What are some ideas to gin up interest in a commercial property beyond online listings?
My family purchased an office building in a northern DFW suburb that's going to have several billion dollars invested in it over the next few years. We want to be proactive in generating interest in our property but don't know where to start. We have the building listed on LoopNet but I think that's not enough.

Part of the investments in the area will include a ton of construction contractors and eventually long-term, permanent jobs plus families and supporting industries moving to the area. What are some ways to take advantage of this massive influx of money and people? How would you get your property front and center?

I'm going to a city council meeting tomorrow to check things out so that's one place I'll start. Any and all advice is welcome.
[{"id": "iozx1lt", "text": "Host dinner parties and let the network effect take action", "replies": [{"id": "ip0527f", "text": "Oof... I have to be social? lol \n\nThat's an interesting idea. Would take a little planning but could pay off.\n\nThanks for the input.", "replies": [{"id": "ip0kucw", "text": "Dinner party is definitely going to win a deal like the Goldman Sachs campus.  You, or...Hunt.  \n\nYou're so FOS.  Big hat, no cattle.", "replies": [{"id": "ip10d9m", "text": "I don't know how to interpret your comment.", "replies": [{"id": "ip10pzf", "text": "Shocker.", "replies": [{"id": "ip13xs3", "text": "Dude, no need to be a dick. You clearly misinterpreted my post to think that **we** were somehow investing billions yet my retarded ass is asking for help on Reddit. Please read my reply to your comment.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iozxhz5", "text": "Get some good local commercial broker to do your leasing\u2026. Many large tenants work with brokers.", "replies": [{"id": "ip05u68", "text": "That's probably the best thing for us to do. What's the best way to do that? \n\nWe wanted to try to limit the amount we pay in commissions because we can handle the leads and leasing if we can just get people to bring them to us. We don't need a broker to act on our behalf but we definitely want to have access to brokers' networks. \n\nAny tips on how to navigate that? Is it out of the ordinary to haggle with brokers on commission rates? \n\nWe've already had some brokers try to insert themselves automatically in renewals and that really feels slimy because, by then, the broker isn't doing any work for their commission and those commissions really add up on commercial leases.", "replies": [{"id": "ip0c6wh", "text": "If you\u2019re charging a FMV, the rate for the broker is built into the figure. So yeah you\u2019re saving a bit but tbh it\u2019s not slimy, it\u2019s how it\u2019s done when you work with professionals. Buildings that push out brokers get a reputation in my market and you\u2019re only doing yourself a disservice in the long run.", "replies": [{"id": "ip10w38", "text": "That's what I've come to find. Coming from residential rentals, it really doesn't feel like agent commissions are worth it. We've transacted a few deals ourselves without an agent. On the CRE side, seems that you really just have to accept that brokers make the business.\n\nSo what do you suggest? Is it reasonable to cold call brokers in the area?", "replies": [{"id": "ip2yj0b", "text": "I totally understand your sentiment not that you mention coming from a residential ownership perspective, It really depends on the asset type within the class. Obviously a multifamily closing in on 100 apartments can be better served by a brokerage team but a for family that you list on Zillow etc. can easily be done by ownership if they have the time to do it. That\u2019s really the focus at the end of the day is what your time is worth.\n\nRegarding identifying commercial brokerages. I would look in your market at similar assets that may be listed online which compete directly with your asset. Would see who represents the building and then look them up see what other assets they represent if you feel that it falls in line with what you have and think they sound like a right fit then give them a call. Alternatively if you\u2019re in a competitive market there should be brokers reaching out to you if they know you have vacancies etc. at the end of the day you have the asset and they want to service you so you should make them work forward in a sense. It\u2019s also all about building reporters with people you like dealing with. as both a broker and an owner Myself, I could never put a price High enough on Working with people that make the process inherently easier and enjoyable.", "replies": [{"id": "ip3p32u", "text": "Thanks for being understanding. \n\nBasically, it feels like Realtors are rent-seekers (no pun intended) that don't contribute much, if any, value to a transaction. However, what I'm coming to find in CRE, is that brokers have relationships with businesses that make connections for property owners. I agree that is worth something.\n\nThanks for the pointers on seeking out brokers. I'll do some research for our area and see what happens.