Most of us have heard the saying, “The customer is always right.” If you attempt to sell something and people aren’t interested, there must be something amiss with your sales strategy or the product.
If you’ve put what you think should be a hot property on the market but haven’t attracted any prospective buyers, there’s probably a reason that people aren’t interested. If you’re wondering what to do if your commercial property is not selling, we recommend identifying and fixing the issue ASAP.
Based on our experience and other expert sources, here are some common reasons your property isn’t attracting buyers.
1. The price isn’t right.
If you’re asking for an excessive amount in the context of local economic conditions, you might struggle to find buyers. Conducting a commercial real estate market analysis of the surrounding area and considering the prices of similar properties in the region can help.
2. You need to ramp up your marketing efforts.
If your property has appealing features but is lingering on the market, the problem could be a lack of awareness. Real estate buyers can’t purchase what you’re offering if they don’t know it exists. The answer to your troubles could be a multi-media marketing campaign targeting your audience via their preferred channels, whether that’s physical flyers or social media posts.
3. You haven’t defined your target audience.
Whether you’re selling commercial real estate or any other product or service, you must know who you’re targeting with your promotional efforts, according to Small Business Brief. Once you know whose attention you’re trying to grab in terms of demographics, you can craft an effective strategy for reaching them via their preferred methods of communication, such as online listings.
4. Your property needs improvement to make a great first impression.
A well-maintained building is more attractive to prospective buyers than one that looks run down. Subsequently, if your property isn’t selling, it’s possible that property management and development services could spruce the place up and solve your problem.
5. You need to work with a better commercial real estate broker.
Your current real estate broker could be the reason your commercial property isn’t selling. A more experienced and strategic broker can assist with all the above points and generate some buzz surrounding your real estate.
If you need assistance selling commercial property, the Avalon Realty Associates team is here to help. We’ll market your property like we own it and can handle everything from pricing model creation to property inspection with our full-service real estate brokerage system.
Start now by visiting our Contact Us page, calling 847-506-1000, or emailing info@avalonreal.com.