The Inside Edge
When it comes to searching for a new home most people are aware of the various offerings of the internet. The residential property portals such as RightMove, Primelocation, Fish4Homes have, as the recent OFT (Office of Fair Trading) report says ‘changed the face of (residential) property search’
It could not be easier for users to search for residential properties and rich features from 360 degree tours to virtual refurbishment options add to the experience. Residential property portals are used all through the market from high-value sales to low-value lettings. However, the commercial market has not been so receptive to online developments. There are portals that are available to those looking for commercial property, however, they are significantly less advanced than their residential counterparts.
EGPropertyLink, NovaLoca and Focus are the market leaders, but compared to the residential property portals only provide the most basic of information such as photos, maps, and property description. The only steps that have really gone beyond these are individual property websites such as Quarter Mile One in Edinburgh.
But the use of the internet by the commercial property market has and continues to lag behind that of the residential market. The reasons for this include the differing liquidity of the respective markets. In the case of residential lettings, properties will sometimes be on the market for only a matter of days whilst it is not uncommon for commercial properties to be on the market for many months or even years. It is therefore more suitable to make use of more permanent advertising mediums as they are less likely to date.
Biography: Tim Denny is a regular contributor to The Inside Edge. He is currently a Commercial Property Asset Manager for the London Borough of Tower Hamlets and has an extrensive background in commercial property.
LinkedIn – Tim Denny
Twitter – @tim_denny