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ip0vygl", "text": "I\u2019m a Texas CRE Broker and happy to chat/connect you with someone if needed. Feel free to ping me and I\u2019ll shoot a dm. Fee on renewals for small/mid size deals is slimy. Good luck, you are doing the right things.", "replies": [{"id": "ip10abs", "text": "Sure thing. I just tried to DM you but couldn't. Please DM me when you can, thanks!", "replies": [], "depth": 4}], "depth": 3}, {"id": "ip1bz22", "text": "99% of the value of a broker is his/her network. Not pushing paperwork or marketing bullshit. I hope you\u2019re not delusional enough to think that brokers only show up when they get a phone call to tour the properties.", "replies": [{"id": "ip260hy", "text": "Apparently that's the case and everybody pays their 6% for that access. What do you suggest? Do I just start cold calling brokers and talk to them about our building?", "replies": [{"id": "ip3lv4k", "text": "The commission % is negotiable, if it's such a pain point for your asset(s). The potential quality of tenants and value of the network is invaluable.\n\nTo put it in another way, unless you've built personal relationships with different business/organizations and are intimately dialed in with their expansion plans and timing, it's much more reasonable to have someone do it who IS.\n\nAnd yes, I'd recommend talking with a few brokers with various firms and see if they could easily put together a plan to reposition your asset(s). If the plan makes sense and is reasonable to you,  and they can demonstrate a successful track record of solid performance, the commission that you pay may likely be offset by the vacancy loss(es) that you avoid.\n\n&amp;#x200B;\n\nAlso, sorry in hindsight for my harsh language. I just wanted to get across that your approach was a bit pennywise but dollar-stupid. No offense.", "replies": [{"id": "ip3od9o", "text": "I think you hit on the key issue why we don't feel like brokers are worth it. All but one of our deals we've inked so far are small-time, mom and pop kinds of businesses. There's nothing complicated about what they want, they don't have any special needs and the space they're renting is usually fairly small. So the idea, as everybody in this thread is castigating me for, that we need to pay 6% for somebody to act as a middleman for those transactions seems absurd. \n\nHowever, the point appears to be that a good broker will bring larger, more reputable tenants to us. On top of that, apparently a property owner can get a bad reputation among brokers if they don't play ball making it even harder to get bigger attention. So, it seems as though we just need to suck it up and acknowledge that this is how this industry works if we want to attract bigger fish.\n\nThanks for explainer.", "replies": [{"id": "ip3pf4d", "text": "Sure.\n\n&amp;#x200B;\n\nFrankly, if you're **only** interested in the cash flow of the property, perhaps you can make a case that you're okay with smaller fish tenants, as long as there is no non-payment issues.\n\nHowever, if you are looking to increase the value of the asset and then sell it at some point in the short-to-medium future, just having a higher credit tenant in your property (even if they are paying less than the mom-and-pop businesses on rent) will likely add more value to your property.\n\nSo, quality if the tenant is quite important in that regard.", "replies": [{"id": "ip3vjq5", "text": "Additional great points. Thanks for that. \n\nWe definitely want to increase the value as we expect to sell within 3-5 years. We have found that the smaller spaces rent really well and we can get a premium for them. But we do want to attract the larger tenants along with the interest and foot traffic that brings to the building. \n\nThe biggest problem is that the remaining units that are available need a lot of work to be leasable plus a lot of subdivision if we wanted to ramp up the number of small spaces. We're kinda stuck in the middle not really sure which way to go.\n\nWhat I've gathered from this post is that it can't hurt and it could help quite a bit to find a quality broker than can work some magic.\n\nRe: your edit above, np. I get where you're coming from. I appreciate your input nonetheless.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iozxzcc", "text": "I'd definitely host something. Do you belong to CofC, Rotary, community group, non profit or similar? Either by yourself or with an organization host an event that gives people a chance to see your building, and maybe does some good for a worthy cause. Send out real invitations (not by email) follow up with phone calls. Invite people you'd like to have as tenants, know as commercial realtors, are movers and shakers in your area, This your chance not just to introduce your building and plans, but also to introduce yourself. Doesn't have to be fancy, does have to put a personal face on you and your property.  Don't forget to invite the media.", "replies": [{"id": "ip0655r", "text": "We are in the process of becoming a member of the CofC. My mom wants to get involved in the community and put out a public face for the building, so that's an idea we're working on.\n\nHosting some kind of party/ceremony seems to be a common idea in this thread so we should probably strongly consider doing something like that.