Marketing a stagnant commercial property seems daunting. How can you reignite interest and close the deal?
Marketing a stagnant commercial property can feel overwhelming, but you can breathe new life into it and attract potential buyers with some strategic moves. Here are actionable steps to help you close the deal:
Have any other tips for marketing commercial properties? Share your thoughts.
Marketing a stagnant commercial property seems daunting. How can you reignite interest and close the deal?
Marketing a stagnant commercial property can feel overwhelming, but you can breathe new life into it and attract potential buyers with some strategic moves. Here are actionable steps to help you close the deal:
Have any other tips for marketing commercial properties? Share your thoughts.
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Reignite interest in stagnant commercial property by offering flexible leasing terms, showcasing adaptive reuse potential, and using targeted digital ads highlighting its unique features. Leverage virtual tours for remote prospects, and partner with local influencers or businesses to create buzz and emphasize its value in transforming neighborhood growth.
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One of my family office clients had a stagnant commercial (for lease) property once (industrial). I printed out several copies of our marketing flyer and walked door to door talking with neighbors and handing out flyers. I met someone that needed more space than they had and they liked that they would not have to move very far into my spot. We offered flexible leasing terms to seal the deal. Sometimes you have to do things the old fashion way.
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Marketing a stagnant commercial property is all about reenergizing the listing. Most of the properties I win have already been shopped around and become stagnant. The first thing I do is a broker opinion of value to see if the property’s cap rate fits within market comparisons or if it's overpriced. From there, my focus shifts to showcasing the building's best attributes and getting maximum exposure. This includes listing it prominently on our website, LoopNet, CoStar, Crexi, social media platforms, and leveraging our client relationships. With this strategy in place, we inject fresh energy into the listing, reach the right audience, and ultimately get the property sold.
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Reigniting interest in a stagnant property requires fresh strategies. Here's how we approach it: Repositioning: We shift focus to appeal to the type of investor, like 1031 exchange buyers or value-add potential, by restructuring the leases to NNN and highlighting the potential for increasing rent in a below-market lease. Targeting Investor Needs: We tailor materials to emphasize zoning approvals and market-specific opportunities, such as early education centers or niche investors. Highest and best use. Creative Visuals: We use aerial drone footage and 3D tours to showcase features Boosting Visibility: Optimizing with SEO-targeted keywords increases online traffic, aligning with what investors are searching for. Press releases.
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Remove all the negative publicity for this stagnant property. Make it look like a value for money deal for customers. Announce some very nice offers making more inquisitive towards buying by different clientele.
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Open houses aren't just for residential agents. Commercial brokers can overlook properties they have never been in before. Incentivize them to see the property with a door prize.
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Marketing a stagnant commercial property may seem challenging, but with the right strategies, you can reignite interest and close the deal. One effective approach is to rebrand the property with a specific theme or concept that resonates with current market trends. For example, repositioning the property as modern offices or co-working spaces can attract the right investors and tenants. Highlight the property's potential by showcasing how it meets the evolving needs of today’s businesses. Use targeted marketing campaigns, digital listings, and virtual tours to boost visibility. A fresh perspective combined with a strong brand identity can help reposition the asset and accelerate interest.
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Combine both traditional and digital marketing strategies. Give discounts and let your lease agreement be flexible. Your price should be competitive. Consider adding value to the property and renovate it to fit a modern look.
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Stagnation could be due to various reasons as such knowing what could be causing it would be the first step in reigniting interest in a property. 1. Re-evaluate the price. The property could just simply be priced at above market rate and as such a market assessment and price re-evaluation could help generate interest. Also offering flexible payment/leasing terms would have similar results. 2. A different angle! From my experience, showcasing properties in different mediums other than photos can instantly get people interested(videos and virtual tours). Of course cosmetic upgrades and staging can go a long way 3. Scarcity and Urgency. Emphasizing the demand for the area as well as encouraging immediate action can drive interest up.
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