How to sell commercial property quickly
Selling commercial property is very different from selling homes.
Even if you’re an experienced seller of residential real estate, you’ll quickly discover a new set of challenges that comes with selling commercial properties.
How so?
What to consider when selling commercial property
One of the main differences between selling a house and commercial real estate is the way in which the property is valued.
The income a commercial property generates has a lot to do with how much it’s going to sell for – a consideration absent when it comes to determining the value of a home.
However, potential buyers won’t just take your word for it. You need to show proof of the commercial property’s actual incomes.
Commercial properties also have:
- Significantly higher appraisal expenses
- Extra requirements such as environmental reports
- A different method of financing
- A different buying audience
Take a moment to think through your selling strategy as well. Will streamlining the process convince buyers that a piece of commercial property is worth pursuing?
A solid strategy increases the chances of selling a commercial property quickly
Handy tips
1. Collate all documents
The majority of buyers these days are extra cautious when it comes to investments. Gathering all the necessary paperwork and documentation demonstrate your conscientiousness as a seller. The documents you have on hand are concrete evidence of the property’s earning potential.
2. Do a bit of clean up
Get to the nooks and crannies of the commercial space to make sure everything’s clean, organized, and in good working condition. Remember not to go overboard and spend too much on renovations – a little landscaping and pressure cleaning should do the trick.
3. Offer a portion of an existing business
If you’re selling a business along with a piece of property, it’s a good idea to offer buyers a portion of the business as part of the deal. You can offer to stick around and continue to manage the business in order to initiate a smoother transition.
