Selling commercial real estate is not without challenges. You want to obtain the best deal possible for your property. In this Seller’s Guide to CRE, we will examine what you need to know to successfully sell your commercial property to a buyer.
Find a Qualified Commercial Real Estate Broker
It might seem like a good idea to try to sell your commercial real estate yourself, so you don’t have to pay a percentage of the price to a real estate agent. However, when selling commercial real estate, you need an experienced commercial real estate broker who knows the area, understands the paperwork, has buyers looking for properties, and can score what your property is truly worth. Working with a local expert CRE broker gives you an instant advantage because of the broker’s many resources.
A commercial real estate agent should know the area, have ties with the community, be skilled in negotiations, and know the ins and outs of the industry.
Give the Property a Face Lift
When selling commercial real estate, first impressions matter. You’ll want to make sure the property looks presentable. Examine the roof, exterior paint, parking lot for potholes/cracks, and landscaping. Affordable maintenance and a quick facelift can help you score a higher sale price. A commercial property that looks good inside and out will appeal to prospective buyers and investors.
You might want to have a professional inspector survey the property to pinpoint what needs to be repaired or upgraded. Making the necessary renovations to the property prior to offering it for sale will appeal to buyers.
Work With a Skilled Commercial Broker
As a commercial property owner, you’ll want to work with a seasoned commercial real estate broker who knows the complexities of the local commercial market. Commercial transactions are not easy. They involve paperwork, negotiations, and sufficient time to close the deal.
Brokerage firms are current on all industry and economic trends. They know about any significant commercial real estate sales in the area which can help them determine a fair and realistic listing price with sufficient room for negotiations. Also, they have area connections, and a diverse network so might know a qualified buyer from the gate who would be interested in your property.
Consider the Competition
Picking a price for your commercial property takes area research. You don’t want to rely on a singular source when setting a dollar amount. Yes, you can have it appraised or you can simply work closely with a skilled and knowledgeable CRE broker to determine the asking price. The CRE broker will conduct extensive research to see what similar properties are selling for and how long they have remained on the market. The broker will create a comparative market analysis. The report will lay the framework for a competitive pricing strategy.
If you are seeking an experienced real estate broker, please contact RE/MAX Top Producers Commercial Real Estate Brokerage for more information. The real estate brokerage specializes in selling and buying commercial real estate throughout Southern California.