Whether you’re buying or selling commercial real estate, it pays to understand the repercussions of every decision you make. More so if you’re already considering selling your property — there are so many factors to consider from weighing whether letting go is a wise choice or not to anticipating potential gains from your investment upon sale.
In making the tough choices with your commercial property, we recommend getting in touch with a real estate agent who has prior experience in selling commercial real estate. That way, you avoid making costly mistakes and having painful regrets for revenues lost.
Here are the smart real estate investor’s essential steps in selling a commercial property:
- Initial planning stages
Start with research. Be informed of the market, determine your pricing strategy, and decide on where you’ll list your property. Anticipating what needs to be done will allow you to have enough wiggle room to make needed adjustments, should things work out differently than planned.
- Property appraisal
Compared to residential properties, commercial properties need more thoughtful consideration as they are used for a wide range of businesses and services on top of requiring a bigger budget than your average residential real estate. Thus, getting your CRE appraised makes sense. Through this, both you and your potential buyers are informed about its conditions. It can also help in determining your most reasonable selling price, as well as needed contingencies.
- Staging the premises
After appraisal, it’s time to prep and polish, especially if you’re considering a particular set of potential buyers from a specific business or industry. If you know your target market, you’ll have a good idea of how to stage or set up the space for viewings. You may not need to prepare too much if your target buyer comes from the same corporate circles you move in. However, there may be a need for some remodeling if you want to reach out to buyers from a more diverse set of industries.
- Preparing a buyer’s pack
Collate the basic details of your property, including information on its location, the type of businesses that would be able to maximize the space, and your asking price. You may also want to consider providing the property’s certifications as needed, so you can inform your potential buyers that everything is good to go.
- Marketing your listing
There are multiple avenues to choose from in marketing your property. Choose the most effective communication channel that will give you the widest reach and the most promising leads. Along with traditional media, the internet (social media, in particular) is one channel that can help you reach your target market. This is particularly useful if you’re aiming to sell your property to a niche community.
Now, you might be wondering, “Is it possible to sell my commercial property without the help of a real estate agent?” And the short answer is yes.
However, the aforementioned steps would certainly work much smoother with the help of a seasoned industry professional. Listed below are a few key reasons why we recommend consulting with a real estate agent in selling your commercial real estate:
- A specialist’s expertise. An agent with prior CRE experience and an established process can be invaluable to you when selling commercial property. They are up-to-date on market developments and have a sixth sense of what buyers are looking for. Their service is well worth the rate as their assistance allows you to take into account all important details regarding the sale of your CRE.
- A real estate network. As agents move forward in this industry, they build a network of contacts among colleagues and those in affiliated industries. They’ll have easy access to relevant platforms for listing your property, as well as people who know people who can accelerate the sale of your property.
- A professional’s counsel. Ideally, receiving offers on your property should be as simple as the potential buyer meeting your asking price and handing over the keys. However, reality dictates that negotiation processes be done for the most amenable price, along with waiting for documents and certificates. Having an agent as the point of contact for these matters makes it more convenient for both you and the buyer. Should there be any concerns, you’ll have an expert to consult at the soonest time possible.
Get in touch with the right experts to sell your commercial property. RE/MAX Direct has a team of professional agents ready to assist you with your next venture. Call us today at 610.430.8100 or email us at remaxdirectwc(at)gmail(dotted)com.