Whether you own a residential or commercial property, when it’s time to sell, it’s important that your broker utilizes all the tools available to maximize exposure. The level of marketing involved with a property sale will play a key role in the final outcome. In the previous article of this real estate series for brokers, we looked at positioning a place in its best light. Now we’ll move to the next step, which addresses the question: How can your broker get your property out to the widest audience?
Maximizing exposure when selling is a component I learned early on in my career as an investment sales broker, under the guidance of my mentors Paul Massey and Robert Knakal of Massey Knakal in New York City. Over the years I’ve observed how taking extra measures when marketing a property can help generate the most interest and maximize the acquisition price.
In the following sections, we’ll break down ways for your broker to spread the word and find the best buyers for a residential or commercial property.
Posting on Multiple Listing Services
Beginning with the basics, there are various channels that can be used to share information about the property. If you’re selling a residential property, you’ll want your broker to place your home on the local or regional multiple listing services. There are also services at a national level such as Zillow and Trulia, and StreetEasy can be used for properties in the New York City metro area. For commercial properties, sites that will help market a property include CoStar, LoopNet, and Crexi. Be sure your broker adds relevant data which will be helpful for buyers, such as dimensions and amenities that make a place stand out.
Taking it a step further, if your broker has a social media following, they can post details about a property with their audience. I’ve found that sharing videos on channels such as LinkedIn and Instagram often generate interest, and sometimes they grab attention more readily than pictures alone. Buyers frequently tune into a professional video that gives them a visual display of the property and its surroundings. Email lists and broker websites are additional ways to share information in a public way with interested buyers. These work best when e-newsletters include engaging content, and online sites are set up to accommodate mobile browsers.
Reaching Out Directly to Investors
While online communication may help to spread the word, the follow up conversations are what will help the sales process move forward. If a broker has sold other properties in the area, they can make the most of their connections. They might pick up the phone and make calls to buyers who missed out on the last deal and are still interested in purchasing a property.
In today’s digital world, sending out postcards or direct mailings can sometimes help set apart a property and catch the attention of investors. They might take the time to read through a piece of paper, especially if it has professional pictures and relevant details listed. Your broker can include contact information and follow up with a phone call if it seems like the property could be a good fit for the recipient.
Connecting with Others Near and Far
Brokers who are active in organizations will have additional resources when marketing a property. In today’s connected world, it’s very important to have an international reach. Even if a firm is global, that doesn’t necessarily mean that a broker is able to tap into its branches around the world. Make sure your broker has evidence that they can reach an international audience. Given current market conditions, we’ve seen an increase in foreign buyers in some areas. These players may be simply waiting to receive information about an asset that fits their buying criteria.
A Successful Track Record
If your broker has sold a number of properties, they can provide details about past transactions. They may also include a list of references or testimonials for each. For brokers who have built a brand, they can show you what that all includes, and how frequently they share information with their investor base.
To truly maximize the exposure of a property, it’s essential to have a broker lay the marketing foundation and then look for ways to go above and beyond. I’ve seen, time and again, how these extra measures can lead to higher prices and a strong track record. For brokers, these strategies can help both the buyers and sellers, and the brokerage business too. In the next article, we’ll look at the steps needed to properly negotiate the sales process. When this is carried out well, the end game can be a success for everyone involved.