Is Your Listing Broker Doing His Job

Is Your Commercial Listing Broker Doing His Job? – Part 1

Sellers often wonder if their commercial listing broker is actually doing anything to sell their property. Usually, this question begins to gnaw at them once the initial flurry of listing activity is over, and some time has passed where they have yet to see any sign of progress. If you find yourself in this situation, it doesn’t necessarily mean your broker is a dud; it could just be that he isn’t communicating as often as you’d prefer. It’s possible your broker could be working like a champ, marketing to his investor and broker lists regularly, following up on leads, and even showing your property. But if you don’t hear about any of this activity, you’re right to wonder if he’s doing his job.

Communication

Every seller wants a different level of communication. Some only want to hear from their broker when there’s activity. Others want to get an update regularly, whether there is activity or not. So, there is no harm in letting your broker know you’d like to hear from him more frequently.

That being said, commercial real estate brokers do not have a good reputation, on the whole, for returning phone calls or emails to a prospective buyer. Don’t ask me why. It takes so much work to generate interest in a property; why anyone would fail to follow up boggles the mind. But unfortunately, it happens with some regularity.

If you suspect that is happening to you, you can have a friend make inquiries from time to time, posing as an interested buyer, to see how well your listing agent is following up—kind of like how retail establishments hire secret-shoppers to rate their employees’ customer service.

Be Proactive

Being proactive will save you time and secure a buyer faster, so it is important to be sure your broker is doing everything he could, and if he doesn’t, then know that sooner is better than later.

There is more to this subject. In part 2 of this article, we’ll talk about other ways you can determine if your listing broker is doing his job. In the meantime, if you want to learn more, check out our reviews, and then ask us to help you today.

How to Get Your Commercial Property Ready to Sell

How to Get Your Commercial Property Ready to Sell

Poorly positioned properties never really have a chance against the competition. So, you want to do everything you can to have the best shot at the market. Whether it’s a retail, office, or industrial, the basics of getting your commercial property ready to sell are the same.

Get Ready for the Market

Often commercial properties struggle because they aren’t really ready for the market. It could be because of deferred maintenance. As a general rule, in real estate sales, it will cost you much less to fix something than the discount you will have to give the buyer to purchase the property un-repaired. Of course, you don’t want to go overboard. We recommend that our sellers concentrate on getting their building “clean and working” before spending money on flashy upgrades which often don’t pay for themselves.

Still, a clean and well-maintained building can often struggle because of poor pricing strategy. Obviously, you want to get as much as possible for the property without pricing yourself out of the market. But just how far you can push depends on a lot of factors. Looking at your property from a buyer’s perspective is one of the keys to hitting the right price point right out of the gate.

Even when a property is in great condition and priced right, it can still struggle to get attention because of a poor listing. Let’s be honest, some folks just do the bare minimum. And that applies as often as not to broker listings with commercial services like LoopNet and CoStar. Your listing needs to break through the noise of the competition, grab a prospect’s attention, and then tell them a compelling enough story to get them to take the time to learn more. That is done by spending the hours necessary to gather and upload the required detail and photos. The more thorough the listing, the easier it is for a buyer prospect to engage your property.

Get Help

McBride & Ceaballos is ready to help you sell your commercial property. If you want to learn more, check out our reviews, and then ask us to help you today.