2. The Property Market
The fallout from the global financial crisis of 2008 has greatly
affected the property market.
Financial borrowings are far more difficult to attain and job
security (or lack thereof) has a significant bearing on the
demand to sell and buy property.
Relaxing government regulations has made it easier for
individuals to develop their current homes, meaning they
have less desire to move property.
The letting market is on the rise and first time buyers are few
and far between.
All this creates significant challenges to those organisations
tasked with marketing and selling property.
Fortunately there are a number of tactics you can undertake
to improve your chances of selling or letting your property.
3. Research the Best Agents
Having the right agent is crucial in promoting and selling your property.
In order to source the best agents it is imperative that you put in the
necessary research.
Make sure that you gather all the appropriate information about each
potential agent. Find out how they operate, who they know, their experience
and track record.
An agent will likely be the first person potential buyers meet and will be
tasked with presenting the property in its best light. With first impressions in
a property so important make sure that your agent makes the house as
welcoming and attractive as possible.
Little things like turning on the heating and lighting can make the difference
in getting potential buyers to commit to their interest. A cold, dark and
uninviting flat is unlikely to attract a great deal of interest.
Furthermore agents are often tasked with Property PR; attracting interest
and marketing your property to the general public.
A lot of realtors, due to the number of properties they have on their books,
operate a generic marketing strategy often involving uninspiring email
marketing.
If properties are not targeted and pitched to the right audience in line with
their property requirements then it can take months before a property is sold.
Make sure your property marketing efforts are reaching the right people
otherwise it is a waste of you and your realtor’s time.
4. Offer Help in Refurbishment
Another tactic for attracting buyers is the offer to help with
refurbishment or fittings in the property.
Particularly attractive to commercial units, helping in cutting
the costs of preparing and fitting the property will help to
attract more buyers.
Offer a discount on the sale price as a contribution to the
refurbishment costs.
5. Be Flexible in the Property Usage
Offer more to the buyer by being flexible in the use of the
property.
When sealing a commercial property consider the facilities
and amenities in the local area,
You can target local businesses wanting to expand or make
businesses aware of an opportunity to provide a new shop or
service which is currently unavailable.
6. Offer Rent Breaks
Offering rent free periods in the let are an age old tactic for
attracting interest in commercial property.
Whilst obviously great for the tenant and three month’s rent
over 6 months is better than none, it is crucial that you vet all
the possible tenants scrupulously.
This will avoid attracting people who want simply to take
advantage of the rent break and may struggle to pay the rent
after that time is over.
Offering rent free periods may well attract organisations
looking for longer term tenancies.
With the 10-15 year lease of a standard high street store you
can afford to offer a year rent free as you have guaranteed
income for a longer period of time.
7. Don’t Forget the Current Tenants
Finally, make sure and not forget the buyer which may well
be right under your nose.
The current tenants may be interested in buying the property.
It will save a lot of time, money and hassle if they were
interested in buying so it is always worth asking just in case.