- You can’t just “set it and forget it.” Your potential buyers and tenants all seek information in different ways. Don’t just throw a listing up on one website. Some prospects may go to LoopNet, others may go to their trade journal, some may go to REALTOR.com, etc. Consider sending mailers, posting in trade journals, and utilizing other targeted strategies.
- Network with other commercial real estate agents. They could have potential buyers or tenants and may also suggest other marketing strategies.
- Understand the commercial real estate appraisal process. It’s essential that you know what to ask for and also what to provide the appraiser. You should also have an idea of what the appraiser will appraise the property at so you don’t have a financing deal fall through.
- You can never have enough training. For instance, the CCIM (Certified Commercial Investment Member) designation provides training in interest-based negotiations, market analysis, ethics, financial analysis and much more.
- Know your zoning. Research the zoning for the property and know what uses are permitted and what’s the largest sign you can put out in front of that property. Why have a puny sign when you can put something much larger out
- Be a technology geek. Embrace the latest and greatest in listing platforms. Also, look at utilizing social media and video to promote your property.
- Work hard and evaluate the efficacy of your marketing efforts weekly. Yes. I said weekly. Touching each of your files at least weekly ensures that no opportunities are missed and the property is progressing toward going under contract and closing.
June 6, 2017