Are you adding your first commercial property to your investment portfolio?
It's important to understand that marketing commercial properties is quite different from promoting residential units. You must indeed list both on real estate listing sites to attract tenants, but the target demographic has starkly different wants and needs.
For example, commercial tenants must consider their customer service strategy every step of the way. The look, feel, size, and address of the location must align perfectly.
Let's take a closer look at relevant property marketing and advertising strategies.
Data, Data, Data!
When marketing to residents, you would typically highlight the structural (and stylish) benefits of the home. However, when marketing to commercial leads, you need to highlight the profitability potential of the space.
For example, talk about how the location is positioned in an area that's poised to grow.
Do you have a space located in a city that's on the verge?
Even better!
Areas that receive good foot traffic (or are expected to receive traffic) are a big draw.
Spaces located with other stores and services are another quality. For example, if your ice cream shop space is located next to a restaurant, that location has the potential to attract even more business.
Is your space located in a college town?
This is the perfect opportunity to market a laundromat space or a new grocery space to small business owners who want to start off strong.
Commercial spaces also include warehouses. These spaces do much better in industrial areas. You would market these spaces to people who want to become distributors or small businesses who operate their own warehouses.
Show data that proves the potential of these spaces. Turn this data into visuals. Includes these charts in your real estate listings to attract serious commercial buyers.
Take Compelling Real Estate Photos
One of the problems with commercial real estate marketing is photography. Empty commercial spaces don't exactly shine in listing photos. Thus, you're often left with photos that don't do the space justice.
It's worth cleaning up a commercial space after a previous tenant moves out. This will help you take better photos, helping leads envision their business goals in your space.
Commercial property repairs should include:
- New flooring (carpeting, hardwood, etc.)
- Window replacements
- Interior and exterior paint jobs
Hold back on certain repairs like countertops. Prospective tenants may want to gut out the space and completely remodel it before opening. Thus, you don't have to spend as much on repairs, unlike a residential property.
Depersonalize the space, as well. Remove any old or broken signage. Paint over any murals or decorative details that may detract from showings.
Improve Your Property Marketing and Advertising
Remember, commercial properties are a whole new game.
Start your commercial portfolio off strong with a relevant marketing strategy that speaks to your target demographic. Even better, you can partner with a property management company with years of experience in property marketing and advertising.
PMI Central Oregon wants to be that commercial real estate partner. Learn more about our marketing services or contact us today to book a meeting.
