The market for commercial properties has frequents ups and downs. If you’re trying to sell a commercial property, you should be prepared for the challenges you’ll face, especially if the market is a little slow. Putting your commercial property on the market can be much easier if you follow these tips.
Prepare Your Paperwork
You’ll need an appraisal, environmental reports, financing details and buyer information. Besides those, you will also need proof of the earnings potential for your property. Documentation of income is an important consideration for buyers, and anyone buying commercial property will want proof of earnings potential.
Put Your Best Face Forward
Improving the curb appeal of your property will help it garner the attention needed to attract a buyer. The goal here is not to completely remodel the building, but rather to make it look as good as possible without spending a lot of money. Have the exterior pressure washed, give the landscaping a facelift and repair obvious problems.
List Your Property
After you’ve improved the curb appeal of your property, the next step is to list it for sale. In areas where commercial properties are moving quickly, you may not have to do anything more than put out business signs listing the property as available. However, in other areas where the market’s less lively, you might find yourself getting very creative to sell your property.
The least expensive option for putting your commercial property on the market is to handle the sale yourself. However, unless you have a lot of time to dedicate to selling the property, you’re confident in your negotiation abilities, and you aren’t concerned about being sued for improperly handling the sale, you should probably enlist an agent. There are many aspects of contracts governing commercial property sales that are better handled by an experienced agent specializing in the type of commercial property you’re selling.
Know Your Zoning
In order to sell your property as quickly as possible, you need to emphasize its unique points. This will help your property stand out and give it an advantage in attracting buyers. Properties that are memorable tend to sell much more quickly than those which do not leave much of an impression.
However, just focusing on the unique aspects of the property could mean that you’re missing potential buyers. For that reason, you should be casting the widest possible net to attract as many buyers as possible. Make sure you know everything about the zoning ordinances that govern your property; if an existing property can be used for a variety of purposes, it is more valuable than a property with only a few options.
Making the Sale
The market for commercial property varies from place to place, and there are many aspects of selling commercial property that can be confusing. Selling commercial property may seem like a straightforward endeavor, but without the right knowledge, it’s very difficult. If you’re unsure about how to sell your property, discussing your options with an experienced agent can help.