Selling office and commercial property can be a daunting task. Some of the factors that determine how your property performs in the market includes its features and pricing. If you aren’t using a broker and have little knowledge on how to sell your property, finding a client can be difficult. In this post, we are going to look at some tips to market office and commercial property in Singapore.
Before we start discussing some marketing strategies for your property, you need to understand some common challenges sellers face.
Having little knowledge of the market will cost you
People don’t decide to sell their property every day. It’s not like a shoe shop where you are opened during weekdays. Some property owners usually go at it alone. Only a few of them usually get the right buyers.
First, you need to have sufficient knowledge of the market. One aspect you should focus on is pricing. You don’t want to push away potential buyers because your price is too high or seems too low for good quality. If you want to avoid all these problems, get a broker to do the promotion for you.
Using the wrong marketing techniques
Sometimes it takes too long to find a buyer for your property. You start wondering if there’s a problem with it. When you look closely, you discover that you’ve been using the wrong marketing strategy all along. Find out what the buyers really want in a property and identify the best marketing strategies to use.
Without wasting anymore time, let’s look at tips to market office and commercial property in Singapore.
Have a video footage of the space
When people come across a property on sell, they would immediately want to know how it looks like. This is especially true when they are miles away from the location. Taking a video is the wisest decision you can make. Start by getting a high quality camera for the job or hire a professional.
With a video footage, prospective buyers can see all they need to see. You can take them around the property highlighting the most attractive features. They will immediately have a strong connection to the place if they already like it. It’s better than trying to explain to them or having them travel long distances for viewing.
Rent the property for a couple of days
Many buyers won’t tell you but they would jump at the opportunity to use a property they are interested in for a couple of days. It’s no different from trying out a pair of pants at a clothing store. This is a tactic most sellers overlook and you can use it to your advantage. You must ensure that the space is clean and everything is in order.
Allow the potential buyers to rent the space at a minimal fee for a few days. This enables them to have a feel of the place and decide if it’s actually what they want. In most cases, buyers end up purchasing the space.
Use property agents from reputable agencies
We mentioned earlier in this post that getting an agent to help you sell is vital. There are various advantages of using an agent to market and sell your property. First, they have more knowledge about the market. They know the value of your property and clients who are likely to buy.
Secondly, they usually arrange for viewings and are usually present when prospective buyers come to have a look at the property on sale. With an agent, you don’t have to worry about your negotiating skills. Another benefit is that they will help spread word about your property to a wider audience, using strategies such as online marketing, SMS and print.
You don’t just get any type of real estate agent. Look for reputable agencies such as Orange Tee, PropNex and ERA.
Host an event in the property
As usual people should see your property before they decide to buy it. Some potential buyers will trust a friend/family member who has seen the property. Let’s say you have a space for an office that can hold around 12 individuals. One of the best ways to market it is to hold an event in that space.
Invite your colleagues, and friends. During the event, announce that the office is available. The attendees will help you get buyers, especially if they liked the event. You could even add an incentive for anyone who refers a client.
Promote your property through reselling/auction sites
Most Singaporeans naturally take to the internet to find residential/commercial property. There are some trusted reselling/auction company sites such as Savills, Knight Frank, Hubzu and Auction.com. Most of these companies have been in the business for decades so you won’t have to worry about their expertise.
If you use these sites to promote your property, you can be sure you will get in front of millions of internet users. Its agents will assess your property, determine the value and market it to prospective clients. Although you will part with a small fee for the services, it’s completely worth it.
Leverage social networks
People might not meet physically but the surely do socialize a lot on social networking sites such as Facebook and Twitter. Get on these platforms and let people know that you have property on sale. You will be surprised at the number of people who will make inquiries.
Let people discover your property
The first thing you’ll probably do when you start marketing your property is to get it in front of as many prospective buyers as possible. There are various tools you can use to achieve this.
First, start by installing “for sale” signs near the property and at high traffic places in the neighbourhood. Include your contact details so that buyers can easily find you. Secondly, use print advertisement. You can advertise with the local newspaper.
Advertise property on portals
The secret to finding buyers for your property is to market to as many people in Singapore as possible. One great way to do this is to use popular portals such as iProperty.com.sg, Propertyguru.com and 99.co. A 2018 study by SimilarWeb revealed that an average of 800,000 property seekers flock iProperty.com.sg every month. This confirms the fact that many people in Singapore use these platforms to find property for sale.
The advantages of using these portals is that you find the right buyer for your property (won’t take long to sale). Buyers can browse property according to characteristics such as type (commercial, residential), price and location.
Find buyers through VVIP property launch preview events
The high competition in the real estate industry in Singapore makes it difficult to find the right buyers for your property. By organizing VVIP property launch preview events, you increase your chances of getting buyers.
These events usually happen before the official launch of properties for sale. Invite potential clients and offer discounts to encourage them to buy your property. To make this strategy more effective, you can use real estate agents to help you market. This way, you will attract more Singaporeans and make more sales.
Target Internet users
We have looked at how you can use traditional means to reach out to your target audience. There is a high number of internet users in Singapore. This means a significant number of individuals will look for property online. Start by building a website. If you have a broker, they can use their own website. Place photos of the property and contact details on the site so that buyers can reach out to you.
To reach out to more people online, you need to improve the rankings of your site on search engines such as Google. Start by using search engine optimization (SEO). Among the various SEO tactics is making the site mobile friendly since man Singaporeans use their smartphones to access the net.
You can also use search engine marketing (SEM) where you basically pay to advertise your property on search engines.
Focus on the neighbourhood
When selling your property, remember you are also selling the neighbourhood. When potential clients reach to you, explain to them the benefits of the property on sale. It could be various restaurants for foodies or a place for showcasing art such as galleries for art enthusiasts.
The strategies discussed in this piece will help you land prospective buyers easily and seal the deal. Some strategies will be more efficient than others so when starting out do a mix of all of them. With the high number of internet users in Singapore, it is advisable to dedicate a significant budget on online marketing. If you need help with digital marketing techniques such as SEO and SEM, contact us.