7 Essential Steps in Selling Your Commercial Property Successfully
Category Commerical Property News
When it comes to selling commercial property (offices, warehouses, factories, shopping centres) it's not just a case of taking a few photos and uploading them online with some specs. It requires careful planning and consideration to maximise its value and attract potential buyers.
Here are seven steps to take in order to get the best price possible for your property and sell it quickly:
- Get A Market Value Estimate
You may have a number in mind for your property, but is it realistic? It's essential to get another person involved to evaluate your property so you know what's actually possible.
A big mistake many commercial property owners make is not taking the whole picture into account when deciding on their price - they don't have an accurate checklist! This is where a commercial property expert, like OfficePlace, comes in. One of our professionals can fully evaluate systems and structures, as well as the location, demand, and trends, to prepare a market analysis. This is an essential part of effectively listing a commercial property that investors will want to snap up.
- Improve Property Presentation
Take a look at your property - what needs to be repaired and replaced? Do this necessary maintenance as well as declutter and organise the space before taking photos. Consider hiring a professional photographer and videographer and staging the space to really bring out the unique features and attract buyers. The better the property looks, the more attention it will get. Also, when everything is in working order and looks good, there is less room to haggle on price.
- Comprehensive Marketing Strategy
Gone are the days when you simply have properties for sale in the newspaper and B2B magazines. It's so much more intensive than that! When you work with a professional commercial real estate agency, they'll put together a marketing strategy to get your property in front of potential buyers. This involves online listings, industry publications, leveraging their brokers' network, and more.
- Get All Documentation And Permits
Potential buyers are going to have a lot of questions, and your property agent needs information for the marketing package. So, get every document that's related to the property together and put it in the cloud for easy access. This includes leases and rental history, permits, property tax records, utility bills, maintenance history, any relevant financial data, as well as any legal or environmental compliance certificates. Having all of this organised and in one place will make answering questions so much simpler.
- Be Prepared For Due Diligence
When buyers are considering your property, they're going to do their own due diligence. This will include their own inspections. Questions are going to be funnelled to you, so address any concerns promptly and transparently. Not doing this can prolong the selling process.
- Get Clear On Your Negotiation Limits
What is the lowest you're willing to go in price negotiations? How much money are you willing to put into the property for a potential buyer? Also, what is your investment goal for the property? Consider the money you have already made from the property and the expected selling price so that you can decide if selling the property aligns with your investment return goals. It's important to understand your priorities so that you know the route to take when counter-offers come in. Again, this is where a professional commercial real estate company shines - OfficePlace is experienced in property transactions and negotiations, making the process less stressful for sellers.
- Know The Right Time For Selling
Did you know that timing can have an impact on the success of selling your commercial property? This has to do with market conditions and economic indicators (such as interest rates). The expiration of tenant leases can also impact the value of a property in the future. One of the best times to sell a commercial property is when there are no leases ending soon because longer leases make potential buyers more confident in their investment decision.
By following the above essential steps, you can maximise the value of your property and attract serious buyers. But, successfully selling your commercial property also requires careful planning and professional expertise, which is why working with industry professionals is so key. OfficePlace offers free valuations of commercial property and vacant land - contact us to find out more.
Author: OfficePlace