Buying a real estate property is already tough on its own so imagine how it feels to participate in commercial property auctions. These highly intense accelerated marketing and bidding process takes not just guts but also a lot of calculated strategies and preparation. If you want to win one then you’ll have to arm yourself starting off with the following tips.
- Make it a point to read through.Each auction and every organizer differs and although majority may seem to have similar processes, they don’t offer the same opportunities so expect a different experience from each one. This is why it pays to do your research beforehand. Read up on the organizers and the event itself as well as look into the assets being sold off. Chances are you’ll receive a newsletter or brochure, physical and/or digital.
- Know what you’re getting yourself into.
Auctions have a lot of potential but they also require a lot from its participants and we don’t mean money. Bidding is as much a talent as it is a learned skill. Experts even suggest individuals to simply sit in and observe during their first commercial property auction. This way, one gets a grasp of what to expect.
- Prepare financing ahead of time.
Winning the bid is only the beginning. One has to provide for the necessary requirements to garner a win and in this case that can be translated to the down payment. It has to be paid at the auction day otherwise one loses the opportunity be default and gets disqualified. Besides, financing is not easy to come by and most of us will have to wait to get hold of it so prepare it early.
- Don’t play transparent.
Spotting a commercial property that fits the bill isn’t easy and when you do make sure not to tattle. Keep your thoughts and your emotions to yourself otherwise they can be used against you. A seller may increase their asking price or other bidders may see how promising the property is and compete against you.
- Validate and confirm information.
Before even attending commercial property auctions, take a look at the available assets and research on them. Validate seller-given information and do not hesitate to schedule a personal visit. Open houses are welcome. Also, it pays to bring a chartered surveyor with you to help you authenticate data and uncover others more.
Marketing a commercial property for sale London is essential in its disposal. It would be tremendously hard to sell something when potential consumers don’t even know that the asset is up for grabs. Moreover, advertising and spreading the word widens the market and helps increase demand which is great in terms of appraisal values. Remember that the higher the demand and the lesser the supply, the bigger the price.
But as much as marketing has its benefits, there too exists the other side of the coin. When done wrong, it can lead to unfortunate events and even a series thereof. What are they? Here, take a look.
Mistake #1: Employing the wrong methods.
The use of the wrong types and medium is not only useless, they’re also costly. They fail to achieve the purpose by which they were made primarily because they don’t fit right. Depending on certain factors like budget and market, the type of advertising will vary. This is not a one-size fits all concept.
Mistake #2: Overspending and poor budgeting.
Marketing should be well incorporated into the budget. There are costs attributed to it and such costs are part of the financials therefore if one will overdo it in this department, it can significantly affect one’s returns or profits.
Mistake #3: Failure to target the right market.
Who are the consumers or potential buyers of your commercial space? What do they want? What are they looking for? Demographics? How are they reached? These questions must be answered in order to be able to choose a marketing method that jives with the audience. For example, if your commercial property is situated within the food district, obviously a food establishment would be the most suitable client. If one’s chosen advertising is, let’s say residential related it would be futile.
Mistake #4: Insufficient information provided.
Always see to it that all information and data within the ad is complete. Of course brevity is important here but let us not forget that despite an ad’s briefness, it also has to be concise or in other words short and complete.
Mistake #5: Use of lackluster pitch.
Last but not the least, marketing a commercial property for sale London must come with a punch. The market is sprawling with many sellers and agents alike so competition is expected. One has to be interesting enough to be noticed. Your ad has to stand out.
Find out more about commercial properties at https://www.singerviellesales.com/.