Last Updated on Mar 12, 2020 by James W
When you want to learn how to sell commercial property, research is only the beginning of your journey. There are always buyers, but the real swing vote is in how well you sell the property itself. Prime real estate at a great price will still get passed over if you don’t make it stand out. And if the timing isn’t right, then you’re already starting at a disadvantage. So, what should you know about selling your commercial property?
Find Someone With Similar Interests
Whether in person or online, find someone that makes a living selling commercial real estate. Follow them and learn to see how it relates to your current mentality. If they’re successful, then apply their methods. There is a pattern that relates to their timing, whether it is a personal sale or one for flipping. Reach out to them to see if they can point you in the right direction. This is the perfect way to avoid a lot of beginner mistakes that can be unrecoverable.
When you Learn Personal Marketability
It sounds silly, but no matter how good the deal is, you have to put effort into selling a property. Force yourself to understand what it means to be a salesman. When that isn’t an option, make the choice to hire a professional that excels at selling a property. They may have you hold off until it is more marketable, which is something that is covered with the next tip.
Increase The Marketability Of Your Properties
When your finances are strained and you’re using the property being sold, it becomes a harder sell. You can’t help the attractiveness of a business location if your current business is moving due to failure. When a company moves from one property to another because of growth, that is considered a marketable property. The space has a story to tell and it is an instant boost to the confidence of a potential buyer.
Understand The Ups And Downs Of Real Estate
Commercial property is an investment. A new buyer can’t make a passionate purchase and expect to have everything up and running the next day. Entire plans have to be drawn up before any business sets up shop at that location. When you make the decision to sell commercial real estate, you as the buyer will be much more committed than the seller at closing the deal. Never sell a commercial property when the current business is under a time crunch. Wasted time and broken deals are common, and it could the final nail in the coffin of a struggling company.
Manage Your Expectations
Nothing is guaranteed in real estate, so get everything in writing. The idea is to wash your hands clean of the property the moment it is handed over to a potential buyer. Try not to keep portions of your business ‘active’ on property after a sale is done. Have a plan in place for the move, and get out of there the moment it is finalized. If that isn’t ideal, then it isn’t a good time to sell your commercial property.
Real estate bargains have made and broken many businessmen in history. The smart ones were one step ahead of everyone else by knowing the pros and cons of commercial property. By knowing when (and how) to sell, you gain a big advantage in a crowded market.