When you're about to sell off a commercial property for the first time, you might think you've got a good understanding of what needs to happen, but proper guidance gives you a better chance of a sale that you and a buyer are pleased and satisfied with. Use these suggestions.
Work with a Commercial Realtor
While you can certainly attract buyers through professional organizations and contacts in the industry, it's best to pair up with a realtor who can protect your interests throughout the sales process. If you don't work with an agent who specializes in only commercial property sales, ensure that they have some track record of selling commercial real estate.
You might want to make a certain percent of profit based on what you originally purchased the property for. However, it's vital that you listen carefully to the recommendations of your realtor when setting the official price for the property. Not doing so can allow your property to languish in the current market and you may have to accept much less in order to complete the sale and move on to other pursuits.
So that they can prepare themselves for the future, ensure that you notify each tenant personally about your decision to sell your property. Be prepared for answering their questions and have some ideas for alleviating their concerns about their contracts and leases. Keep tenants in the loop so that they know when prospective buyers will be dropping by. You should also work on settling any outstanding tenant problems so you can eliminate trouble for an eventual buyer.
Ask tenants to alert you to anything that needs to be upgraded or repaired so that a new owner won't need to put out large amounts of money right after purchasing your property. You can also have a building inspector assess the entire property for problem spots. Start making those building and structure repairs now; if you're not prepared to do that, know that most buyers will expect some kind of price discount.
Investigate Zoning Changes
Try to give buyers a lot of information so that they can determine whether your property is what they want. Zoning information is especially important, as changes could affect the way a new buyer improves and expands the property. Discuss the area with someone in the zoning department of your city so you can pass on relevant details.
With many factors at play, landscaping could escape your notice. However, knowing that buyers could be anywhere, make it a point to employ a landscaper to improve the property's exterior appearance.
Your commercial property might soon be off the market; these tips enable that to happen. Your realtor will impart more specific guidance, so get in touch with a real estate agent.Share