5 tips to ensure your site is marketable
By Andrea Enders on 02/20/2017
Site readiness is not easy. From testing for and cleaning up environmental issues to running electricity to your site or installing a road, the process can take years.
And, that heavy lifting extends beyond readiness alone – you also need to market the land to site selectors and end users. Here are five tips to make that marketing process a little easier.
- Do your homework.
Before site selectors or end users come to your site, make sure you can answer their questions. Do you know which utilities are on site and their current capacities? What are the remaining due-diligence items that need addressing before an end user can move in? Even if you still need to run a sewer line, be ready for the question and be honest with the company. Be clear about both the costs and the timeline to complete any outstanding work.
- Use a master plan.
When a site selector or end user comes to tour your site, using a master plan can help them visualize your industrial park – especially for sites greater than 30 acres. While these plans are not set in stone, they can help a company leader envision what the space will look like. If budget permits, your plan should include aerial images, drone footage, utility maps, 3D modeling and projected completion phases.
- Align with your state.
While we’re all passionate about our own village, city or county, a site selector or end user from outside the area likely will not be able to identify where in the country you are located if your site is named after your region. This is especially true for international end users. When possible, include the name of your state in your property name. It will be an easier identifier for people who are unfamiliar with your specific region.
- Use your MSA to your advantage
If your land is part of a larger metropolitan statistical area (MSA), you have a huge advantage over a traditionally “rural” site. Always use the full MSA population and workforce statistics when marketing your site. You are part of the designated region for a reason – a significant portion of your population already travels between your county and others within the MSA. You have a right to claim these statistics. Site selectors already view you as able to draw workforce from the entire MSA – using smaller population numbers may cause them to remove your site from their lists prematurely.
- Think before you build.
Where you place a spec building in a large industrial park is critical. An end user can see the spec building and love it, or use it as a “model home” and build a similar building somewhere else on the land. Spec buildings should only be built in established industrial parks, never in a stand-alone greenfield. Research your local developers closely. Who built the best industrial buildings in your region? Use that style – and potentially the same developer – for your spec building.
What other techniques help you market a site? Share your tips with me at AEnders@REDICincinnati.com.