23 Jan 5 Reasons Your Commercial Property Hasn’t Sold
Selling your commercial property should be easy right? Demand is up, communities are thriving and people who have money are spending it. However, sometimes you may feel that your commercial property has been on the market for ages and not a dent has been made in hopes of a sale.
So what are some reasons why your property might not be selling? Let’s take a look below.
- People Don’t Know Your Property is For Sale
This may seem obvious. In fact, sometimes things are so obvious that you may forget to think of them at all. If buyers do not know that your building, property, complex or unit is for sale; then it likely will never sell. Gone are the days where a simple sign outside the property would attract buyers.
Sure, you may be able to find one in this manner, but you’ll want to use all avenues available to reach buyers. Signs, print ads, a user-friendly website, social media presence, internet / social media ads, and personal outreach all mesh to create a comprehensive marketing plan. So, remember to get the news out that your property is for sale by any means necessary.
- Your Price Doesn’t Match the Value
Remember at the end of the day you are here to sell your property. Of course, you want to make top dollar, but it is important that your property is priced to sell at current market value. If your property is clearly worth a significant amount lower than your asking price, you may want to reevaluate.
Check out other similar properties with comparable specs to gauge the price range yours should fall under. If you feel your property is priced fairly, make sure you are showcasing the value of your property justifies the cost. Make sure you point out various “selling points” such as incentives, location, features, and uses. And if you still feel as though you can’t confidently determine an accurate value for your property, consider hiring a commercial real estate broker.
- Your Marketing Efforts Haven’t Reached Your Target Market
You’re thinking to yourself, “people know my property is for sale and it’s priced fairly. What’s the problem?” Well, your advertising and marketing efforts may have not reached your target demographic for buyers. For example, you may read the WSJ, but your target buyer may not. You may speak English, but if your property is in an area where the demographic is primarily Hispanic, you may want to advertise in Spanish or on Spanish-speaking outlets. Making sure your property is seen by those who want to buy it is an important sales tactic to consider.
- You Have not Been Proactive
Though you can push ads all day, it is important to get out and do work. Start a conversation with potential buyers. Be proactive in your outreach to them. Starting with traditional mail and moving on to calls, texts or emails is a good way to reach out and gauge who may be interested. Follow up with legitimate buyers with a personal yet professional approach to help them with any questions they may have.
- Your Property Has an Issue
Let’s be honest this could be one of the most likely reasons your property is not selling. If it is dilapidated, rundown, unappealing or attached to any negativity, people will not want to buy. Make sure you take care of any repairs, cleanings, and updates to the property prior to photographing and listing it. The exterior creates a first impression, so be sure it is in prime condition. Potential buyers will judge a book by its cover when looking for properties, so be sure yours is as pristine as possible.
Though sometimes sales can be easy, and other times they can be an uphill battle – try to implement some of the practices mentioned above for a quicker sale of your commercial property. In 2018, the average marketing time for a property to be sold or leased in Baton Rouge was 326 days. The average marketing time for a property listed by Elifin Realty was 111 days. If you need help listing, leasing, or selling your commercial property contact us today.