Selling commercial property is different from selling residential property. Commercial property houses tenants and customers but ultimately belongs to an investor, while residences sell directly to “tenants.” If you are interested in selling your commercial property, take these divers steps for selling success!
1. Spruce Your Curb Appeal
As you begin to research the other aspects of selling commercial property, take time to spruce up your curb appeal as much as possible. Work on the landscaping, hire a company to clean the windows and make the interior extra-clean, and go the extra mile to fix anything that is broken or in disrepair. If you can, take care of anything you can to make it as decent as possible for the next owner. Besides, an attractive appearance is more likely to draw one to your property.
2. Determine Pricing Strategy
Your pricing is perhaps the most critical aspect of selling your commercial real estate. However, take time and effort to research what the most reasonable and competitive price would be. Tour similar commercial properties in your area and take note of the amenities, location benefits, and lease rates that they offer.
To know your return on investment, divide what you make each year from the property by what you paid for it. For example, if the building gives you $100,000 a year and you bought it for $1,000,000, your return rate is 10%, which is considered to be good in the CRE world. Also, check the competition’s rates and forecasted growth and decline.
3. Appeal to Investors’ Interests
When appealing to investors who might want to buy your commercial property, have a solid foundation on which to make your case. Know all the information about the property so you can back up your claims on its benefits. Investors are looking for properties that are visually appealing and advantageous to tenants. Some investors will happily take on improving tenancy if need be, but some will look for a history of long-lasting and diverse tenant-owner relationships.
4. Market Broadly
You never know where your investor may come from. Spread the word wide and far through all possible venues. Social media channels are just one mode; direct mail marketing is also a powerful tool. Make your copy clear and easy to read to send the message effectively.
5. Find a CRE Agent
While someone might be able to do all these things alone, it is best to get help from a professional. Hire a qualified commercial real estate agent to help you in every aspect of a successful commercial property sale.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.