If you want to truly challenge yourself as a real estate agent, try marketing commercial real estate. Due to the unique characteristics of commercial real estate, marketing these properties represents unique challenges that must be overcome in order to be successful. Fortunately, with the right strategies, you can find success in the commercial real estate market, allowing you to greatly expand your horizons.
Lack of Visibility
Unlike residential properties, commercial real estate properties often don’t benefit from potential clients driving by the property. This is especially true if the commercial property is located in an industrial park far from the main road. Since a commercial property can be difficult for people to see accidentally, purposeful and targeted marketing efforts are an absolute must. This includes both purchasing billboards for better visibility as well as extending a greater emphasis to online marketing.
Since commercial real estate is such a specialized market, most people don’t simply go searching for it using a search engine. In many cases, this causes commercial real estate companies to neglect their websites in favor of other selling avenues. However, as previously mentioned, it’s hard to get the exposure you need through physical advertising alone. If you’re willing to invest in SEO for commercial real estate companies, though, you can easily rise to the top of the heap and capture the market share of those who do use search engines to find available commercial properties.
Depending on the type of commercial property that you’re trying to sell, you may have a very limited market of potential buyers. Rather than seeing this as a hindrance, though, it’s important to view this as an opportunity to tailor your marketing efforts specifically to these unique clients to ensure that your property is seen by as many individuals and companies as possible. This means that it’s important to understand this group so that you don’t miss the mark when it comes to marketing your properties. For example, if your properties are going to be out of budget for most small businesses, make sure your marketing efforts are aimed at the right demographic.
Purpose-Built Versus Multipurpose
If a property lands in your lap, one very important characteristic will determine how challenging it will be to sell. That characteristic is whether that property is purpose-built or if it’s a multipurpose building. If it’s a multipurpose building, the marketing will be fairly easy, since it will be easy for potential clients to envision their business in that particular space. However, if you’re trying to sell a purpose-built building, it’s vital that you take some time to get creative with your advertising so that potential clients can catch the vision of what the building could be instead of what it is currently.
Although selling commercial real estate can be challenging, it’s also a great way to build a lucrative career. If you’re able to find your niche and establish a good client base, you will quickly earn immense respect, meaning you’ll have plenty of work for a long time to come. As long as you’re willing to stick with leads and see them through to the end, you’ll be well on your way to achieving this success.