The Property Market The fallout from the global financial crisis of 2008 has greatlyaffected the property market. Financial borrowings are far more difficult to attain and jobsecurity (or lack thereof) has a significant bearing on thedemand to sell and buy property. Relaxing government regulations has made it easier forindividuals to develop their current homes, meaning theyhave less desire to move property. The letting market is on the rise and first time buyers are fewand far between. All this creates significant challenges to those organisationstasked with marketing and selling property. Fortunately there are a number of tactics you can undertaketo improve your chances of selling or letting your property.
Research the Best Agents Having the right agent is crucial in promoting and selling your property. In order to source the best agents it is imperative that you put in thenecessary research. Make sure that you gather all the appropriate information about eachpotential agent. Find out how they operate, who they know, their experienceand track record. An agent will likely be the first person potential buyers meet and will betasked with presenting the property in its best light. With first impressions ina property so important make sure that your agent makes the house aswelcoming and attractive as possible. Little things like turning on the heating and lighting can make the differencein getting potential buyers to commit to their interest. A cold, dark anduninviting flat is unlikely to attract a great deal of interest. Furthermore agents are often tasked with Property PR; attracting interestand marketing your property to the general public. A lot of realtors, due to the number of properties they have on their books,operate a generic marketing strategy often involving uninspiring emailmarketing. If properties are not targeted and pitched to the right audience in line withtheir property requirements then it can take months before a property is sold. Make sure your property marketing efforts are reaching the right peopleotherwise it is a waste of you and your realtor’s time.
Offer Help in Refurbishment Another tactic for attracting buyers is the offer to help withrefurbishment or fittings in the property. Particularly attractive to commercial units, helping in cuttingthe costs of preparing and fitting the property will help toattract more buyers. Offer a discount on the sale price as a contribution to therefurbishment costs.
Be Flexible in the Property Usage Offer more to the buyer by being flexible in the use of theproperty. When sealing a commercial property consider the facilitiesand amenities in the local area, You can target local businesses wanting to expand or makebusinesses aware of an opportunity to provide a new shop orservice which is currently unavailable.
Offer Rent Breaks Offering rent free periods in the let are an age old tactic forattracting interest in commercial property. Whilst obviously great for the tenant and three month’s rentover 6 months is better than none, it is crucial that you vet allthe possible tenants scrupulously. This will avoid attracting people who want simply to takeadvantage of the rent break and may struggle to pay the rentafter that time is over. Offering rent free periods may well attract organisationslooking for longer term tenancies. With the 10-15 year lease of a standard high street store youcan afford to offer a year rent free as you have guaranteedincome for a longer period of time.
Don’t Forget the Current Tenants Finally, make sure and not forget the buyer which may wellbe right under your nose. The current tenants may be interested in buying the property. It will save a lot of time, money and hassle if they wereinterested in buying so it is always worth asking just in case.