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ip01omz", "text": "Hire a large brokerage firm with multiple industry groups (office, retail, multi-family, debt).\n\nNot sure what a city council meeting will do to help market your space.  Hire a broker.\n\nSigned: a former developer turned broker.", "replies": [{"id": "ip07pqa", "text": "The intent of attending the city council meeting was to make introductions and see what the topics of the day are. Another commenter suggested joining city orgs in order to put out a public face for our building.\n\nRegarding hiring a broker, we really only need somebody to bring in leads. We don't want somebody to handle prospects and leasing, we can do that in-house. We also don't want a middleman in our negotiations. Given that, what are the expectations when hiring a broker? Is it reasonable to ask for only leads and negotiate a lower commission with a broker?", "replies": [{"id": "ip08vqw", "text": "Bring your city councilors thru your building once you have a master plan, renderings, investment number, and job projections.  You need them for approvals, not marketing.  And approaching them in chambers will likely be looked upon as tacky.  If you\u2019re really investing billions you\u2019d have people on contract to do this for you.\n\nTo be frank this sounds like BS.  I\u2019ve never worked with a client investing millions, much less billions (LOL) that doesn\u2019t know how to manage brokers, city municipalities, etc.\n\nBest of luck, please keep us posted.  Would love to know more about this project: I\u2019m pretty dialed but know nothing about a billion(s) office Devlopment in the north Dallas area.", "replies": [{"id": "ip0aaq4", "text": "Also: what\u2019s your proforma on paying outside (tenant) brokers?  Dreaming about self performing leasing on your side of the deal is one thing, but every credible tenant of the scope you\u2019re talking about will be represented.  And they\u2019re going to murder you with a 37 page RFP if you\u2019re lucky enough to get looks.", "replies": [{"id": "ip123h0", "text": "Don't have a pro forma. We paid like 4.5% on the only big deal we signed so far. The rest have been small leases.", "replies": [], "depth": 5}], "depth": 4}, {"id": "ip11kif", "text": "Apparently my post has been misinterpreted. The **suburb** is having billions invested into it, not our building. We are trying to position ourselves to take advantage of the construction and eventual job creation that will go along with that investment.", "replies": [], "depth": 4}], "depth": 3}, {"id": "ip2202b", "text": "So the neighbors and municipality are spending billions to attract more business and people to your sub market and you are looking for free advice on how to find free leads, and brokers are the slimy ones? I wish you well.", "replies": [{"id": "ip24s2b", "text": "Didn't say free leads. But if you want to get antagonistic, show me how a broker is worth thousands when all they did was make an introduction and be a go-between. Coming from residential, that's how it feels all the real estate agents are. They are absolutely not worth 6% there. Maybe that's different in CRE.", "replies": [{"id": "ip2g3t6", "text": "A good broker works for years to cultivate the information about their market that brings value to your transaction. You scoff at being social to expose the property, well your broker has been working for years before taking your listing to sell your listing by building a network that trusts his advice. When he says \u201cshow your tenant x building\u201d the other party takes him seriously because he has honed a craft and delivered. No one knows you, no one has dealt with you. Your reputation will only extend to those you work with on this property. Leverage someones expertise and network to get better deals.", "replies": [{"id": "ip2s37l", "text": "That makes more sense. It's like the adage of the $1 part but charging $1000 for knowing which part.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "ip25oeb", "text": "Also, it's Reddit. So yeah, free advice usually comes with the territory.", "replies": [], "depth": 4}], "depth": 3}, {"id": "ipc7mw3", "text": "Are you on LoopNet ?", "replies": [{"id": "ipc7q39", "text": "Yes", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ip0kah5", "text": "By interest, I assume you mean \u201cincome generating tenants\u201d, so the answer to that is amenities out the ass, concessions, buildout allowances, first month free rent, TI allowances, and Full Service Gross leases at below market rates.\n\nSadly office is today is where retail was in 2018, so you\u2019re fighting against major players for creditworthy tenants in a zero sum market. This can lead to aggravation, so open yourself up to sub-prime tenants like call centers and you may have a better time of it.", "replies": [{"id": "ip11b48", "text": "The building is at \\~80% occupancy. The previous owner cut a lot of deals like you suggested to get people in the building and left us with a lot sub-market rate leases. We are plowing a lot of money into improvements, so that's something. \n\nWe're really trying to position ourselves to take advantage of the expected growth. Just not sure what some good approaches are that don't bleed a bunch of money up front, if it can be avoided.