Posted on Jan 13, 2020
It is an interesting discussion that takes place in the Expedio office every time we have a property that will ultimately be available for lease or sale. The question is: Do we release details to the market now (when the property is likely in original state) or later (when the refurbishment is completed)?
One viewpoint is that potential tenants or purchasers may have alternative specific requirements which our planned refurbishment would not cater for. By releasing to the market sooner rather than later, the refurb can potentially accommodate the needs of the tenant or buyer. We have done this numerous times.
Contrary to this is the viewpoint that releasing to the market in “original’ condition is likely to be negative to those potential clients who do not have the imagination to comprehend what the finished product will represent. And we have also experienced this numerous times.
Both are valid, yet contrary, viewpoints. If we release too early, then we likely lose clients who don’t have foresight. If we wait until completed, then we may lose clients who require an alternative finished product.
Which ultimately leaves us with a question with no “right” answer. We will always release some opportunities too late, and there will be some that could have been brought to market earlier. Ultimately the best solution is that agents keep in regular contact with us, so that we know what their clients are needing, and can suggest potential solutions.