Commercial real estate is a highly competitive industry. If you plan to invest in it, you must adopt the right commercial marketing strategies to make your property get noticed quickly by the target market. After all, an empty property isn’t making you any money.
You wouldn’t want to make losses when investing in commercial property. That’s why you ought to do everything possible to maximize your property’s potential to the fullest. If you do so, rest easy that you’ll improve your profit margin. Let’s take a look at a few marketing strategies that can help you reach out to prospective tenants.
Analyzing the Physical Location
Your property’s location can make it less or more appealing to the target clients. For instance, a business dependent on foot traffic (like a gift shop) likely wouldn’t be interested in renting a space with no nearby sidewalks or frequent commuter locations. Some businesses will pass up a property located in a less than ideal environment–for instance, a professional office won’t want to make employees or clients walk through tall grass to get inside. Finally, an area prone to severe weather may not appeal to many clients at all. Know the environment around your property and which businesses are likely to take interest or pass you up entirely.
Upgrading the Property
Upgrading your commercial property to suit the interests of your target clients can make it more appealing. So, what upgrades will increase the value of your commercial property? Consider the following options:
- Improve the building’s exterior to add curb appeal
- Install security systems like alarms, gates, and surveillance cameras
- Improve your parking space’s functionality and visual appeal
- Plant flowers or decorative flora outside
Pro Tip: You have to ensure that the upgrades you intend to do are legal. Find out the local zoning laws, building codes, and environmental regulations.
Promoting to Your Target Audience
Once you’ve upgraded your commercial property, adopt the most effective marketing campaigns to penetrate your target market. Obtain listings that are exclusive by type, for a specific term of approximately six months. Reach out to your target audience and emphasize the property features that are relevant to them. Use professionally created physical and online marketing materials to get your property in front of potential clients. Know who you’re selling to and focus on them.
Implementing these commercial property marketing strategies will help you get qualified prospects. Evaluate your target market needs and incorporate them in your commercial property. By doing so, you’ll make the property more appealing to the target demographic.
Contact us to learn more commercial property marketing strategies.
Real estate marketing photography is an indispensable tool in the property management sector. Every prospective tenant viewing property listings on the internet would want to see photos before closing a deal. As a marketer, you need to capture the buyers’ attention by posting high-quality photos.
Posting professional photos is the best marketing strategy in the real estate sector. It helps to attract thousands of potential buyers and increase the number of inquiries. You’ll also earn more clicks on online listings. That’s why hiring a professional photographer is essential in real estate marketing. Here are just a few ways to make your pictures look as appealing as possible.
What Not to Do
When taking real estate marketing photos, you need to minimize photography errors. Do your best to avoid these mistakes:
- Taking photographs that make your property look smaller than its actual size
- Posting real estate photographs of cluttered, dirty spaces
- Taking tilted pictures that make the property appear lopsided
- Setting up improper lighting and photographing dark spaces
- Taking blurry pictures
Thankfully, these mistakes are easily corrected with a few extra minutes of work. Check your pictures before leaving the property and retake any that didn’t turn out well.
Pro Tip: Potential tenants want to see property photos before renting from you, and they want to know they’re getting a high-quality property. Blurry or poorly lit photos can turn people off and make it harder to rent your space out.
Now that we’ve covered what not to do, it’s time to look at a few excellent photography strategies to ensure you get the best pictures possible:
- Identify the spots you’ll need to capture. Consider making a pre-photography checklist to ensure you don’t forget certain areas.
- Declutter the area and clean up: dust, vacuum, etc. Remove any item that can lower photo quality.
- Use natural light coming from the windows when shooting the house interiors. In areas with low natural light, use artificial light strategically to prevent color washing out.
- Avoid taking exterior photos in the middle of the day when there is too much sunlight. Shadows might compromise the quality of your photos.
- Take photos of the property from different angles. If possible, you can also take the images at different times of the day.
Posting Your Photos
Once you’ve taken all the photos, you should carefully select the ones to use for real estate marketing. Put yourself in the potential buyers’ shoes and choose the pictures that intrigue your interest. Then it’s time to edit. Use special photo editing software to touch up your photographs wherever necessary. Correct color, sharpen the image, straighten tilted photos, play with the contrast or lighting, and even edit out clutter. Once your pictures look their best, it’s time to post them and wait for interested buyers to contact you.