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ip265t2", "text": "Lots of government agencies lease office e space. Look into government bidding for office space. Federal state and local. Thinking out loud, maybe the current IRS expansion will create demand for space. These aren\u2019t advertised, you have to go to their websites and get approved on their list and then submit proposals. An overlooked opportunity imo.", "replies": [{"id": "ip26lic", "text": "That's an interesting idea. We actually have an existing lease with a federal agency and it's been a pain in the ass getting the lease transferred to us plus the lease itself is huge compared to all our other standard leases so it's a maze of different requirements. Do you have any idea if other government orgs are simpler? \n\nIt's definitely worth looking into, at least. Thanks for the input.", "replies": [{"id": "ip287ms", "text": "The feds will always be slow, due to the height and weight of the bureaucracy. You\u2019ll get the assignment eventually. \n\nFlorida\u2019s leasing needs are centrally managed by one agency. Iow an agency does not lease space directly. The centralized agency manages all space for all sundry agencies. That\u2019s state government. Idk how Texas works. If you have two years of TI, maybe that will align with the time frame to get a new deal signed. \n\nCounty/city/towns are more nimble depending on their size. \n\nI would recommend setting up email or text alerts for requests for proposals - RFP\u2019s. Either in their sites or through engines.", "replies": [{"id": "ip28igs", "text": "Yeah, we have been interfacing with GSA for the federal space. I'll definitely look into state and local. Thanks for the tip.", "replies": [{"id": "ip2ae3l", "text": "When I was private sector, in Virginia, I had to appraise a vacant office building that was still being paid for by the feds with ten years to go on the lease. Seems wasteful but that\u2019s reality.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ip3yj4j", "text": "Frisco? McKinney? What other assets do you own?\n\nIf you want the benefit of a broker, you\u2019ll have to pay. Cody Payne does a ton of office deals with Colliers. I\u2019d start with him.", "replies": [{"id": "ip40iln", "text": "Sherman/Denison. Yes, I know I'm stretching the definition of suburb.\n\nThanks for the recommendation. I've definitely gotten the message that a good broker is worth the cost.", "replies": [{"id": "ip41aj4", "text": "Denison? I think it will take a long time for any TI money to impact office rates. \n\nWill you post the address?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "is8b96f", "text": "There are plenty of ways to draw the attention of the people around your commercial property and get interested. Commercial real estate is rather difficult than selling residential properties because the prospects' interests are smaller and harder to find potential buyers. Despite these uncertainties, good strategies will certainly help. \r  \n\r  \nRead below and try to apply most of them to advertise property for sale.\r  \n\r  \n1. Know your target audience.\r  \nUnderstand your work to know your niche and to be able to find the right leads.\r  \n\r  \n2. Do paid online advertisements.\r  \nProfessional photographs and videos of your property improvement and renovations can help impress people which may lead to getting prospects. Do some SEO or pay-per-clicking and email marketing.\r  \n\r  \n3. Have printed production of materials.\r  \nBulletins, flyers, or any kind of handouts that you may post on the wall or give to someone is helpful to advertise around your local community. \t\t\r  \n\r  \n4. Start or join in industry events.\r  \nJoining different real estate events will help you gain investors for bigger selling and even find top real estate agents. You can even start with small conferences or even parties to make conversational marketing.\r  \n\r  \n5. Use social media.\r  \nBuild a website or channels such as YouTube, Facebook, IG, blog or content writing as well as try doing podcasts. Using social media you can have the exposure you need online and when your friends, relatives or colleagues, and even random people saw your post, they may get interested and even share it online.\r  \n\r  \n6. Have a strong network.\r  \nThe number one (1) requirement for a business entrepreneur is being people-skilled and knowing how to connect with his/her allies. Either offline or online (Quora, Reddit, etc.), you can advertise your commercial property and most importantly can gain free counseling from experts through conversations. \r  \n\r  \n7. Strong branding strategy. \r  \nCreate your brand. This signature that you are working on will lead you not only to get prospects but bigger buyers, investors, and other agents connected to real estate.\r  \n\r  \nCommercial real estate online listings with a multi-faceted platform.\r  \nMake sure to look for all-around platforms like AQQIRE for broader attention. By doing this, you can easily find a broker or agent that will help you advertise your commercial property as having these people is important in this niche. \r  \n\r  \nSurround yourself with the best and most practical hotel brokers, buyers, and investors by choosing the right platform.", "replies": [], "depth": 1}]