Selling commercial property is complex and it presents unique challenges. It’s more than simply ordering a sign and taking some few photos. Coming up with a clear cost scheme, understanding the potential buyers, and marketing your property can be a wearisome task.
Here are tips for selling commercial real estate that will enable you to break into the market and hit the ground moving.
Establish a Realistic Valuation
You can establish the worth of your property through factual and market-based data. A real estate agent can provide a comparable properties report which indicates the value of similar buildings, proximity to your building, and the date of sale.
This will help you in understanding the trends of the local market. You may also take a tour of the competitive property and see what your competitors are offering in terms of location, lease rate, and amenities.
This information will help you to in setting price and determining the effective marketing strategy, as well as establishing expectations on the potential closing period.
Understand the Buyers’ Point of Interest
Potential buyers are interested in a particular set of selling points. Your property will probably sell in your projected timeline and value if you attract the right investor.
It is very important to ensure that your information is always updated and accurate to avoid disputes and provide you with a strong and favorable negotiating ground.
Potential investors will be interested in:
- Current tenants
- Location highlights
- Condition of the property
- Property highlights
Position and Promote your Property
Potential buyers must know that your property is available before they can give their offer. You need to develop a detailed marketing material, and utilize every marketing channel to reach out to many prospects.
Ensure that you highlight the features and strengths of your property in your advertisements, and as well answer the questions prospects may have.
It is also important to appreciate details about different types of property neighboring your property. An investor may want to know the kind of businesses that will suitable for a particular property.
Brace for Negotiations
You need to prepare for all the objections that an investor will raise to bargain for a cheaper price. It is very important to master the real cost of any obvious upgrades and improvements to the property. Be patient, responsive to buyers, and deliberate in your actions. You also need to know when to make concession.
Article contributed by: PropertyCashin.com, leading commercial real estate investors group based in Houston, Texas.
Assigned category: Real Estate Agents