How to sell your commercial property
Commercial real estate is a huge industry and it’s constantly being invested in and overhauled. While this shows that the industry is booming, it means that there is huge competition when it comes to owners wanting to sell. Selling a property is hard enough at the best of times but you know that there will usually be a queue of buyers looking to buy your house. It’s different when people want to buy a commercial property as the buying pool is more niche and much smaller.
You have to consider the competition first and foremost and when you speak to local commercial estate agents you will learn about whether it’s hard to sell commercial real estate in your industry and location. So, if you want to get ahead of the curve, here are the things you need to help sell your commercial property quickly.
- Figure out what it’s worth. You can’t sell a property if you don’t know what to sell it for and you won’t know what to sell it for unless you have it properly appraised. You need accurate information and that means speaking to the local area real estate businesses and similar companies who have sold in your area before. Need to know whether or not it’s going to be viable to sell your commercial property before you start plowing money into that sale.
- Make sure that you have your report title. If you know you want to sell your commercial real estate property, then the best thing to do is get the report title sorted right away. A good estate agent will work with you to respond to the request and walk you through all of the steps required to get that report title sorted as early as possible. It can take up to ten days for it to arrive,so you have to get it sorted as soon as possible.
- Get your environmental reporting appointment sorted. You want to ensure that the environmental reports are as up to date as possible with your building so that you can mitigate any undue risk. Reports can take time to arrive and so the earlier you do this the better. Once you have them you are going to be in a better position as you’ll know whether they are complete, precise and up to date.
- Start compiling your paperwork. To be able to efficiently sell a commercial building, you need paperwork to back up the sale. Papers of ownership, permits as well as any other safety or building certifications should be handled as soon as possible. You have to provide buyers with rent rolls, too, letting them know which tenants would be leaving soon and which spaces will be free to use.
- Put together a service history list. When was the building last serviced by pest control, elevator specialists, fire safety, utilities and more? You need a list of those dates for the new owners so that they can time their works properly, too.