How to market stale/shitty listings?
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[{"id": "f474k9h", "text": "Just spitballing here as I'm a residential investor and not exactly experienced in CRE but thought I'd share my thoughts.\n\nIt sounds like you're doing a lot of marketing already. Now it might be time for you to figure out why people are not biting. You say the property is priced accordingly but is that actually true? Call up any investors that you have a relationship with and say that you're not trying to sell them a property and that you're trying to get their opinion on the property from an investor's point of view.\n\nIs the price still too high?\nIs the location just not suitable for that kind of business? Maybe even macro-economic trends that are driving away prospects?\nDid any prospects drive past it and see something unholy about the property and that turned them off completely? Is there something about the property that makes it in-elligible for a loan?\n\nYou need to look at this through the lens of a potential investor. If it's a good deal, someone will bite.", "replies": [{"id": "f49e75q", "text": "How many successful drive-thru businesses have you seen located away from main corridors? the real problem here is a mismatched product type to the location. Since you are in residential, think of a mansion in a trailer-park, how many second-gen buyers are gonna buy a mansion surrounded by trailers?", "replies": [], "depth": 2}, {"id": "f4rgvqu", "text": "This is good advice. Follow up with the people that have said no and figure out why they are saying no. Ask them what type of discount they would need to move forward knowing the objections they just told you.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f477izg", "text": "stop wasting your time with shitty listings.  that's my advice", "replies": [{"id": "f48fwqu", "text": "This.  Op dont waste time on shit that wont move.  You have had 4 deals fall out when they took the time to understand this location.  Some spaces in bad areas just arent leasable, nor pay enough to justify your time in leasing them.  If you can price this better and dump it to some half ass local startup that will sell flowers, or pay day loans, or whatever do that, and make sure the owner gets his property and will work a deal.  It sounds like he will.  If you have any doubts there get out.  You need to have a talk about marketing time too.  You did the work on this.  Work on better listings, you should not be spending serious time on this at this point.  Let it sit on the listing sites and it is what it is.  Adjust the clients expectations accordingly.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f4791gh", "text": "Find a fresh set of eyes for the listing. Someone unbiased and ask what they think. Try driving by it at odd hours of the day and night. If everything truly seems to be in place, then it\u2019s the price. Talk to the owner about a price adjustment and if they disagree, cut your loss and move on.", "replies": [], "depth": 1}, {"id": "f47aa6u", "text": "I'd find other submarkets with similar demographics and drive them. Find similar properties and call those landlords and tenants. That's about all you can do. Listings like these just take time because although the buyer is out there it's a shallow pool and you have to give it some time. All that said, you mentioned it's priced right yet no one has bought it. Why did the buyers you had blow out? There's likely something in common there. Solve that issue and you'll have it sold.", "replies": [], "depth": 1}, {"id": "f47aklb", "text": "What about reaching out to the head of regional development for each franchise that would fit the space? \n\nWhat about finding a franchisee list and contacting their head of development? \n\nWhat about going to networking/conference events for franchise start ups or owners? \n\nReach out to other brokers in the area and offers more aggressive split? \n\nHunt down developers on LinkedIn?", "replies": [], "depth": 1}, {"id": "f47b0mk", "text": "Is this a sale or lease listing? If its for lease and you can't convince the landlord to sell, then I think its just a matter of numbers. More calls and you probably need to convince the landlord to lower the rate. Someone will go in there for the right rental rate. Another idea is to get an architect to draw up a modern facade to put on your brochure, if the landlord really is interested in spending money to update the building.\n\nIf you have this property available for sale, have you explored whether or not the building actually adds value to the site? Maybe its only worth land value, and you could market it as a development opportunity. Find out if the city would allow another use, or if they would consider a zoning change. Multi-family properties are usually buffers between commercial corridors and single-family neighborhoods, so maybe that would work. You could see how many units you could fit on the site and start marketing to multi-family developers.", "replies": [], "depth": 1}, {"id": "f47b2ov", "text": "Make a new brochure and emphasis the price cut.  People don't buy cheap properties because of the quality, they are looking for a deal so ask the owner if he'd be willing to lower the price to move the space and then make marketing focusing on the price reduction.", "replies": [], "depth": 1}, {"id": "f47n55k", "text": "You've had it essentially locked up 4 times and all 4 have fallen apart?\n\n\nThat sounds like a special detail. What's causing this?", "replies": [], "depth": 1}, {"id": "f48hrk0", "text": "Can't make money in the ghetto. \n\nYou get to pick your clients, and would you pick this client now? \n\nHand it so some dumb young kid, like you were, and have them figure it out. And then swoop in once it is ready to close. \n\nSome things are just garbage, and don't let the garbage bring you down.", "replies": [], "depth": 1}, {"id": "f48t3oy", "text": "bring them prices down", "replies": [], "depth": 1}, {"id": "f49dxs8", "text": "Don\u2019t spend too much of your precious time with this listing. A drive-thru building that\u2019s off the main corridor is a tough sale. Landlords of these buildings are too emotionally attached and are unable to realize their property is trash.", "replies": [], "depth": 1}, {"id": "f4p9wn5", "text": "Maybe go back to the drawing board and put yourself in an investors shoes. If you were the investor/entrepreneur what questions would you ask yourself?\n\nWhy would anyone buy this property?\n\nHow can I make money in this space?\n\nWhat business will make money here (besides QSR)?\n\nWhat do I need to do to prep the space?\n\nWhat's a remodel going to cost?\n\nHow much time will it take?\n\nDo I contractors ready to quickly finish the job?\n\nEtc, etc, etc\n\nGo ahead and have the answers ready for all those questions the buyers are going to ask themselves so there is no doubt in their mind about the feasibility of the property. Essentially doing as much of the due diligence for the buyers as you can before they have to. Like handing the property to them on a silver platter. That way you would only need to talk price. If you can eliminate buyer excuses why they won't commit then the serious ones will be able to move quickly.\n\n\"If it's not compelling, it's not selling.\"", "replies": [], "depth": 1}, {"id": "f5ss5f3", "text": "Have you tried paid Facebook marketing?  You need to create a desire for the listing (be creative, think outside of the box)  What potential could this have? You need to be able to think for people.\n\nI specialize in Facebook ads if that's an option for you.  Let me know", "replies": [], "depth": 1}, {"id": "f5ze5ji", "text": "Even when a listing is priced inline with the market, there may only be a handful of potential buyers/tenants and sometimes it comes down to timing.  \n\nKeep working the stale listings, but focus your frustration and energy on obtaining new listings.    The more product you have to sell/lease, the more opportunities to make deals.  \n\nIts also important to zero in on a specific asset class and geographic area.  Its better to have multiple listings spread over two mile radius than a twenty mile radius.  \n\nIts easy to be busy, but being busy doesn\u2019t always translate to making money.  That probably sounds cliche, but its true and something all brokers struggle with at different times.", "replies": [], "depth": 1}]