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Office Evolution / Venture X Virtual ToursFebruary 3, 2023
We have to face it. Selling commercial real estate is not an easy task. In order to sell or lease your commercial space, you have to find the right company that is interested in what you have, and then convince them to buy/lease it from you. This can be a long and difficult process, especially if you are still new to the business.
If a commercial real estate sale is dragging on, it’s time to switch your strategy. There is obviously something missing. And, far too often, the two pieces of the puzzle that are missing are: 1. Solid preparation; and, 2. Good, old-fashioned marketing.
Not old-fashioned in the sense of using yesterday’s techniques. But, old-fashioned in the sense of going back to the basics and making sure you are doing everything possible to market your property effectively. And, that typically boils down to lacking visually-appealing marketing materials.
If you want to sell or lease your commercial real estate faster, you’re going to need a solid plan from the get-go. This includes great photos (or, even better, virtual tours), detailed property descriptions, and well-written marketing collateral.
Back to the Basics – Develop the Right Plan
Professional athletes practice basic drills in the off-season for one specific purpose: Staying sharp on the fundamentals of the game and keeping their reflexes honed. This helps ensure that, when the season starts and the real games begin, they are at the top of their game.
The same can be said for selling commercial real estate. You need to keep your skills honed by constantly practicing and perfecting the basics. So, with that in mind, let’s recap the basics you’ll need before you start marketing your commercial property:
- Order the preliminary title report
- Update environmental reports
- Provide maintenance history
- Organize rent rolls
- Make sure the property is clean
- Choose a cash price based on market values
- Find recent buyers and sellers in your market
Now that you have all of this information available when needed, you are ready to develop your marketing plan. This is where the real work begins, but it will pay off in the end.
Developing Your Marketing Plan
- Outline your goals – Before you do anything else, you need to sit down and ask yourself what you want to accomplish with this commercial real estate listing. Do you want to sell it quickly? Do you want to get the highest possible price? Once you know your goals, you can begin developing your plan.
- Research your competition – Take a look at other properties on the market that are similar to yours. What are they doing right? What are they doing wrong? How can you make your property stand out from the rest?
- Set your price – This is one of the most important (and difficult) aspects of selling commercial real estate. You need to find the right balance between pricing it too high and pricing it too low. If you price it too high, you run the risk of scaring away potential buyers. But, if you price it too low, you could end up leaving money on the table.
- Choose the right marketing medium – There are a variety of different ways to market commercial real estate. You need to choose the right mix of marketing mediums to reach your target audience. A mix of video, images, text, and VR could be just what you need.
- Create high-quality marketing materials – This is where most commercial real estate listings fall short. They simply don’t take the time to develop high-quality, visually-appealing marketing materials. If you want your property to stand out, you need to put in the extra effort. And, that is where virtual staging and tours come in.
Commercial Virtual Staging: The 21st Century Marketing Technique
If you’re not familiar with virtual staging, it’s the process of using computer-generated imagery to digitally stage a property that is either unoccupied or vacant. In other words, you can add furniture, artwork, and other design elements to an empty room to make it look more inviting and appealing to potential buyers or tenants.
After doing some homework on your ideal prospective buyer or tenant, you can stage your space in multiple ways to attract their attention.
For example, if you’re selling a retail space, you might virtually stage the space as a clothing store, jewelry store, or home goods store. If you’re leasing an office space, you could virtually stage the space as a law firm, accounting firm, or creative agency.
The possibilities are endless, and the best part is that you can do it all without lifting a finger. All you need are high-quality photos of your empty space and a team of professional virtual stagers who can turn those photos into marketing gold.
360° Virtual Tours, On-Demand 24/7 for Prospective Tenants
In today’s digital world, people want to be able to see your property without having to leave their homes or offices. They want to be able to view it on their own time, day or night. And, that’s exactly what virtual staging can provide.
With a 360° virtual tour of your staged property, prospects can take a self-guided tour of your space whenever it’s convenient for them. They can explore every nook and cranny, without you having to be there.
Not only is this more convenient for prospects, but it’s also more efficient for you. You don’t have to waste time showing the property to people who are not serious about leasing it. You can simply direct them to your virtual tour and let them explore the space on their own.
If you want to sell or lease your commercial real estate faster, focus on creating better marketing materials, specifically virtual staging. It’s the 21st-century way to market your property and it’s what today’s prospects are looking for.
Visualize a Finished Construction Site Before You Break Ground
When construction projects fail to meet deadlines, it often has to do with unforeseen delays, which can cost commercial real estate developers dearly.
In order to avoid these costly delays, developers are turning to virtual staging to help them visualize the finished construction site before they even break ground. This way, they can catch any potential problems early on and make the necessary adjustments before it’s too late.
Not only does this save time and money, but it also helps to ensure that the final product is exactly what the developer wants it to be. By virtually staging the construction site, developers can get a realistic idea of what the finished project will look like and make changes accordingly.
If you’re a commercial real estate developer, virtual staging should be a part of your marketing strategy. It’s an essential tool that can help you avoid costly delays and ensure that your finished product is exactly what you want it to be.
Commercial vs Residential Real Estate Technology Use
While the transactional environment for both commercial and residential real estate has seen great strides in technology in recent years, there is a big difference between the way that each type of transaction is conducted. The use of technology in residential real estate transactions tends to be much more sophisticated than in commercial transactions.
This is likely due to the fact that commercial real estate transactions are generally much more complex than residential transactions. There are often multiple parties involved in a commercial transaction, each with its own specific needs and requirements. As such, the use of technology in commercial real estate tends to be more focused on streamlining communication and collaboration between all parties involved.
And, this presents a unique opportunity for commercial developers and property owners alike. By leveraging the latest technology, commercial developers and property owners can streamline their transactions and make them more efficient. In turn, this can help to speed up the entire process and close deals faster.
Additionally, using the latest tools in technology for developing commercial property marketing materials is a must for marketing on social media, as this is where the majority of people are searching for properties these days.
Are You Ready to Bring Your Commercial Real Estate Listings Into the 21st Century?
If you’re still using traditional marketing methods to sell or lease your commercial real estate, it’s time to make a change. Today’s prospects are looking for properties that are marketed using the latest technology, specifically virtual staging.
Virtual staging is an essential tool that can help you sell or lease your property faster. It’s the 21st-century way to market your property and it’s what today’s prospects are looking for. So, if you’re ready to bring your commercial real estate listings into the 21st century, now is the time to make the switch to virtual staging. To learn more or schedule an appointment, contact us today!