“We should remember that good fortune often happens when opportunity meets with preparation.” – Thomas Edison
As with any important challenge in life, the better prepared you are, the more opportunity for success you make. In the ever-changing landscape of commercial real estate, this could not be more true. Preparedness is crucial if you want to be able to sell your commercial property quickly and for the price you want. Here are 3 tips to prepare your commercial property for sale.
Tip 1: Know Your Buyer
In any sales scenario, it’s very important to know who your likely buyer is. Is it an investor? Or perhaps a business owner looking to occupy the space. The more you can understand the marketplace, the better of an understanding you will have of the type of person who would be interested in buying your commercial property.
Knowing your likely buyer will help you to craft a story that will appeal to them. What are their pain points? What are they looking for in a property? Understanding this will assist you in being able to pull out specific details of your property that will make your potential buyer feel like your commercial property is the perfect solution for their needs.
Another benefit of understanding your likely buyer is being able to find them. You’ll be better able to find contact and other important information about your potential buyers if you have a greater understanding of their characteristics. For example, real estate investors may have some go-to publications they read on a regular basis, so advertising in one of those could be a way to reach them.
Tip 2: Make a Good First Impression
We are all aware that staging is incredibly helpful when selling residential real estate. However, you don’t need to go so far as to light candles smelling like freshly baked apple pie to make a good impression.
The most important thing for buyers of commercial property is seeing that it is move in ready. Make sure that you have addressed any major and minor repairs that need attention. One very important thing to consider is the shape of the roof. Is it in good condition? Is it clean? If it needs to be replaced, make sure to do that before listing and marketing the property.
Other things to consider are landscaping and the building’s exterior. No, you don’t need to go to great lengths to redo the landscaping around the property. Just make sure any greenery is trimmed and well-kept, trash is picked up, and that the area is tidy. Your building exterior and windows should be power washed, and a fresh coat of paint may come in handy, especially if your building is older. Obviously, make sure to repair any broken/cracked windows or any other obvious imperfections on the building’s exterior.
Step 3: Know the Details
You’ll want to have all your ducks in a row as far as documentation goes before you list the property for sale. Important information to have on hand include but aren’t limited to: appraisal, environmental reports, financing details and proof of earning potential.
Additionally, make sure you know your zoning. Having a full understanding of the potential uses of your property will help you to cast a wide net. A property that can be used for a variety of purposes is much more valuable and has a higher sales potential.
This may seem like a lot of information, but our specialty at M. Maltase Real Estate Group is helping you prepare and market your commercial property. If you are looking to get your commercial property ready for sale, contact us today. We would love to review the details of your property and help you sell it to just the right buyer!
Thanks for sharing the factors which should be taken into consideration in order to prepare the commercial property for sale. A seller should be very cautious while selling a commercial property in order to prevent any major financial loss. In my point of view, the best way to deal with such situation is to hire a real estate agent who possesses in-depth knowledge in such business and could provide proper assistance to make a profitable real estate deal.