May 11, 2020

How to Create An Effective CRE Tour

Making your commercial real estate space stand out is key to inking a lease or finding a buyer for the property. Creating an effective tour of your property can be an important step toward completing a deal.

For a buyer or lessee, looking at space can get tiresome, with many locations starting to blur together. For real estate professionals, showing commercial properties can get monotonous, too. It can be tempting to show or talk about a property the same way every time and to have pat answers to common questions.

But ensuring your space is memorable can be achieved through the on-site tour of your available space.

Virtual Real Estate Tours

Keep in mind that virtual real estate tours are increasingly important now that the coronavirus pandemic has caused state and local governments to temporarily halt or limit in-person real estate showings. This means potential commercial real estate investors or lessees likely will carefully research properties and create a shortlist of sites to visit in person. The National Association of Realtors has a guide on how to handle showings during this time.

With so much business communication conducted virtually and via phone calls and email, the property tour becomes one of the few opportunities to see your potential client. A property agent should take advantage of this chance to meet prospects, answer questions, and showcase the property in the best possible light. This can generate enthusiasm around the possibility of occupying the space.

Commercial Real Estate Tour Tips

Following are 10 tips to ensure the CRE tour makes your available space distinctive from the rest:

  • Be prepared. Confirm the time and how many people will tour the space and, if possible, set aside parking spaces for them.
  • First impressions are important. The exterior of the property should be maintained with fresh paint and landscaping. The interior should be in good repair with no broken windows or lights. Make sure the space is clean and ready for showing. Blinds should be open and lights turned on.
  • Offer snacks or water to visitors on the tour.
  • Anticipate and know how to answer potential questions about the property and the neighborhood, including amenities such as nearby transportation and restaurants.
  • Have knowledge about competing for available properties in the area and knowing how your site stands out also can provide value to your potential clients.
  • Know the area’s demographics, such as population and average household income.
  • Find out about your potential clients’ needs and how your property can accommodate them. This can help visitors’ visualize how the space can be personalized to suit them.
  • Offer photos and property specifications that the potential clients can take with them following the tour. Floor plans and site plans can be helpful, too.
  • Be friendly. An engaging tour host can make the experience enjoyable for the potential clients and create more excitement around occupying the space.
  • Exchange contact information and have a plan to follow up. Mark the date on your calendar.

Remember that all potential clients have different needs. Some prospective clients might look to make improvements to a property while some want a property that has recently been updated. What may seem like a disadvantage to one buyer or lessee may be an advantage to another.

The occasion to meet a potential client face-to-face should be taken as a good opportunity to present the available space. It is a chance to showcase the property, highlight its advantages, and get to know prospective clients.