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August 2015 Vol. 7 Issue 1
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Dear Friends,
The landscape of commercial real estate brokerage has changed substantially since I started my career in 1973. Forty-two years ago it was a different world: no internet, no email, no cell phones, no fax machines, no personal computers, and no FedEx. My listings were typed by a secretary on an IBM Selectric typewriter which I then hand-inserted into a loose-leaf binder. That binder was my stock in trade, and the value provided to my customers was my knowledge of those available buildings.
Today, property information and listings are a commodity, and easily purchased. As result, the depth of value-added services, not listings, is the yardstick you should use to compare commercial real estate brokerage services. Financial analyses, assessment information, environmental considerations, economic incentives, construction advice, and space planning are just some of the services provided by true professional brokers. And on the marketing side, there are so many services offered by the industry that it is actually unusual to find a commercial or industrial building for sale or lease without an exclusive broker managing the process. The featured article in this issue addresses how to select the organization that will best market your real estate and give you the value-added services that you deserve.
As August comes to a close, I hope you are able to make the most of these last weeks of a great summer. No question about it, Long Island is in its glory in the summer!
"Oh the possibilities!"
David G. Hunt
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Marketing Your Commercial Real Estate
by David G. Hunt
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Q: I own an industrial building and my tenant has informed me that they will not be renewing the lease next year. What's the best way to find a tenant and lease the building quickly?
A: The days of putting a sign on your property, running a few newspaper ads and hoping for the best are gone. Now, because of the complexities of marketing and negotiating, over 95% of Long Island's commercial real estate property is being marketed by either exclusive real estate brokers or professional real estate management/ownership.
But, how do you choose the right agent to get the latest marketing technology and a firm commitment to marketing your property? With hundreds of thousands (perhaps millions) of dollars at stake, the rewards for asking the right questions cannot be overestimated.
Here are ten key services your agent should provide:
1. A written marketing plan precisely outlining the services to be provided. How will the property's strengths be emphasized? How often will advertising and direct mail be utilized? How will digital tools (website, broadcast email, .pdf brochures) be incorporated? How will the brokerage community be engaged?
2. A specific canvassing campaignto reach the most likely candidates for your property. How many calls or visits will be made, by whom and when?
3. A color brochure including a complete specification sheet, color photograph, plans and site map. Every prospect must receive a brochure. Get a draft or mock-up of the proposed brochure for your evaluation.
4. A consistent direct mail program, such as a monthly or quarterly newsletter with a photograph and description of your property. The digital age makes color possible for all marketing campaigns. Insist on color brochures, postcards and other materials.
5. Internet marketing with a description of your property and color photograph plus links from national and international databases. Check the website in advance. Are the properties well described? Are plans, maps and photographs readily available?
6. Costs absorbed by the agent for printing, advertising, canvassing, internet, open house, signage and... Click here for full article
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Property Highlight
245 Newtown Road
Plainview, NY
SPACE FOR LEASE
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Companies on the Move
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Sherman Specialty is moving to 141 Eileen Way, Syosset... SCS Agency is moving to 1981 Marcus Avenue, Lake Success... Citation Clinical Labeling is moving to 95-14 Executive Drive, Edgewood... Paramount Packaging leased space at 1221 Old Walt Whitman Road, Melville... 7 Day Express leased space at 51B Trade Zone Court, Ronkonkoma... Tonsa Automotive is moving to 27A Seaview Boulevard, Port Washington...
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Financing File
| Current Market Rates and Programs for the Long Island Commercial Marketplace
The SBA 504 loan program offers long term (10 or 20 years) fixed rate subordinate mortgage financing for the purchase and renovations of existing buildings or new buildings and equipment. Loans are up to 40% of the project cost..... (MORE) |
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Our Corporate Headquarters
17 Dupont Street, Suite 4
Plainview, NY 11803
516-937-1000
www.huntcorp.com
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COMPARABLE SALES IN THE LAST 12 MONTHS
| City | Address | Property Type | Size SF | Office SF | Acres Total | Sold Price/SF | Sold Date |
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| Lynbrook | 67 Prospect Avenue North | Industrial | 14,000 |
| 0.50 | $60.71 |
8/2/2015
| | Melville |
225 Broadhollow Road
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Office
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185,889
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9.6
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$153.32
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7/30/2015
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Smithtown
| 50 Route 111 | Office | 50,000 |
| 4.4 | $212.50 |
7/21/2015
| | East Meadow | 2160 Hempstead Turnpike | Office/Medical | 18,000 |
| .17 | $25.00
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7/13/2015
| | Syosset | 140 Eileen Way | Industrial | 45,877 | 5,505 | 2 | $89.37 |
7/1/2015
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Ronkonkoma
| 1 Roebling Court | Industrial | 62,000 | 7,500 |
3.85
| $62.50 |
6/30/2015
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For more Recent Sales, click here |
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©Copyright 2010, All Rights Reserved. The content of this web site may not be reproduced without the written permission of HUNT Corporate Services, Inc. All information is from sources deemed reliable and is subject to prior rental or sale, errors, omissions, change of price and withdrawal without notice.
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