- December 1, 2021
- Posted by: Saman Saba
- Category: FSBO
How to Market a Commercial Property as a FSBO
When selling commercial real estate, ensuring the property is in top condition is not enough. With the tough competition, proper marketing strategies are essential for standing out from other sellers, finding qualified buyers, and getting the best offer. This is especially important when taking the For Sale By Owner (FSBO) route, which means selling a property without using a listing agent. Here are marketing tips to follow:
1. Take High-Quality Interior and Exterior Photos and Videos
Buyers look for the perfect property. The best way to gain their attention is to capture high-quality interior and exterior photos and videos. Since selling properties involves a highly visual process, the photos and videos used in the listing can make the difference between someone becoming a prospective buyer or a person skipping over the marketing materials.
That being said, it’s not advisable to use just a phone when taking property photos; hire a professional photographer instead. Besides having sufficient experience, they have the right photography equipment that can emphasize the best features of the property being sold. It’s also wise to invest in drone footage, particularly when the selling point is best highlighted in aerial view. Further, make sure to ask the photographer if they can create floorplans of the layout. Having a professional floorplan created can really be beneficial to prospective buyers in order to determine if the space will work for their needs, especially if they plan on occupying the space for their own business.
Additionally, it would be beneficial to have a virtual tour of the property which is extremely beneficial for commercial properties which have existing tenants. The reason for this is that by having a virtual tour, then you will not need to disrupt your tenants’ businesses in order to show the space. Instead, you can direct the prospective buyers to the virtual tour and only upon viewing the virtual tour and submitting an LOI will the buyer then have access to a real tour. This way, you can weed out a lot of non serious buyers, too.
2. Create a Marketing Flyer
Marketing flyers should be handed out during any showings or you can send them to prospective buyers beforehand. In addition to including photographs of the interior, exterior, and drone shots, they should also include the property address,, a description of the building, and the seller’s contact information.. It is also important to include a general idea of what the net operating costs and cap rate are for the property.
You can easily use tools like canva.com in order to create aesthetically pleasing brochures or alternatively, you can use websites like upwork.com and fiverr.com to hire graphic designers to create one for you.
3. List the Property Online
Online shopping is popular, and that is also applicable for real estate. This is why the internet is every property seller’s friend. To attract more potential buyers, list the property for sale online. Take note that this method can be hit or miss, so make sure the information about the property being sold is accurate. A a FSBO, you can utilize Loopnet and Craigslist to post your property.
Besides listing on real estate websites, make sure to share it on social media platforms, too! You can also run ads through these social media tools in order to garner even more attention to your property.
Specifically, you can hire a graphic designer to create an eye catching video which includes images of the property nd post this on youtube. Then, you can hire a marketer to run ads for you on youtube.
4. Share with a Personal Network of Contacts
Buyers never know if a friend or family member is interested in buying a commercial property. Don’t miss out on the opportunity to make a sale by informing them that you have space available.
5. Place High-Quality Signage Onsite
Putting a tiny “For Sale” sign on the property won’t make buyers reach out to sellers about their space because no one can see it. Consider having big custom signage made. Including important information about the property is also a great way to create high-quality leads and entice potential buyers who may be driving around the neighborhood looking to purchase real estate.
6. Work with a Real Estate Agent
While going with the FSBO route technically means not listing with a real estate agent, there’s still a good chance the buyer will work with one on the transaction. As such,you will likely need to work with the buyers agent to help close the deal.
Alternatively, once you have tried selling as a FSBO, you may realize that you do in fact want to hire a listing agent. After all, the process involved can be challenging, and partnering with a professional who knows their way around the world of real estate can be beneficial. It has many advantages beyond just completing paperwork and closing the deal.
Selling property via FSBO can save sellers money by avoiding paying the real estate agent a commission on the sale. To get top dollar for the property while making the procedure as hassle-free as possible, working with a real estate agent is worth considering.
How Can We Help You?
If you are interested in selling as a For Sale By Owner, you’re in the right place.Get the legal assistance you need to sell your FSBO property. Saman Saba is a real estate attorney in Maryland working to empower real estate sellers and buyers so that they may make better and more informed decisions regarding one of their most important assets: their residential properties.
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