Show Off Your Properties!
Excellent photography work and regular online listings both contribute to higher interest in your properties. Don’t hesitate to invest in tools that can boost the quality of your photos too. Displaying appealing photos will intrigue potential renters and help you get your property filled that much faster.
Contact us to learn more about real estate marketing photography.
College marks a major turning point in many people’s lives. Between the study-intensive lifestyle and new living arrangements, students have plenty to deal with. And any student who chooses to live on campus or nearby has to contend with finding suitable housing options too.
Choices for Students
Your college residence choice will impact everything from your daily commute to your utility costs and social life. Before you make a decision, it helps to know the pros and cons of several popular student housing options. Here are several of the most common types:
- University housing
- Off-campus housing
Dormitories are historically the “default” student housing. College culture places a lot of emphasis on dorm life, and most people associate a college education with living in a dormitory. They certainly have their advantages. Rather than keeping track of utility bills, rent, internet costs, and more, students simply pay a lump sum that includes all their housing expenses. Living on campus can also cut down your commute time significantly, since you only have to walk to another building rather than drive across town to school.
Pro Tip: Some colleges require first-year students to live on campus. See if your college places any restrictions on where you can live and when.
2) University Housing
University housing is technically still owned by the college and located on their property, but it’s not a dorm. These residence halls are typically more comparable to traditional apartments in their style and layout. While university rules may still apply, this type of housing is a good middle ground between dorm life and renting an apartment.
3) Off-Campus Housing
Finally, the final common option for student housing is living off-campus. This can take several forms, from staying at home to renting an apartment near the school. Students looking for independent living may prefer finding an apartment to somewhat distance themselves from the potentially noisy, cramped dorms. Just remember that apartment costs are distributed between rent, utilities, and more, so you can’t simply pay a lump sum like you would in a dorm setting.
Taking the Plunge
Starting college is stressful enough. Don’t make things harder on yourself by rushing your housing choice! Make the decision that works best for your schedule and lifestyle, and give yourself plenty of time to choose.
Contact us for more information on choosing college housing options.
With remote working on the rise and social distancing measures still in place, the state of businesses or properties has changed significantly. For many retailers or properties that have accrued a large amount of debt, beginning the receivership process may be the next step. Unlike liquidation that often spells the end of business altogether, receivership can be a move in the right direction for recovering and preserving business assets of all kinds.
Understanding receivership is an important first step in initiating the process and finding a trustworthy receiver. While the process appears complicated at first glance, closer inspection reveals a relatively straightforward system with a definite goal in mind. Let’s take a closer look at what receivership entails.
The Receivership Process
The process of receivership begins when a court appoints a receiver agent to take over managing a property and help lenders recover losses, or when the company decides to hire a receiver themselves for the same reasons. In either case, the receiver enters as a neutral third party. They assume legal ownership of the property in all but name, taking over all responsibilities and money management. The receiver then continues to keep the company functioning while gradually paying back the company’s creditors to reduce the debt.
The End Goal
Ultimately, receivership is about satisfying both the borrower and the lender in a professional relationship. For lenders, it’s a helpful way to make sure the business’s income is being used for incoming bills. Having a receiver in place can help keep business owners accountable, reducing the chances of rent skimming or waste.
- Rent Skimming – When business owners use any income from rent payment toward something other than paying the mortgage or maintaining the property.
- Waste – When business owners neglect the needs of their property or building, which ultimately affects the real estate value.
With a receiver acting on behalf of the court’s order, there is authority in place to protect company assets. At the end of the day, the goal is to help a business recover. In the same way, creditors are given the opportunity to recoup more of their funds, allowing all parties to maximize profitability.
Pro Tip: Finding the right administrative receiver for a property doesn’t have to be difficult. If a business is facing foreclosure, it’s important to get in touch with a qualified attorney to make the right steps.
Securing Your Assets
Giving up control of your property may seem daunting. However, handing the reins to a trustworthy receiver is the best decision you could make in dire financial straits. Let us come alongside you and help you improve your situation.
