This post originally appeared on MDL Group's blog and has been republished with permission. Learn how to syndicate your content on theBrokerList.
As the market leader in commercial property management and brokerage in Las Vegas, we are committed to not only meeting but exceeding our clients' expectations, and one of the keys to our success is transparency.
We believe in being open and honest with our clients and will never play the typical “broker games” – for example, telling them they have a hidden buyer and then trying to get them to lower their price later – so we've compiled a list of the most frequently asked questions from our clients and published the answers in a blog series.
In this blog we will answer the frequently asked question: “How do I sell my property?”
There is magic in marketing
Effective marketing is essential to attracting the right tenants and buyers and achieving your goals, and at MDL Group, we employ comprehensive marketing strategies to ensure maximum exposure and success for your property.
MDL's comprehensive marketing strategy
MDL Group's marketing strategy integrates traditional and digital tools to maximize exposure and attract the right tenants and buyers. Below is an overview of our key marketing tools and strategies:
– Professional photography and videography: High-quality images, videos, drone footage and virtual tours to showcase your property.
– Online Listings and Platforms: We list your property on top commercial real estate platforms such as RealNex, CoStar, LoopNet, Crexi, etc. If applicable, we may also create a dedicated real estate website to list your high-profile properties.
– Digital marketing campaign: Email marketing targeted to a vast database of potential buyers, tenants and brokers, as well as a social media campaign to generate interest.
– Direct marketing materials: Professional brochures, flyers and strategic signage to capture local interest.
– Networking and Outreach: Leverage broker events, open houses and industry connections to reach qualified prospects.
– Market Analysis and Reporting: A thorough market analysis to develop your strategy, including identifying your target demographic, competing properties and current market trends. Regular updates on your marketing progress including metrics such as enquiries, website traffic and engagement levels.
Every property is unique, and so is our marketing approach. We customize our strategy to highlight your property's specific strengths and opportunities. By understanding your goals and your property's unique attributes, we develop a customized marketing plan that maximizes exposure and attracts the right tenants and buyers.
Listing Agreement Implementation Schedule
After the real estate purchase and sale agreement is signed, clients are often not kept informed of the progress of their real estate transaction. To give you an idea of what goes on behind the scenes to prepare your property for the market, we present MDL Group's execution timeline.
Phase 1: Pre-marketing activities
The first stage is your internal preparation period, or “quiet phase,” where you gather everything you need to create marketing materials to promote your listing.
These items include drone photos, video of the space, floor plans, power availability, excluded uses, parking rates, zoning, etc. The goal is to present the property “at its best” and make a good first impression when the property “hits the market.” Once we have everything we need, our in-house marketing team will create the materials needed to list your property. This includes:
– Signs
– Pamphlet
– Application Requirements
– Mass email sending
– Social Media Posts
– Uploading to various list sites
Phase 2: Marketing launch activities
Once the pre-event activities are complete, we prepare your property to “go live.” We believe in listing your property simultaneously on multiple commercial real estate sites where it will receive the most exposure. We have four primary sites and five to six secondary sites in our market. This coordination, along with digital marketing through email blasts to the agent community, and our proprietary database of potential buyers and tenants, gives us the broadest market exposure. We augment this outreach with social media posts to further increase awareness.
Phase 3: Responding to inquiries
Response to property inquiries and screening potential buyers/tenants involves multiple steps. Enquiries usually come from multiple sources – phone, email or our social media accounts. Text messages are also popular these days. At this stage, we:
– Answer numerous questions from potential customers
– Ask probing questions to determine the legitimacy and qualifications of potential buyers/tenants
– Understand prospective buyers’ motivations and match factors like zoning, timing, and financing
After screening potential buyers/tenants and gathering information from them, we sign confidentiality agreements and provide them with the information they need to evaluate the property. Throughout this stage, we continue to market the property to potential buyers/tenants and brokers.
Phase 4: Property viewing
Once you've screened potential buyers and tenants, you start showing the property to those who fit the criteria. You also conduct tours for brokers who want to see the property before recommending it to their clients. Before the tours begin, make sure the property is properly “prepared” for visitors. This includes arriving early to turn on all the lights, making sure the temperature is comfortable, and clearing away any trash or other eyesores. This seems simple, but it's crucial.
During the viewing stage, potential buyers/tenants may make multiple visits, or “revisits,” to the property to determine whether it meets their needs.
Additionally, we may host an event at your space to showcase its features to the agent community. The open house format allows industry professionals to become familiar with your property and facilitate pre-qualification of potential buyers/tenants, increasing exposure and interest in your property.
Phase 5: Confirmation and Closing of Offer
Once you receive an offer, we review and negotiate whether it meets your goals. This phase includes:
– We review all offers and provide detailed information on each potential buyer/tenant
– Creating a shortlist of the most promising candidates
– If necessary, request the “highest and best” offer from finalists
After we select a preferred buyer or tenant and accept your bid, we proceed with the necessary legal and financial steps to finalize the transaction. We will continue to market your property until the close of escrow or receipt of a signed lease.
Conclusion
Effectively marketing your property requires a comprehensive and strategic approach. At MDL Group, we combine professional visual, digital and direct marketing, strategic outreach and regular reporting to help your property stand out in the competitive commercial real estate market. Our goal is to achieve the best possible results for your investment.
If you would like more answers to your commercial real estate questions, check out our Learning Center.
The next blog in our “Answers to the Most Frequently Asked Questions from Broker Clients” series is “What is the difference between a LOI, PSA, and RFP?”
It all starts with a conversation. Let us know how we can help you. Contact MDL Group.