Tips for Selling Commercial Real Estate
Jul 28, 2008 Marketing
Selling Commercial Real Estate is no easy task for the inexperienced. You can’t get experience without doing it however, so if you’ve always been interested in the commercial market, here are some tips for selling commercial real estate:
1. Get the Training: There are a lot of things about commercial real estate you probably didn’t learn in your real estate licensing classes. Check with your board and your broker to see if there are any classes you can take you learn more about the commercial real estate market.
2. Consider Partnering With Someone: Many experienced agents will be welcome to share a listing with you to help you gain some experience in commercial real estate. If you have a commercial real estate lead, instead of referring it out or trying to do it yourself alone for the first time, why not see if another experienced agent would want to co-list it with you?
3. Remember it Can Take Longer: Commercial Listings generally take a little longer to sell than residential listings. Be prepared that your commercial listing might sit on the market for months no matter what you do.
4. Look at New Marketing Avenues: With commercial listings, you’ll have a much different target market for selling the listing. Make sure you belong to commercial search directories such as CoStar, since many do not use the MLS for commercial listings. You will also want to target developers, investors, as well as the real estate and acquisition departments of both local and national companies. Networking with other businesses can also be beneficial when selling commercial real estate.
5. Be On Top of Zoning: Now is a good time to meet the zoning officer and talk about the commercial uses of the property. It will vary for every property, so it’s important to know what is allowed and what isn’t to make sure you stay out of trouble as an agent and protect your clients’ interests.
Have any other tips for selling commercial real estate? Feel free to leave them in the comments below.
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DAILYPRESS by
August 11th, 2008 at 4:50 pm
We sell commercial and find it is slow but can be rewarding.
August 21st, 2008 at 11:08 am
Developers and investors are the people you need to target. They are the ones with the big money that is needed in commercial real estate transaction.