Commercial Real Estate Marketing Is NOT Like Listing Homes.
Marketing a residence. Most real estate professionals have a handle on the WWWWH (who, what, when, why and how--but you knew that, right?)
Photos. Virtual Tour. Floorplan. Seller's disclosures. Postcards. Ads. Blogging. That sort of thing.
Commercial real estate requires MORE. Much more.
One of the first thing I was taught in my CRE specialization classes was: in order to competently and professionally represent and market commercial property, you must first become INTIMATELY knowledgeable about the property (and so much more, but it begins with the property itself).
Yes sir maam! We are climbing into BED with that building and learning ALL its secrets!
CRE professionals provide answers to TWO basic questions:
- How much money goes in--and when?
- How much money comes out--and when?
We need PROOF.
HOPEFULLY, that property is generating INCOME. How much and when?
HOW is this income coming in? What type of tenancies? What terms?
LIKELY, that property generates EXPENSES. How much and when?
Who pays for what and when?
Not all commercial property is income producing - some is occupied by an owner-user.
Even if income producing, knowing who your tenants might be now or in the future and that they can occupy the property lawfully is very important
What is the USE type of the property, and how do we know?
What are the RESTRICTIONS placed by the State, County or municipality? How do we know, and who can verify this for us?
CONDITION. Deferred maintenance. Recent updating.
RENTABLE/USABLE square feet. How do we know? Where do we get that information?
What UTILTIES service the property, and how do we know? If we need to make a change or add utlities, how much might that cost?
DEMOGRAPHICS/PSYCHOGRAPHICS - how do we know this is the right place for a business? Who lives nearby, and what are their buying/spending habits? Will they come to our site, go to a competitor, or come to our site FROM a competitor?
Retail/other gap ANALYSIS - is there a market for our goods/services or is the market saturated? If there is nearby or distant competition, will this help or hurt us?
ACCESS - what side of the street do we need to be on to maximize traffic to our location? How much trouble is it to get in and out of the site?
ANNOTATED MAPS - who else is nearby that may help or hinder decision to site there?
FUTURE DEVELOPMENT in the area. What may impact business/income during the hold period? What don't we know that we can find out? Where are reliable resources to tell us?
Compiling this information and so much more, and having it available both to prospects AND THEIR AGENTS is critical when marketing a commercial property.
This information may very well make the difference between a casual 'looker' or interested party who has other choices, and a serious buyer with representation whose life you just made easier.
Yes, some information may be confidential, and discretion required (quite often in writing) but if you are going to be representing commercial property, you will need to either know these answers or have resources at the ready to provide them - ideally, both.
There is art and science involved in BOTH residential and commercial real estate.
Use the skillset appropriate to each and win big!
How can we help you?