Top 10 Commercial Real Estate Selling Tips
Wondering how to sell your commercial real estate property? You might think selling residential and commercial real estate is similar, and there are a few things in common, but selling both can vary. Harding Development Group has the experience and knowledge to handle any commercial real estate sale.
Below are 10 selling tips when it comes to commercial real estate!
1. Patience is key when selling Commercial real estate
Statistically, commercial properties take longer to sell than residential properties. The process for selling commercial property is different than residential property, is specialized, and requires a lot of legwork, but the payoff is well worth the time investment. If you’re unable to or just don’t have the time to handle the headache, Harding Development Group is here to help.
2. Understand your commercial real estate market
Probably one of the most important aspects of selling commercial real estate knows your market, the neighborhood, and what similar properties in your area are going for BEFORE your listing goes up anywhere. Know what the commercial real estate market looks like, especially in the area where you’re selling your property.
3. Compare similar properties
It’s good to know what similar buildings to your commercial property are selling for. This can help you better understand the current real estate market. Take some time for a tour of the property or the building to learn more about its attributes, see what your competitors are offering, and determine how your building measures up.
4. What value does your commercial property have to potential investors?
The most important thing that people are searching for when it comes to commercial real estate properties is the features that set it apart from the crowd. How many square feet does it have? Does it come with any special equipment? Are maintenance services within easy reach? Make sure to include all of these answers and more in your commercial real estate listing in order to attract the investors you’re looking for.
5. Give your commercial property a face lift
The exterior of your building is your buyer’s first impression. Before listing your property, improve your building’s curb appeal. It’s what draws people in and makes them more interested in your property. Some ways to boost your building’s curb appeal include giving the building a fresh coat of paint, fixing any potholes in the parking lot, repair any broken windows or lights, and freshening up the landscaping. And don’t forget about the interior. Commercial buildings always sell better empty, so do as much as you can to clean it before listing the property.
6. Learn the commercial real estate appraisal process
When it comes to commercial real estate appraisals, the process can be more complicated than residential property appraisals. Inspections are the first step, and this is when appraisers research public ownership and zoning records, compile comparable sales, and then analyze the information as it relates to the property’s value. Supply any necessary information to the appraiser so they are able to complete the appraisal on time.
7. Have all of the paperwork ready
Paperwork isn’t the most glamorous thing in the world, but making sure it’s all in order is important when it comes to commercial real estate. All of your documentation of your commercial space should be organized and up to date. You’ll want to include any previous appraisals, a copy of the title deed, permits for any site alterations, copies of previous leases, utility bills, and tax information.
8. Understand the transaction from both sides
It’s critical that both parties on the same page when it comes to commercial real estate. You’ll know what the other party’s priorities are when it comes to the property sale and what’s important to everyone involved in the negotiation. Create a conversation with the other party and ask questions when necessary.
9. Be prepared with information about your property
We’re a busy society and we want to know what we’re getting right away. Buyers will want to know if this is a commercial property they should spend more than ten seconds looking at. Property specifications aren’t enough anymore to give buyers, who want to image themselves occupying the space. Have high quality photos, video, floor plans and site plans on hand to show buyers. You can show them the property on their time.
10. Build relationships
Sometimes it’s all about who you know and knowing others who know of prospective buyers can help you with your commercial real estate property. The world of commercial real estate can be small and a limited niche in various markets. Maintain relationships with others who are involved with commercial real estate because you never know who can help you get that final sale.