The digital age is upon us, including commercial realtors. While the process of selling commercial real estate will always involve some traditional footwork, brokers now also have some great digital resources to help them.
In Part 2 of this 2-part series on selling business real estate, see how digital resources have become an important part of the real estate selling process plus a few other standard points of consideration.
Advertising - Traditional and Digital
Other than networking, advertising is the main resource for commercial brokers to spread the word about their business property listings to start finding interested purchasers.
The world of advertising has indeed been transformed by the internet, providing many new and exciting options for marketing properties.
To get great exposure for any property, commercial realtors should embrace a combination of both types of advertising based on the type of property, the target audience that might be interested, and the best places to reach those potential buyers:
- Traditional Advertising - Even though the world has gone digital, that does not mean there are not some industries like business real estate that still benefit from traditional media. People, especially local business people, still read newspapers or magazines and pay attention to local print advertising. Media like local and regional newspapers, billboards, fliers, and other physical types of advertising will always be essential for marketing properties.
- Internet Advertising - Beyond the physical media, those selling commercial real estate must also embrace internet advertising. It allows for greater exposure to bigger audiences that can’t always be reached with print media. From websites, listings in realty directories, and online advertising in the same local and regional newspapers to using social media, email buyer lists, digital newsletters, and more, brokers can spread the news of their business property listings far and wide. Creative tools like 365-view video, video conferencing, and more make showing and selling properties more convenient even when people can’t actually be there in person.
Traditional and Modern Techniques - Adaptability Is Key
Overall, when it comes to a start-to-finish process of selling commercial real estate, the key today is adaptability.
Easier sales come from combining traditional and modern ideas, not just for advertising but for the whole business of selling properties.
Brokers must be flexible in many ways to make the best deals.
Beyond embracing the use of the internet, brokers must be flexible by envisioning new uses for their properties to attract additional audiences, able to help buyers come up with alternative and non-traditional financing ideas when necessary, and willing to negotiate commissions in some instances.
Brokers must also be ready to use more recent techniques and trends, including asking sellers to foot part of the advertising bill.
This is something more agencies are beginning to do as the costs involved with marketing properties continue to climb.
Today, a large portion of this is making use of the different digital listing, advertising, and creative tools available to brokers as well as realizing just how far the internet can reach for increasing exposure.
Every broker selling commercial real estate should develop a process that includes both traditional and modern strategies!