So, you or your client has just bought a property. You have been involved with the process for a month or so and “sharpened” your pencil a time or two so you could win the bidding process.
Now what? Well generally, you will try to implement the business plan you have developed during the due diligence process, right? You know, the one where you cut expenses, do some renovations, build out some spec suites, add time saving and energy saving techniques, and oh yea, market the available space you have to fill the asset to the percentage in the business plan.
Over the past 30 years of working on capital market transactions, I have seen this process played out thousands of times. What I find interesting is that while there is new technology to monitor and measure different expenses, the physical needs of taking over a property, reviewing the budgets to look for savings, renovating and updating the property or systems and developing spec suites has not changed at all! We are dealing with a physical property that has certain characteristics and needs.
There are people and companies that excel at this take over process and have done it so many times, they have the process down to a science! The skills that are used to complete the takeover, while complicated and detailed are however, the science of owning a property while the leasing and re-leasing of the available space in the property I would call the art!
It seems even the Republican candidate for President of these United States agrees and named a book, “The Art of the Deal”. Therefore I must be right, right?
OK, let’s get to it!
I believe most of us would agree that properly positioning the property is extremely important and can save you money both in the short and the long run. However, you can only take this so far until you start wasting money and time. You have to remember that every dollar you spend needs to be returned plus a return. This positioning needs to go to a certain level and stop.
If you are the person that has to market the property for lease, sale debt or equity, you will need to evaluate this positioning and sell the positives and explain around the negatives. Therefore it would be a good idea to have thorough knowledge of the property and its systems.
So now let’s look at the “Art” of marketing!
If you are the person that is the team leader of the team in charge of leasing the building you are well aware that you have to achieve the goals set out in the business plan. The representative of the ownership of the property expects you to be focused and position your marketing campaign to achieve the goals they have made for this asset!
Over the next few weeks, I will focus on some of the different techniques I have seen and used to market properties over the past 30 years. I have tried, succeeded and failed in different attempts and market assets and may have some tips that will help you through without some of the failures I have had.
One reason we developed MYRETA was to assist in marketing. The functionality we call “My Property” lets you take a quick look at all of the properties you are marketing or managing. Having this ability in one place that allows you to look at your availabilities will save you time from looking in multiple places and make sure the availability are correct. Unlike other programs that let you just see a report, the MYRETA platform allows you to look at the information, change it in real time and make sure your information is correct and current.
Send me an email at [email protected] to set up a demo to see how MYRETA can assist you in becoming more efficient in marketing and managing your properties.