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.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
