Don’t Drop Your Pants on Your Listing Price Until You’ve Tried These Things First!
As much as real estate agents love to say that we know what a property is going to sell and lease for, we can’t look into a crystal ball and see the future. There are many factors at play that influence the market or demand for properties and these conditions can change very quickly. That being said, we can monitor and (to a point) influence value through comprehensive marketing and supplying thorough information.
For example, last month Jackson Brenchley of our commercial sales & leasing team managed to secure two tenants for a pair of factories in Epping at a higher rental price than the previous agent AND for more than what others were asking in the area. Was it just because he’s a suave negotiator? We’re sure Jackson thinks so, but the real reason was that the asking price wasn’t why a deal hadn’t occurred yet; our statistical research showed that there were lots of people looking at the property online but there were limited enquiries and no results.
When there is lots of online activity but no result, the blockage is one of three reasons:
- Presentation
- Positioning
- Price
It’s just a matter of figuring out which one is holding back a deal!
Before you drop the rent or sale price property owners must try the following changes:
- Obtain quality photos
- Supplying a floor plan and confirming the size is correct
- Feature a virtual tour
- Supply as much accurate information as you can about the property
- Respond quickly to enquiry and pre-qualify before an inspection; make sure it is suitable to the person’s needs
- Place prominent signage (if possible) at the front of the property
- Feature the property on all major commercial real estate websites
- Assess the market reacting to changes, are online views and enquiries increasing or decreasing?
All of these points are included as a part of Modo’s marketing strategy and are free to our exclusive clients.
If you are interested in knowing more about what we can do to improve the value of your property and deliver a fast result, get in touch with our friendly team today.
Sometimes the price is the blockage but it is a lazy Agent who will jump to that conclusion first.
