When one thinks of property marketing, the first thing that often comes to mind is residential real estate. The term "creative" may not pop into your mind when addressing commercial properties, but it's paramount to effective marketing.
Similar to residential marketing, you must tailor your property marketing and advertising to the right commercial market. You must leverage digital marketing channels, from Google ads to social media. Property maintenance ensures commercial properties are ready for listing.
You can't achieve these outcomes without a dedicated (and experienced) property manager.
Get the ball rolling with these essential marketing tips.
Who Is Your Target Market?
Start by drafting a consumer profile for your ideal commercial tenant.
First, you'll need a rental analysis to assess the value of your property. This value will help define your monthly rental price. You should also assess surrounding property values and appreciation rates.
If your commercial property sits in an "up and coming" area, factor this into your tenant profile. You will need to include this crucial detail in your real estate listing copy, as well.
Next, consider the type of property you own.
Is the space built for a retail shop, restaurant, or office? Look at the area to see what the area needs; it may need a laundromat, a cafe, or a bookstore. You could even consult the local business community for ideas.
Of course, you're going to want a tenant who can prove their ability to pay the monthly lease. Thus, you would need to include a tenant's desired asset value or business size in the marketing profile. You may want to consider leasing or selling the property to a franchise.
Fix Up the Property For Real Estate Marketing
Step into the shoes of your ideal commercial tenant. How would they expect a property to look in real estate listings? How much do they want to invest in property repairs before their grand opening?
If you're not selling a property in "as is" condition, you'll want to rent it out monthly. Thus, you'll need to invest in property maintenance; this includes necessary repairs and upgrades. This plan may include new commercial kitchen upgrades, window replacements, wall treatments, and lighting installation.
Next, make the necessary exterior upgrades, like commercial painting, landscaping, parking lot repairs, and new awnings. These upgrades fall under the "curb appeal" category. You need clean and professional curb appeal to produce appealing real estate photos.
Create Property Marketing and Advertising Copy
Take a B2B (business-to-business) marketing approach. This type of consumer is looking for technical information and specifications. Include data like profit projections, surrounding property values, OSHA compliance, permits, and more.
Of course, you'll need to include square footage, the date the building was constructed, and all included upgrades.
Your property manager will develop compelling real estate copy designed to generate interest. They'll also submit to major commercial property listing sites for greater visibility.
Build a Profitable Commercial Property Portfolio
Property marketing and advertising is crucial for growing your commercial real estate portfolio. Remember the value of creating a tenant profile, property maintenance, and listing copy.
PMI Reno is an expert in commercial property marketing and more. Browse our full suite of services or call us today to speak to a property manager.
