So you’ve finally made the decision and you’re ready to sell your commercial property! That’s a strong start, and it’s the beginning of a long journey till you see your property sold to the right investor, offering the right price. Selling a property requires a lot of research, patience and preparation. And don’t forget the mental stress to top it all. However, we have prepared a list to help make the process a bit easier for you.
1. Put Your Best Foot Forward
Like with buying any product; be it a dress, a car or a home first impressions matter. It’s the same with the commercial property as well. So, it’s time to give your property some touch-up. This could be giving it a new coat of paint, fixing those broken windows and doors, checking that the plumbing and electric work are in order and especially sprucing up the entry to your property.
You could also do some additional touch-ups by adding pots and plants to make your buyers feel more welcome to the property. It is important that they get a positive vibe at the onset, to encourage them to make a purchase.
2. Replace And Repair Wherever Necessary
It may be tempting to leave your property in the unused state that it’s been in. But prospective buyers tend to take cues from the current condition of the place in order to evaluate whether it is suitable for their use. So, try and make the space look like it’s still in working condition.
So, if you have any machinery that’s not functional either remove them from the premises or repair them before your buyers visit the place. Additionally, you would want to replace any practical requirements of the property that are not in functional condition. So, check the cooling and heating systems and other utilities of the property well in advance.
3. Understand Your Target Audience
While you may be having a great property that you’re selling at a good price, it’s important to market it to the right target group. So depending o what kind of commercial activity your property was used for before, you can find a buyer from a similar industry.
This way they will not have to invest in redoing the space, rather minor tweaks would be enough for them to start their business. Todd Herrick has recently been successful in finding the right investors for one of his properties in Colorado.
In fact, Todd used the support of some of the real estate mentors to find a good buyer for the Todd Herrick Telluride Real Estate. So, understand your target audience before you set out to sell.
Find The Right Real Estate Agent
Meet with different real estate agents and understand their specializations. Find someone who has a good understanding of the market, the locality and also the pricing. Also, find someone who you’re able to connect with on a personal level. Only then will they be able to find buyers who meet all your requirements, apart from the financial prerequisites.