IRVINE, CA-You can’t sell a property if buyers don’t know it’s for sale. It might seem like a simple premise, but for those in the auction sector of the commercial real estate industry, getting the word out is key.
“The key to having successful auctions is making sure that everyone knows it’s up for sale,” explains Robert Friedman, chairman of locally based Auction.com, a GlobeSt.com Thought Leader and heavy participant in commercial real estate auctions. “You have to get to the buyers.”
There are two major ways to do that: You have to market heavily to the audience you are trying to reach and create a partnership with brokers who can also reach those buyers, Friedman says.
For example, when having an auction based on hospitality assets it’s very important to have a strong database with good connections to attract those interested. “We believe that the buyers of hospitality are the owners of hospitality,” Friedman says. “You market heavily to those people and make sure that everyone is informed about your sale.”
It’s also important to work with brokers that are key players in areas where properties are for sales. Sometimes a broker can have experience in a tertiary market and want to put that out there to more of a national audience. An online auction is an easy way to get a lot of eyeballs in from of a particular property or portfolio of commercial real estate assets.
“Partnering up with a company like ours is a win-win,” Friedman explains. “It’s a win-win for the agent.”
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