Exactly what does your commercial real estate agent do to market your property — after the basic listing process?
With your listing in place, your commercial real estate agent should begin a carefully monitored and rotating system of promotion that insures your property is illuminated in the appropriate media, gets the right exposure thru a variety of support methods and is kept updated with accurate information.
Many of the necessary methods are tried and true and have become standardized over time. For instance, Multiple Listing Services (MLS) immediately gets your listing onto 50 or 60 websites with no waste of time. Your commercial real estate agent should acquaint you with these sites for your review. It’s important to know where and how your property is “showing,” and to be informed about competitive properties.
Depending on the experience, personality and expertise of your commercial real estate agent, the tools and avenues chosen to promote your property will vary. Some may use the very direct approach of personal promotional letters, with informative enclosures, that target known prospects. While email blasts can also bring good responses, that hard-copy letter that arrives in a personal envelope tends to hang around for second and third looks.
Commercial online “bulletin boards” are worth the posting effort — but it is important to be sure that such postings are kept current. When your listing information changes, be sure that your commercial real estate agent updates your information in all marketing exposures.
Many factors can come to bear on the details in your listing. Community changes, market fluctuations, natural disasters, shifts in zoning and ordinances and many unpredictable circumstances may impact your commercial property. A key responsibility of your commercial real estate agent, on your behalf, is to be informed and be on top of any such changes that would affect your listing and its promises.
In the past I have written about the importance of your role in successfully marketing your own property. Stay on top of the condition of your commercial site and/or building(s). Monitor activity in and around your property, maintain the grounds and signage and oversee tenant use and behaviors. It’s all part of appealing to the right prospect. Take photos of changes you make on your property and furnish them to your commercial real estate agent. Signage is important; discuss methods, location and the right providers. Your listing information must be fresh and current so that the actual property visited by prospects matches your promotional promises.
(Significant changes in your listing are influenced by its status. Property may be in escrow, listing may have become inactive, or been cancelled. Consult your commercial real estate agent for insight.)
Beware of jumping to wrong conclusions. If a listed commercial property does not bring immediate action, it does not mean there’s a mistake in the exposure of the listing, the descriptions or the asking price. (And it doesn’t mean your agent is falling down on the job.) It usually means the right buyer just hasn’t come along. Yet. Many listings of terrific commercial property are just “sleepers.” Trust your commercial property expert in accurate pricing for your target buyer. It takes time.
Also remember that marketing commercial property is different. It is subject to many factors over which the seller, buyer and commercial real estate agent have little control.
Your cooperation, consistent informative communication and flexibility with the unexpected are key to a successful transaction.
(Copies of my columns on other aspects of commercial real estate buying and selling are available. Just email your questions or area of interest with mailing address, and I’ll get back to you.)
Jim Magliulo is a Lake County commercial real estate agent and can be reach at (707) 263- 5729 or jim@countryair.com. You can also visit his web site at www.countryaircommercial.com.
