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Effective Strategies For Selling Your Commercial Property
People sell their commercial property for different reasons. While some need the money to invest in other ventures, others wish to maximize their equity. Likewise, other commercial property owners want to deter corporate sharks from buying their property at cheaper prices and absorbing their businesses.
Irrespective of the reason, selling your commercial property successfully is essential. A Forbes Report indicates that commercial real estate will recover in 2022. So are you looking to sell your commercial property? If yes, here are some effective strategies to achieve the best results.
Give your building a makeover
Except your property is new, it may have damaged and worn-out areas. Moreover, before purchasing it, clients assess how pleasing and updated the property is.
However, if your building isn’t presentable, you risk chasing potential buyers away. What’s worse, you may have to sell it for a lower price than you intended. This makes it essential to make the necessary improvements.
You can begin by inspecting the building thoroughly to determine the areas to repair, like windows, doors, roofing, etc. Sometimes, a good paint job can give more life to your property, so feel free to consider this.
Also, consider cleaning the interiors and upgrading to energy-saving LED lighting. While the interior is important, the exterior is what your potential buyers will first observe.
Therefore, you want to improve your property’s curb appeal. You can achieve this by pressure-washing the walls, windows, and other areas. You also want to ensure that the premise isn’t littered and the lawn is properly maintained. You can consider working with a full-service commercial lawn care company to improve your curb appeal, so keep this in mind.
Have realistic demands
You may have an ideal asking price for your property. However, asking too little or too much can be detrimental. It’s not unusual for property owners to have an overly high price, discouraging buyers from contacting them to negotiate a suitable price. Likewise, having a very low asking price may mean losing money on your building.
Therefore, you’ll find it helpful to offer a more realistic asking price to increase your chances of selling your building. Fortunately, you can achieve this by comparing your property to similar commercial buildings on the market, a process known as the sales comparison approach. This way, you will have a fair idea of its worth and the most feasible price.
You can leverage the cost approach if it isn’t possible to compare your property to others. This approach allows you to determine the value by calculating the costs involved in building the property.
This includes construction costs, land’s current value, and the materials’ prices. A commercial property appraisal can also help you determine your property’s worth and earning potential, so feel free to consider this.
Prepare the necessary documents
Potential property buyers want to ensure they aren’t being duped, and you have to prove that you’re the owner. Therefore, it is essential to prepare the necessary documents for your property before listing it. You want to provide proof of identities like a passport or driver’s license and utility bills for proof of address.
Also, you need to provide the original sales contract/property title, zoning codes, maintenance & repair records, ADA compliance, tax certificates, and financial records. It’s also essential to store your legal identity data in a virtual data room.
Market your property
After preparing your property and necessary documents, the next step is to attract potential buyers. Fortunately, several marketing avenues can help you reach out to potential buyers easily.
For instance, you can leverage your social media accounts to advertise your building. Consistent and strategic posts on these platforms can encourage your audience to make more inquiries.
It’s also prudent to determine the right online marketplaces to reach the right market. Sites like CRXi, LoopNet, Ten-X, and Reonomy are excellent for commercial buildings, so keep this in mind.
While your smartphones may have a good camera quality, you don’t want to rule out professional photography. This is because professional photographers work with drones and other devices that enable them to take high-quality pictures of your building from all perspectives.
Video tours are also helpful, so feel free to consider them. Although online marketing is popular, it wouldn’t hurt to invest in print advertising. Consequently, leverage brochures, flyers, posters, newspaper ads, etc., for the best results.
Selling your commercial property can be lengthy and requires lots of documentation. Depending on your building type, it can take months to get a suitable buyer. However, having patience and following the right steps will guarantee success.