Commercial Real Estate Overview

The wonders of commercial real estate are never-ending. Over the course of the past decade, this industry has seen some of the biggest milestones in terms of financial turnovers in investments. While inflation takes a toll on the economy, the real estate sector thoroughly enjoys the boom this time brings.

As prices peak, so does the competition. As the population grows, so does the demand. As the awareness increases, so do the needs of the customers. So how do you have your way through this cutting edge industry? No matter if you are a builder or developer, the agenda of constructing a commercial property is to sell it and sell it quick!

Time is of essence in this industry. If the projected turnover does not materialize within the speculated period of time, the value of the property goes down with effect to time. In order to spur ideas on selling commercial property fast, all you need to do is find the right answers to the following questions and I guarantee, your property will sell off before the dawn of the new sun (figuratively speaking)!

1. Does Your Commercial Property Look Jaw Dropping Gorgeous?

Everyone buys what feasts their eyes. Are you selling a brand new property? Or are you selling a used one? If you are in the business of construction, you need to innovate the structure and outlook of your property.

Make it stand out. Make it speak for itself. And if you are going to sell a used property, get new furnishings, paints, fixtures. One of the seemingly obvious and simple but yet overlooked ways to improve the interior appearance is to clean the floors and remove scuff marks to make surfaces shine. It immediately improves the overall impression of the property and raises the price.

One of my friends, the owner of a luxury hotel Carmana Plaza in Vancouver, Canada, shared a story from his professional experience. While selling a small office space he owned long ago, he was having trouble with getting a good enough offer for it. After noticing that the floor wasn't in the best condition, he ordered a minor maintenance to improve its appearance. Right after this, the next few potential buyers offered better prices than the previous ones. So he even slightly raised the asking price and sold the property close to it. However, don’t just focus on the interior but make sure that the property looks appealing from the outside as well.

Here is a helpful article that explains in detail how to properly maintain commercial floors.

2. How Can You WOW Potential Buyers?

What is your unique selling point? Why should anyone buy your property? Clearly define what sets you apart from the competition. Your USP will become the word of mouth of your project and attract potential buyers. Make sure that you invest some time in carving the WOW factor! From expert services to offers & discounts, location etc., the possibilities are endless.

3. What Is Your Pricing Strategy?

How competitive are you? Are you trying to sell at a higher value than your competition or you are short-selling yourself? In either case, you won’t be able to get a deal if you are not competitive enough, says regional lead property appraiser at Property Cashin. If you short sell yourself, buyers will perceive that there is an underlying problem. And if price luxuriously, people find better options at cheaper prices.

4. What Is Your Buyer’s Point Of View?

Understand who you are talking to. Try to analyze what their needs are. And then craft the way you are going to talk to them. Tell them what they want to hear and you have a deal!

5. Who Are You Marketing With?

Lastly, who is spreading your word of mouth? Is it a trusted agent? A marketing company? Or are you simply relying on your personal references? You need to work with the right people to reach out to the potential audience which will result in lead generation!