and buyers to look at, how do you make your property stand out? Here are a few tips.
A simple and cost effective way to expose your commercial property is to have a video created. Videos can be as simple or as elaborate as you wish. Well-crafted videos, can show the surrounding area, explain features of the property, and dive into specifics such as: what the interior looks like, condition of the roof, office visuals, warehouse and other areas within the building. If the property looks interesting on video, the prospect may want to physically tour it which would allow you to personally sell and close the transaction. In addition, out of town clients appreciate the visual experience and get a good understanding of potential properties to either purchase or lease saving
time and travel.
Websites can show all of the floor plans which then can be printed in a PDF format and other ancillary bits of information. You can then use a QR code placed to place on signs and other marketing materials.
Once all of the other traditional marketing such as adding a property to the multiple listing services, E-blasting the brokerage community, advertising, etc, it’s important to get people through the property. It’s happened more than once, I have scheduled a time to tour a property with a client and told the listing broker needed to be present, and when we arrived at the property the listing broker was nowhere in sight and the building was locked up-too bad for that property. We moved on.
A simple and effective way to get around that problem is to place a lockbox on the property. My recommendation is to use a combination lock box so that when the listing broker is unable to be at the property during showing time, with multiple buildings on a tour timing can be challenging, the combination can be provided so the procuring representative can get into the property and expose it to the client.
Another way to create buzz for your property is to provide broker incentives to the procuring broker. Ideas can include $50 for a property tour or $100 for a bonafied offer. A very motivated landlord once offered $5 a square foot as a leasing incentive provided the lease was signed within 2 months. The reality is that it normally would take longer than 2 months to consummate a transaction so the landlord had little exposure but it created an enormous amount of buzz amongst the brokerage community. The landlord ended up leasing the property outside of that time frame, and compensating the procuring broker $2 a square foot. Money well invested.
Randolph T. Mason, CCIM, SIOR is the Managing Partner for Commercial Realty Specialists.