A couple of associates of mine lost thier businesses recently. The mortgage on both of their buildings went "underwater" and they had to get out of that situation. This is becoming more common these days. Both of these properties were commercial.
The thing was they could have gotten out of this situation a lot earlier if they would have advertised. The buildings could be used for any number of things. There was enough room in them to hold artists studios and even a soundstage. But they were marketed poorly.
They listed both buildings in a standard commercial property list site. This brings me to an interesting point. When everyone is your customer nobody is your customer. They were shooting way too broad and this is one of the reasons why the buildings sat for so long.... years in fact.
When this happens you need to look at your property closely and really niche it down. You want to find out who can really use your property in the best way. This is going to help you move it a lot quicker.
Recent Updates in Michigan
We have had a flood of filmmakers come into our state. There are also a lot of artisans who have come into the area and these buildings would have made a nice co-op for them. There are also a lot of retail stores that went out of business. This would have made a great e-commerce location for some company where they could fulfill orders and ship them out, (since there was a warehouse on the premises).
When it comes to marketing your properties on the web it is important to really go after niches....
Here is something to consider >>>>
http://tinyurl.com/2csoqdw
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