5 Tips to Help You Sell Your Commercial Property
Selling property is not always an easy deal to come by. There are a lot of things that go into selling commercial real estate that you may not be aware of. So here are some tips that can help you sell your commercial property
1. Professional Commercial Real Estate Help
Something that shouldn’t be overlooked is having a professional CRE agent/broker. Another option is to have a professional company like Acuitus Auction handle the sale of your property. Having a professional on your side can make finding a buyer a lot easier. Commercial real estate is far more complex than residential property, so you have to tread carefully.
If you want to attract qualified and serious buyers, you will need to advertise in places where these types of buyers will see it. And even though print media is still a thing, it is not as widely used as it once was. A conspicuous sign out front is a good idea, but online advertising just might get you better results.
Making minor repairs and adding a fresh coat of paint to any property that is for sale regardless of whether it is commercial or residential is always a good idea. You can ensure your property looks as good as it’s worth by hiring professionals such as One Point Partition in order to help you with renovations. When a buyer sees things that are obviously going to cost them more money, they are less likely to put your property at the top of their list.
4. Have a Pricing Strategy
You will want to do a little research into the value of comparable buildings or properties in the area of your property. Note the value, when it was sold, the amount of the sale and the distance from your site. Come up with a property valuation by determining its net operating income, or how much money the property is able to generate. It also helps to calculate your capitalization rate, which is the yearly income divided by the total value of the property. You should also carefully consider tax implications.
5. Have a Marketing Packet
A marketing packet is very important to any parcel of commercial property. A great marketing packet puts your property’s best foot forward. Its purpose is to make the decision to buy your real estate easier by giving buyers all of the information that they need upfront Marketing packets should tell buyers why the property is valuable and how it is profitable. For instance, it would detail whether or not it is a sale of only property or both property and business. This is a very effective tool for selling commercial real estate.
You’ll need some knowledge of the market, great timing and maybe even a lawyer to draw up non-disclosure or confidentiality agreements to keep your transaction out of the public eye, but finding a qualified buyer takes the most effort. Whether you are looking to get out of the commercial real estate, retire or your business is outgrowing its current location, these tips can help you sell your commercial property with confidence.