facebook_pixel
Request a Quote

Here are 3 Important Tips on Selling Commercial Property

by Michael Croft on February 12, 2018 in Blog

The most effective tips on selling commercial property revolve around having a competitive advantage and then knowing how to best show it.

For instance, the commercial property you’re selling or leasing has a floor area of 1,500 square metres. It’s a clear competitive advantage (huge space ideal for offices and retail shops) and the best way to show it is by having detailed marketing drawings and allowing the potential tenant or buyer to visualise his or her business on that area. You can accomplish this through the following:

  1. Showing the floor plans (makes the prospect better understand the layout)
  2. Showing the car park layout (parking space, layout and dimensions are now important for prospects)
  3. Clearly showing the arrangement and positioning of desks, workstations and other office furniture (important when leasing or selling an office space)

Both beginners and experienced commercial real estate agents (and property developers and managers) will benefit from the above tips. They can now better show the competitive advantage while providing more value to the prospective tenant or buyer.

1. Showing the floor plans

Many other property developers and agents already have floor plans in their marketing arsenal. Before and after the sale, tenants and buyers find value in detailed floor plans when planning their store and office layout (and also when visualising potential renovations).

Specifically, what are floor plans used for? It provides the prospect a clear idea of the “flow of space.” In other words, floor plans show the relationships of areas to one another (e.g. how far the bathroom is and where it’s located). This way, the prospect can better visualise his or her business on the property you’re selling or renting out.

If you’re showcasing the property through a website, detailed floor plans may improve the clickthrough rates and the number of enquiries. Many prospects find great value in floor plans because it provides them more details that can guide them through a more informed decision.

Moreover, it saves the prospects some time because they won’t need to repeatedly visit the site. They can just view the floor plans and ask clarifying questions if need be. This then results to a faster progress of the transaction.

There’s a potential drawback though. There might be fewer enquiries because prospects realised early on that the commercial space is not ideal for them. These are the possible reasons:

  • Reception area is not large enough
  • The work area for employees appear to be cramped (each employee might need at least of 12 square metres for better comfort and focus)
  • Lack of dedicated spaces for the business owner and managers
  • Commercial property is not suited for the prospect’s business or purpose (e.g. space for a retail shop often requires minimal divisions to maximise the number of merchandise displayed)

Potential buyers and tenants often have varying requirements because of their specific conditions and purpose in mind. In addition, they might want to keep the costs down by avoiding renovations as much as possible.

Although there will be fewer enquiries because you’ve shown everything what is on offer, this could also result to communicating with prospects who have a higher chance of closing the transaction. That’s because the ones who sent enquiries realised that the property is better suited for them.

As a result, you also save time because you’ve “filtered out” the prospects with low chances of closing the transaction. Instead, you’re dedicating your time to the more interested ones. You can then better explain to them the advantages of the property you’re selling or renting out.

In summary, floor plans will assist you in accomplishing the following:

  • Receive more enquiries from prospects (floor plans may improve view or clickthrough rates)
  • Receive fewer but higher quality enquiries (you save time and dedicate more effort to prospects more interested in your property)
  • Better explain the flow of space in your commercial property (helps prospects in easy visualisation and decision making)

2. Showing the car park layout

Aside from the commercial property’s interior, prospective buyers and tenants also consider the parking area (layout, dimensions, manoeuvring into and around the car park). After all, the prospect’s employees and customers require a convenient car park for them to use.

For example, customers of supermarkets are potential frequent buyers (supermarkets often largely profit from repeat sales). These customers often seek convenience (especially if they buy from the supermarket weekly or monthly). One huge factor in that convenience is about parking their cars. If it’s too much of a hassle, customers might find other stores which have a more convenient car park.

It’s also the case with employees and managers who need to focus on the work instead of parking their vehicles. Every morning and after the shift, manoeuvring around the car park (and going into and out of it) should be as smooth as possible.

That’s why many property developers and managers also show the car park layout to their prospects. This provides additional value to the prospects because they know that the parking lot will give convenience to their respective employees and customers.

Not many sellers and agents realise yet the value of an accurate parking lot layout. This is where you’ll gain a huge competitive advantage. One main reason is that you’ll provide more useful information to your prospects.

The next question then is how do you get an accurate parking lot layout? It’s recommended to ensure accuracy and detail so prospects gain a complete set of information. In addition, it’s always recommended to give an accurate representation of what is on offer.

For instance, here at Geosurv we have created accurate car park layouts for commercial property developers and real estate agents. Aside from the actual layout, we also provided relevant information in relation to traffic management plans (how vehicles can conveniently enter and exit the parking lot).

3. Showing the existing furniture and permanent fixtures

Aside from floor plans and car park layouts (and take your commercial property marketing a step further), complete drawings and photos will also give you a competitive edge.

The drawings and photos should show the positioning of existing furniture and permanent fixtures (e.g. doors, windows). This allows for easier visualisation and planning on the part of the prospects.

For example, the property has a 50 metre by 30 metre dimension. It’s still hard to visualise that. But if you show how office desks and workstations (or shelves and racks for retail shops) are placed and arranged in that area, you make it easier for the prospects to plan and visualise.

Aside from the desks and shelves, you can also show the following in your drawings:

  • Positions of doors
  • Windows
  • Emphasis on partitioning
  • Indication of which walls and fixtures can be removed or reworked
  • Placement of wiring and outlets
  • Potential locations of appliances to be installed

These will better show prospects how their business will look like once they move in to the commercial property. In addition, it will guide them on how to plan and place their desks, workstations, shelves, filing cabinets, appliances, computers and their merchandise.

Tips on selling commercial property Sydney

Often, gaining a competitive advantage is about providing more value and useful information to the prospects. One way or another, the property you sell or renting out has several advantages. But it’s now up to you how to best showcase them to your potential buyers or tenants.

For instance, your property is best suited for an office. You can better communicate that message by doing the following things:

  • Show detailed floor plans so prospects will know quickly if the space is appropriate for their purpose
  • Show the car park layout and highlight the potential convenience for the prospects’ employees and managers
  • Show more details so prospects can better visualise the area and its use (emphasise where doors, windows, wiring and other fixtures are located)

The tips above similarly apply to retail shops, groceries, restaurants, cafes and other businesses. You can request to customise the drawings and diagrams depending on your target prospects.

Here at Geosurv, we create accurate drawings for use in the marketing of commercial property (either for leasing or selling). We do a thorough survey of the site and take accurate measurements. Our expert team is also flexible enough to comply with your specific requirements.

Contact us today and let’s discuss how detailed drawings can give you a competitive advantage in the market. During the call or when we respond to your enquiry, we can also give you a free quote. We service Sydney, Canberra, Wollongong, Newcastle, Adelaide, Cronulla and Gold Coast.