If you’re currently in the business of selling commercial real estate and have an empty lot or building that just won’t move, you’re definitely not alone. This could even be an issue if you happen to be the owner of just one commercial property that’s proven to be a stubborn sell. Fortunately, there are several, simple tips that you can use to get things moving.
Focus On Niche-Specific Clients
Take some time to learn more about the complete history of the building or land space. Find out what it was used for in times past and if any of the original and industry-specific features still exist. You may find that the unique qualities of a facility make it ideally suited for a very specific type of business. These features could make it easier and less expensive for niche companies to set their operations up and make them compliant. If you haven’t been able to offload a property after several months, you probably need to learn more about its history. When targeting a niche, you should also make sure that you’re using niche-specific marketing platforms.
Clean It Up, But Not Too Much
Create a budget and then use it to improve property aesthetics and the overall usability and functionality of the space. When implementing a property improvement plan, however, take care to avoid over-personalizing the unit. Keep in mind that the more flexible it is in terms of how it can be used; the more attention it will be able to generate given its versatility.
Make An Effort To Improve Conditions Outside Of The Unit
While your renovations and repairs were probably largely focused on the property interior, you have to think about what people are seeing when they first pull up. Upgrade the exterior areas to enhance curbside appeal. Also, make an effort to upgrade your security plan for the building. Different strategies can deter problematic activities such as loitering and vandalism by simply letting the public know you’re watching. Large crowds of unauthorized people and a history of hyper-local crimes are both huge turnoffs to investors.
Get Your Pricing Correct
It is always best to price commercial and residential properties correctly from the very outset. Making price changes later in the game can actually stigmatize a listing and make prospective investors leery of it. If the property is unable to attract buyers at a specific price point, however, you may reach a time when it’s essential to start moving your numbers. Take the listing down entirely and utterly revamp your campaign. Do the necessary research for creating an accurate sales price, and then craft your listing to match it. Not only will this make your listing seem brand new when you put it up again, but it will also justify any changes that you’ve made in pricing for all buyers who happen to recognize your listing.