Your company is growing, so it's time to move to a new location, which means you must sell your current building. Selling commercial real estate can be challenging, even in a good market. To accomplish this, you need to work with expert commercial realtors who can help you find buyers and handle all the negotiations for a successful sale. Before you list your commercial real estate, consider the following factors that can help sell your building fast.
Appearance Is Everything
Although there are many other important details that go into making a sale, the appearance of your building both inside and out can make or break a deal. Curb appeal is just as important with commercial real estate as it is with residential houses. As fantastic as the building may be, poor appearance is an immediate turnoff.
Experienced commercial realtors will tell you that before listing, you should spend some time and money sprucing up the property. Outside the building, clean up the exterior of the building and do some decorative landscaping. Have your parking lot patched or sealed. Clean the windows both inside and out. Power wash the building if necessary.
Inside the building, clean or replace carpets and have the interior painted. Declutter workspaces and make any needed repairs. Money invested in reconditioning a building is beneficial when selling commercial real estate.
Develop A Pricing Strategy
Value is dependent on many things including location, amenities, condition, and other details. Compare your building to similar nearby commercial real estate being offered for sale to get an idea of what it is currently worth. In addition to the property itself, look into lease rates and your building’s projected income-producing ability to determine its CAP rate yield.
Think Like Potential Buyers
Selling commercial real estate includes knowing what potential buyers want in a building as well as their likely investing goals. Provide correct information in sales listings and highlight your property’s best attributes. Supply important local demographics such as public transportation, cross streets, local population and household income, etc., that can illustrate the building's ability to bring in good income. Present your property in the way you would want to see it presented if you were making the same investment.
Find A Great Commercial Realtor
Most importantly, be sure to find experienced commercial realtors who are familiar with the local market. A great agency will help you with all of the above and provide the tools and necessary resources to attract serious buyers. They will create a custom marketing package for your building and make sure it is widely circulated. Skilled commercial agents will also help you through the complicated contract-writing and negotiating process.
If you foresee the need to move your business to a new building in the near future, now is the time to start working with experienced commercial realtors. Successfully selling commercial real estate involves good planning and some valuable work in advance. When you partner with commercial real estate agents who know the local market and can attract the right buyers, you will be searching for your new building in no time!