How to Better Expose & Market Your Commercial Property
- May 15, 2013
By Randolph T. Mason, CCIM, SIOR, Partner, Commercial Realty Specialists
Exposing and marketing your commercial property is one of the bigger challenges landlords have in any market. When there is a plethora of opportunities for tenants & buyers to look at, how do you make your property stand out?
The first step is to get the prospect to look at the property. An easy and cost-effective way to get exposure to a property is to have a video created. Videos can show the surrounding area, show some of the features and benefits of property, and really dive into some specifics such as what the interior of the space looks like, roof, the warehouse, restrooms and other areas; perhaps showcasing pertinent or interesting features that could be useful to a tenant or a buyer. If we come from the reality that we need to visually market the property, the prospect may want to physically tour the property-which then increases the possibility of a transaction.
Once your property is ready to be marketed, you can begin the traditional means of marketing, such as putting it in to the multiple listing services, e-blasting the brokerage community, advertising, etc. Because of your above efforts, you are able to visually show people the property in a much more unique and convenient way for the prospect.
Out of town clients appreciate this type of visual experience so they can get a good understanding of potential properties to either purchase or lease-and save them travel time.
Another way to expose your property is to build a simple website. The website can show all of the floor plans that can be printed in a PDF format and also provide more visual exposure of the property.
Now that you have created the marketing pieces of the property, it’s important to get people through the property at a convenient time for them. What is often done is a lockbox is placed on the property. What is not often done is this lock box should be a “combination” lock box that can have the combination changed periodically. The purpose of a combination lock box is that if the listing broker is unable to be at the property during the exact showing time (and there are usually multiple buildings on a tour-so timing can be difficult), the combination can be provided so the procuring broker can get into the property and expose it to the client. If the client cannot get into the property, generally, they will go to the next property and not return to your property.
Another way to creatively market the property is to provide broker incentives to the procuring broker. Ideas for incentives could include $50 for a tour, $100 for a bona fide offer, and $1- $3 per square foot as a leasing incentive. I have seen creative marketing ideas such as offering $5 a square foot as a leasing incentive provided the lease is signed within, say two months. This is probably not a realistic time frame, so the landlord most likely has little exposure, but what it does is create “exposure & buzz” amongst the brokerage community. If it does get leased out within that time frame, the owner will have saved many months of downtime, which equates to dollars.
Marketing & exposure are important components to getting a property leased or sold and with come creative brainstorming, the possibilities are endless.