Things to watch out for when using online property portals

When looking for the ideal industrial or commercial property for your business, using a property portal can seem like the simplest way to go. However, there are certain things to watch out for and various red flags that you should be aware of when using property portals. 3Cube Property Solutions takes a closer look at property portals and everything that a would-be buyer or tenant needs to be aware of.

Multiple brokers and multiple listings - but just one property

When you're trying to find a property that meets all your business's needs, it can be frustrating when the same listing is repeated among the available options. If two or more real estate companies are competing to find a tenant or buyer for a particular property, they may both upload the listing - sometimes with different descriptions and images. You may think you're weighing up the pros and cons of two options while actually looking at two perspectives of the same option. If two property practitioners are marketing the same property, it's also important to remember which practitioner and which brokerage you have been working with.

Deals that get sweetened with artificially low pricing - or artificially high pricing

Shameless property practitioners have been known to price properties online for either more or less than what they are worth. The incentive behind lowering the price is obvious: it's to get your attention, and once this has been achieved, you will soon discover the real price. The motivation behind artificially high prices is property practitioners hoping to get repeat business by achieving higher-than-expected returns on investment for their clients.

False pictures of market domination

Another tactic favoured by unscrupulous property brokerages is advertising properties that have been sold or leased months before. While it is common practice to keep the listings up for a short time after the deal has gone through, keeping them up for longer periods allows more listings on the property portals to be credited to their agency. Over time, this creates a false impression that a particular company is dominating the sales and leases of commercial and industrial properties in a particular area. Another annoyance that this causes is the need to scroll through pages and pages of properties to find ones that are actually still available.

5 strategies to follow when looking for commercial or industrial property online

1. Be open-minded when it comes to location. Look at the suburb that would be your first choice and then add surrounding suburbs to check whether a great deal is available to suit your business's needs.
2. Be flexible with your budget parameters. If you're looking to buy your premises, look 10% above your budget, as the seller may be slightly negotiable on their asking price.
3. Be vigilant about online fraud. Only use reputable property portals and the websites of property brokerages that you know are legitimate.
4. Pictures and videos can give you a general idea of what the property offers, but make sure you have gone over the fine details before you sign on the dotted line. Consider factors like accessibility, height to the eaves and office space if relevant.
5. Make sure you're aware of what market-related prices are in the area you're interested in. This will enable you to rule out overpriced properties and save your business money.

If you need to find the right commercial, industrial or retail property in Gauteng or the Western Cape, look no further than 3Cube Property Solutions. You can trust us to find premises that enable your business to grow from strength to strength. Contact us today for more information.