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Getting a property sold in CRE involves much more than posting a listing. Finding the right buyer in the shortest possible time frame is a goal worth some proactive effort, so building a list of potential real estate investors is part of best practice.
What are some ways to build a strong buyer’s list? The aim is quality, not quantity. The list should be tailored specifically to your property, and should include people who are actively searching for their next investment.
Keep in mind that whatever the property or market, qualified prospects have these attributes:
- need commercial real estate services;
- know they need commercial real estate services;
- have the authority to act on their need;
- have the budget to back up their authority;
- feel a sense of urgency to act;
- know your company and has had a positive experience in the past;
- know you and likes and trusts you; and
- are willing to follow your guidance.
You can generate a list of companies whose commercial lease will expire soon using property leasing and mortgage information. Known as predictive analytics, this approach can help you forecast need by providing information on what properties are likely to go up for sale, and which leases and mortgages are set to expire. Staying on top of recent acquisitions and expansions can also reveal a need for additional space or relocation, which you may be able to facilitate.
Tools like REscour pull together curated CRE news, transactions, listings, lease information, and more, delivering email briefs and access to more in-depth data as well. Compstak is a free, crowdsourced comparables database. The service handles all of the data entry, and gives users access to complete transaction records in an easy to use, searchable format.
CRE listing sites often provide a wealth of data that can make finding your buyer more efficient. Brevitas connects sellers with fully vetted and qualified buyers, so you can skip the time-consuming step of checking into buyers’ background and transaction history.
Don’t forget to contact past clients to spread the word on available properties. Use your CRM to organize them into categories based on market, industry, and connections. This will increase your reach in a meaningful way, since prospective buyers will be more receptive to information from a friend or associate. Referrals have always been our bread and butter; technology and social media can multiply their benefits.
When you know your property and market, you can identify the types of buyers most likely to have an interest. Using tech tools can help you to find them more efficiently, verify their qualifications, and contact the decision-makers directly. The information is out there and at your service.
