Thursday, August 16, 2012

Great Idea - 2 Buildings For Price of 1

The agent doing this is not one I recall every speaking to, nor a marketing client of mine, but I give him a ton of points for coming up with a real estate marketing innovation.

Here is the story which calls attention to this:

http://www.bizjournals.com/albany/blog/2012/08/two-old-bank-buildings-one-novel.html


He realizes that, unlike residential real estate, not all commercial investment properties have a "location location location" priority. There are often companies or investors seeking a certain amount of space, and/or including external possibilities for warehousing, supplemental administrative staff, meeting or conference space, and/or to be able to appear to compete with a primary business. It could also be to house a wholesale and retail division, executive offices, or storefront with separate administrative offices.

When a business or investor is seeking more than one location, it means they need to review separate sets of property data and combine to fit their specific needs.

By marketing two buildings as one listing, a potential buyer can more easily gather the needed data, such as total square footage and overall facilities available. If this can truly be marketed as one transaction rather than two, it saves significant time and money compared with seeking two separate properties simultaneously and then attempting to negotiate separate deals on both.

Kudos to Rick Kessler of Prudential for taking this approach on these listings.

This is exactly the sort of thing that needs to become the norm in the real estate community. Based on the article, the buildings' owner had zero takers to this point. Without investigation, I'm guessing it was the usual two separate buildings advertised along with other commercial properties in a publication or two and on the usual web sites, and few cared or responded.

Yet, now, see what difference creativity could make. Granted, I'm not looking for commercial property near Albany, NY. However, the writer of the article was attracted to this story and saw the value to interest his readers. I saw the story, read it, and now know that I have a wonderful idea to add on to my advertising and marketing clients.

It already has me thinking how this concept could be adapted toward residential property selling as well. On occasion I'll see neighboring homes listed for sale through competing realty firms. Now I can suggest to my residential agent clients that if and as this happens to them (a neighboring property for sale via another agent) that they consider working together.

You won't get a situation where in-laws or brother/sisters with families could move in next to each other if you don't promote it as a possibility!

Let the others waste their time coming with up the statistics about home sales six months ago. Find the ways to get available properties sold.


2 comments:

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