Is your Commercial Real Estate agent tracking your listing? I mean, really staying on top of the relevant factors that can influence -- not just the speed of a sale -- but the quality of the prospective buyers you are hoping to attract?
In many ways, your listing represents a commercial property in an evolving region that is actually in motion! The process of launching the listing is really just the beginning. Increasing the potential for the right sale involves follow-up tracking. And, it's a two-way street – you and your commercial real estate agent should both be on it!
Monitoring the actual early activity generated by your commercial listing in the first month – that is, inquiries, showing of the site, etc. – can reveal how that early exposure of the listing is being received. The feedback, questions and comments of responders hold clues concerning everything from your description to the manner in which the property is physically shown.
Within the first month of your commercial real estate listing, you will have definite indicators regarding how your promotional choices are working. What seems to be the prominent "grabber" that has brought inquiries to your commercial real estate agent? Are you getting positive or negative indicators about how the property is priced?
A region that is in growth transition can bring new considerations onto the table concerning everything from the actual asking rice to the manner of promotion. Your commercial real estate agent may decide to advise you to revisit the presentation of the physical site. While some amenities may not have seemed relevant or necessary at the time of listing, the demands and trends of the market may be shifting. It may be wise to change the physical appearance, make changes regarding occupancy or put additional emphasis on the exterior landscaping presentation – in order to reasonably compete with new factors.
Your commercial real estate agent should be monitoring all activity in the relevant region (as well as adjacent regions) in order to keep your listing fresh, competitive and attractive. A monthly review with you to assess and re-evaluate the status of your listing is a smart habit, and can make a real difference in the positive potential for the sale.
You are in a prime position to inform your commercial real estate agent about the marketplace from your unique position as a member of the business community at large.
Communicate regularly with your commercial real estate agent. Your contacts, association affiliations and other community connections provide an essential part of the body of information that informs your listing's potential. (The "grapevine" has been proven by experts to still be the fastest, most efficient transfer of information!)
More often than not, important events that may influence a specific region are leaked by the grapevine well before they are launched with all the bells and whistles. Your commercial real estate expert knows how to separate idle gossip from relevant impacts that may be significant to your commercial property sale – or purchase -- from presentation to timing to pricing.
Stay in touch and don't worry about being a pest! When you first list your commercial property, ask your commercial real estate agent about communication: how often to be in touch and what method of contact is preferred by both parties? It's important!
Jim Magliulo is the leading Commercial Real Estate Agent in Lake County. He has been Sales Agent of the Year for 5 years and holds the Lake County record for the highest total sales volume in one year for a non-broker agent. He can be reached at County Air Commercial at 707-263-5729, at jim@countryair.com, or at www.CountryAirCommercial.com Send Jim your email address if you would like to be notified of new commercial listing in Lake County.
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