After spending years meticulously curating a successful commercial real estate portfolio, it might be time to make some changes. Instead of adding another property to your portfolio, you may be considering selling your commercial real estate property. Whether your goal is to use the revenue on a new property, shift the focus of your target location, or simply reduce the number of buildings in your portfolio, you’re likely wondering how you can quickly sell your property (while earning top dollar). Price Commercial Properties’ team of experts has put together a quick guide on the best commercial real estate selling tips, covering everything from the questions to ask, the documents needed, market conditions, and the costs of selling commercial property. Follow along to become an expert in the commercial property selling process.
How to Sell Your Commercial Property
As leaders in the commercial real estate market, we understand first-hand that selling a commercial real estate property can be a challenging task — especially if you’ve never sold a commercial listing before. By following our selling tips and strategies, we’ll be able to help you sell your commercial property quickly and at a price you’ll be happy with. Here are five tips to help you sell your commercial real estate property:
Clean & Repair Your Property
Although they say not to judge a book by its cover, most buyers in real estate do just that. No one is going to make an enthusiastic offer on a property if they pull up to a dilapidated building with unmowed grass, trash on the walkways, or dirty windows and floors. Don’t forget to perform routine maintenance and repair any appliances or structural issues to help maintain the building’s value. Depending on the age of the property, you may want to completely replace appliances, HVAC systems, or the roof as an added selling point on your listing. Along with cleaning and repairing the commercial property, you may even want to remove any personal items like photographs or plaques so that the buyer can more easily visualize themselves in the space.
Set an Appropriate List Price
It’s easy to feel that your property is one-of-a-kind and worth every last penny. However, you need to make sure you are looking at your commercial property with a neutral lens — seeing it from the buyer’s perspective. You need to price the property appropriately to attract prospective buyers. If priced too high, you’ll often get overlooked. Priced too low and you won’t get as large of a return. Make sure you are conducting market research to better understand how comparable properties in the area have sold so you can price it competitively based on its value and location. When you partner with a Price Commercial Real Estate Broker, we help you determine a price that will fit your needs and the demands of the market.
Market Your Commercial Property
Unfortunately, selling a commercial property isn’t usually as simple as placing a “for sale” sign out front and calling it a day. You and your broker will need to do some of the heavy lifting during this part of the selling process to effectively market your property to potential buyers. Look into marketing strategies such as in-person networking events, while your broker implements online listings, social media posts, mailers, or flyers. Depending on which marketing strategies you employ, you and your broker can even include virtual tour options to help get prospects excited about your property before ever stepping foot on-site. The fastest way to sell your commercial property is to get it in front of the right buyers, which is why having an effective marketing strategy is so important.
Understand the Negotiation Process
If you’ve sold any type of property before, whether it be residential or commercial, you know that most buyers come into the process expecting a negotiation. As you begin receiving offers, we recommend considering them all because they are likely going to be quite different from one another. Sometimes a prospect will meet you on the price but have specific terms of the sale that you would need to abide by, while another prospect may offer $50,000 under asking but the offer is all cash with no contingencies. Negotiations can be tricky, and it’s always recommended to consult an expert if you aren’t sure what offer makes the most sense for your needs.
Hire a Price Commercial Real Estate Agent
From negotiating offers on your listing and understanding tax implications to navigating market trends and knowing all the documents needed to sell commercial property, a commercial real estate agent offers unmatched knowledge and know-how throughout the buying and selling process. Working with a Price commercial real estate broker will give you peace of mind when selling your listing, we provide insight, guidance, and connections — all of which will hopefully allow you to sell your property more quickly and efficiently than if you were selling a commercial property by owner.
Sell Your Property with Price Commercial Properties
Selling your piece of commercial real estate is a big decision. The future of the industry in the post-pandemic times is starting to adjust and settle, but does that mean it’s a good time for you to sell based on your goals? Luckily, you can have a Price Commercial Properties broker by your side to walk you through the process. We can help you learn and understand the important aspects of commercial real estate investment as we work to get the most value out of your commercial property investment. We support investors of all sizes and experiences. We know this opportunity is an important part of your plan to secure your financial future and we can provide you with the information you need to make the best decision.
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