Commercial Property: When Time Comes to Sell (Part 2)

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stealth

Last week, you explored the various Selling methods available to you — which ones were the preferred, and why.

Plus, you were also given some initial insight into the benefits of using Web (or “Stealth”) Marketing techniques. But how does this differ from traditional marketing for Commercial property?

Traditional Marketing tends to adopt a “scatter gun” approach — which depends heavily upon expensive media advertising and a detailed Information Memorandum.

Whereas, Stealth Marketing is more like using a “laser gun” … focusing on your target market — using a personalised direct-email campaign; PLUS a dedicated website, to explain everything about the Property.

If you’d like, you can find out even more about Stealth Marketing. Meanwhile, you’re probably wondering …

What else should you Expect from your Selling Agent?

  1. Your agent should be able to explain the current state of the market to you in detail. As well as providing a firm estimate of the likely price for your property.
  2. But you’re entitled to expect a whole lot more. And so, by way of a quick checklist … a good selling Agent should also:
  3. Gather and collate all necessary information to ensure purchasers will be fully informed, and capable of making a decision to buy;
  4. Liaise with you and your lawyers, to make sure the documentation is fully complete and correct;
  5. Create a dedicated website (or at least several webpages) for your property — making everything available to prospective buyers, in exchange for their contact details.
  6. Co-ordinate the overall marketing campaign: Mailing out brochures and letters (or preferably, sending out personally-addressed emails, with direct links for the website) to those potential purchasers known to be currently active in the market;
  7. Try to secure editorial coverage within the various media being used;
  8. Qualify and record all the enquiries that are generated throughout the marketing campaign;
  9. Arrange for the various inspections to take place;
  10. Prepare prospective buyers for the actual Auction, or Tender;
  11. Keep you advised as to progress, on at least a weekly basis;
  12. Ensure all preparations are made, so that everything runs smoothly on the day of the Auction, or the close of Tenders;
  13. Conduct the Auction (or open the Tenders with you); and attend to signing of the contracts with the successful purchasers;
  14. Depending upon local requirements, ensure an early release of the deposit;
  15. Follow up with your lawyers to ensure that the documents have been executed to their satisfaction; and
  16. Once the deposit has been released … account to you with the deposit monies, 30 days after the sale — setting everything out in a detailed statement for the sale.

Bottom Line: Unless your selling Agent is proposing to undertake these vital 16 steps on your behalf … then you should be looking elsewhere.

 

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