When it comes to finding potential buyers for commercial properties, it’s important to understand the local property market. The majority of potential buyers will already be owners in the area, and looking to expand their ownership portfolio.
- Business owners needing new or larger premises
- Investors seeking to expand their portfolio
- New investors to commercial real estate that are seeking to take up a portfolio
Using a methodical approach to prospecting will make it significantly easier to find potential buyers. Not every property owner will be looking to buy, so it is important to get to know all of the big players in the area as well as create contacts with individuals and companies looking to expand their portfolio.
Finding Contact Information
Reonomy is a great tool for sourcing potential buyers in a couple of ways. First, finding comparable properties, searching neighborhoods parcel by parcel. Reonomy allows you to search any commercial property – filtered by location, building area, price, date sold, etc. You can use the map feature to move over the area of interest and click on individual properties for information.
After sourcing similar properties, Reonomy allows you to access the ownership information. By first selecting a similar building, the ownership info would reflect an owner who would likely be interested in your property. From there, you have a phone number, email or mailing address that will help you contact the potential buyer to see if they are interested in expanding their portfolio.
Understanding Potential Buyers
Once you have successfully identified a number of potential buyers, it’s important to understand their specific needs. No two buyers are going to have the exact same needs in a commercial space, and the property you are going to sell is only as valuable as each individual buyer views it to be from their perspective. Get to know the kind of location and property size they are looking for, as well as the type of business they run, so you can better assist them in visualizing their business in this particular commercial space.
With Reonomy, you have the ability to search for properties by ownership information to unlock their portfolio. With the ownership search feature, you can see every property the LLC or individual owns. This allows you to see the scope of their portfolio and further determine if it might be worth your time to approach a potential buyer. It also will help you figure out what the buyer is interested in on a wider scope. In terms of pitching your deal, if you can help them visualize their company in this space or appeal to their needs, you are more likely to convince them it is the right fit.
All of these tools allow a higher probability of fit for an owner – and a much stronger pitch because you know more information about the potential buyer.
By keeping a roster of possible buyers around, it is possible to target an appropriate buyer in a timely manner. The key to building your market share of property listings and opportunity is in maintaining a focused database of interested people that may transact commercial property now or in the future.
Begin your search for buyers now with a free Reonomy trial.