Commercial real estate investment requires large amounts of money and commitment from the buyers. The number of buyers for residential property far outdo the ones for commercial real estate in any country. While there are a lot of property fairs taking place every now and then, almost all focus on residential sales and not on commercial property. If you are a real estate developer or an investor of commercial property, you need to devise a well-thought-out strategy to get buyers for their property.
Below are some of the ways in which you can look for an appropriate buyer:
1. Own website: One of the ways of promoting the property is by listing it on your own website describing all its features and amenities. Since it will be your own website, you can do so much more than when you list it on other websites. Include videos of the property detailing the features interiors and neighbourhood. Give as many details as you can. Some data on how the property has been earning rentals and what has been the property price appreciation in the last few years, will also be helpful. Use some interesting graphs and charts for the data. If possible, take a video of one of the previous tenants of the property who can talk about location advantages and other positive aspects of the building. A list of the previous tenants can also be put up if the list is impressive.
2. Other website listing: You can also list your property on the various property classified listing websites. See which ones are popular in the area where your property is located. Since there will be limited options to give details of your property, give the relevant details and updated information in as much detail as you can. Try to insert the USP of the property in the listings and how it is different from others. Once you list your property on a portal, it will stay at the top for a while and then go down over a period of time. You can refresh them or list them again so that it stays on the top. Keeping a tab on where exactly is the listing on various classified listing platforms, is a task in itself and dedicated human resource is often required.
3. Social networking sites: There is no denying the power of social media in today’s world. Be active on social media and post your property on as many platforms as you can. This will give wide visibility to your property. Social media usually has a reach across the globe and you can attract a buyer from a far-away place or country also. There are lot of groups for various purposes on many social networking sites. Try to get into the ones that are specifically meant for commercial real estate. These groups might very local in nature. Try to get into as many groups as possible and mention the details of your property there. Be also on the lookout for requirements of commercial property that is posted by someone in these groups. This will especially work if you are an investor and not a corporate.
4. Reach out to retail chains: Reaching out directly to the headquarter or the regional head office of a global retail chain for your property, may also help. These chains keep looking for apt location and if your property fits their requirement, you can find a buyer. The retail chains expand and open a new store at a location which is likely to see a good number of people living in the neighbourhood, demographics, ease of access and purchasing power of the people of that location. If your property is in a location which is coming up fast and there is no store of a global retail chain in the vicinity, you can accordingly pitch your property to the officials of the retail chain at the headquarter or regional head office. Try to schedule a meeting with them and talk about the salient features of your property and why it will make sense for them. Many a times these retail chains look only for rental spaces but there have been times when they have bought commercial real estate also at places where rentals are too high and the sales potential is very good.
5. Reach out to banks: If your property is suitable for operations of a bank, you can reach out to the headquarter of the bank if it is located within your own country. If it is a global bank and the international headquarter is located outside of your country, then reaching out to head office of the bank located in your country can be a good idea. Big and reputed banks stay put for long periods of time wherever they have operations and are more likely to buy property than rent. This is especially true for setting up regional headquarters and backend operations rather than branches. If you have a portfolio of commercial properties to be sold and if you land even one reputed bank in your kitty, your entire portfolio will start to look good and you may be perceived as a better developer or investor in the real estate market.
6. Broker: Sometimes reaching out to a broker is not only a viable option but may be a good one too. Most brokers keep a database of clients who frequently buy and sell properties. A good broker not only has good local knowledge but an excellent network and can do wonders for you. Getting a good broker may be more rewarding even after paying his or her brokerage.