Tarantino Properties offers professional receivership services to any business that needs it, including multifamily, senior living, commercial, and student housing properties. Get in touch with us to get the receivership process started.
Marketing and advertising efforts must adapt to different seasons as people’s immediate needs change. Your property is no exception! Potential renters in the late summer and early autumn are sure to look twice at a location designed to appeal to them.
Maintaining an Appealing Property
This time of year, tenants have a very specific list of property traits in mind. Does your space measure up? In the warm summer and autumn months, potential renters tend to look for these features:
- Reliable air conditioning
- Healthy plants
- Lit outdoor walkways
1) Reliable Air Conditioning
Houston summers are miserably hot. Most buildings in Houston already have air conditioning, but when was the last time you tested or upgraded it? Make sure the AC systems in your properties are working and keeping your buildings at a comfortable temperature for when potential tenants visit.
2) Healthy Plants
A well-maintained lawn is an appealing sight in the summer sun. Keep the lawn mowed and the weeds pulled for a professional appearance. Additionally, consider spreading mulch in flowerbeds to retain moisture, or set up an irrigation system to keep all the plants watered. Don’t let the Houston summer destroy your lawn!
Pro Tip: Plenty of colorful flowers thrive in direct sunlight and high temperatures. Liven up your property’s exterior with some natural beauty this summer!
3) Lit Outdoor Walkways
Heat and bright sunlight can make daytime walks unpleasant. As summer continues, some people choose to take walks or run their errands later in the day to avoid the worst of the heat. Any tenants who are out late will definitely appreciate well-lit walkways to or between your buildings! Give your properties a safe and professional appearance.
Give Your Tenants What They Want
Business owners have to market to their target audience by understanding and offering features that their clients want. As a property owner, your job is very similar. In addition to keeping your property maintained, you have to learn which summer features your potential tenants will want and make sure to offer them.
Connect with us for more tips on making your property as appealing as possible.
With many small businesses experiencing a decline in earnings, many business owners are having to resort to receivership. That being said, what one company encounters may not look the same for another. In real estate, understanding the different types of receivership is crucial when preparing for your business’s future.
When a company is struggling to pay back loan payments, the bank will start taking remedial action. This is the job of a receiver. They act on behalf of a property owner by taking control of everything related to the financial and operational functions of the business. Learn more about the different types of receiverships.
In the broadest sense, the processes of administration and administrative receivership are fundamentally different. In administration, the company’s directors are replaced by a licensed Insolvency Practitioner, and all creditor action is stopped. An administrative receiver, on the other hand, will invariably give all authority of the company’s assets to the creditor. Although not as common today, administrative receivership almost always means the end of a company.
Court-Appointed or Liquidated Receivership
When a company is facing financial difficulties, the judgment creditor will reach out to the appropriate authorities for assistance. Similar to a trustee in a bankruptcy proceeding, a general or liquidated receiver will assume the role of the debtor. In most cases, the court may appoint a receiver with specific powers and rights laid out.
A court-ordered receiver acts as a liaison between the debtor and creditor, but they are ultimately responsible to the court. With the powers they’re given, any assets that are recovered are prioritized based on the interests of all secured creditors.
Pro Tip: A secured creditor can appoint a receiver without a court order in unfortunate circumstances. Commonly referred to as “privately-appointed receivers”, it is ultimately the responsibility of the receiver to reclaim a debtor’s assets.
Unlike general receiverships, special or limited receiverships are bound by certain ramifications. A limited receiver will only take possession of certain securities, loans, or assets that have been specified. The goal of a limited receivership is to assist a company in certain financial and operational decisions so that bankruptcy doesn’t occur. In such cases, the rest of the assets will remain in control of the debtor.
Seeking the Appointment of a Receiver?
Having a reliable and trustworthy receiver is crucial for the success of your business. Secure your property’s value and profitability with help from our team of experienced professionals. From accounting, legal documentation, rent collection, or property management, our receivership team is ready to assist you.
Connect with our Commercial, Multifamily, Senior Living, and Student Housing receivers to keep your business functioning for the long term.