Selling a property is not an easy task even for the most seasoned real estate agent. The best way you can make a dull or unattractive property worth buying is to reposition it by highlighting its positive points. Though reducing the sale price or rentals is the first thing that comes to mind as a property repositioning tactic, one also needs to understand market conditions and potential uses of the property to market it effectively. Different techniques have to be used for repositioning commercial and residential properties as target markets are varied. For real estate agents dealing in residential property, multiple family properties like apartments and condos are more profitable then single family dwellings. The most cost effective method of repositioning your property is to renovate its exterior infrastructure and increase its appeal.
Here are ways a property can be repositioned:
Study competition and market
Make a close study of other properties similar to yours in the market and make a comparative study about where they score in terms of service, location, amenities and size. Research existing market trends to see estimate how prices are likely to change in forthcoming years and position your property accordingly before prospective buyers. Based on the results of the study, understand the unique selling properties of your real estate and capitalize on them to target the best buyers.
Game plan for improvement
If the property for sale is shabby and unkempt it is not likely to attract any buyers except realtors looking for a cheap deal. If you want to attract families with children then it should be welcoming and well lit with well-kept gardens and clean amenities. Increase your property’s curb appeal by improving its interior and exteriors with fresh paint, replacing broken light fixtures, windows, cabinets and other inbuilt accessories.
Property management
Before you decide to reposition the properties in your portfolio as a real estate agent, determine how they are likely to be presented and the target group for whom it is being repositioned. All forms of property repositioning exercises are expensive and require creativity to keep it within budget. If you have multiple properties, then allot a project manager to manage each one as then vendors and materials can be managed properly and all work can be coordinated within specific time schedule.
Redesigning properties is the best way to increase its value and improve its competitiveness in the market. Before venturing on any repositioning exercise carry out market research and take opinion of experts to see if the expenditure is worthwhile and can be absorbed in the sale price.
Contact Borelli Investment Company today for all of your commercial real estate needs.