Tips for selling your commercial business premises
Photo by Paramdeo Singh on Unsplash
Commercial property is an important purchase for your business and one thing that you should plan for carefully. Whenever you buy property, you want to make sure it’s the right investment opportunity as well as being appropriate for your business not just now but in the future so that you can hopefully remain in the property for years to come.
If you’re ready to sell up in order to free up equity or need to move onto something bigger – or smaller – here are some tips for selling your commercial business premises.
Communicate with your buyer. It is always key to maintain open communication with your buyer.
Pick a specialist estate agent
When it comes to commercial property, it’s worthwhile opting for a specialist real estate, rather than the average one out there that deals with both domestic and commercial property.
It’s a little different when picking professionally delivered property surveys as that’s often a similar process for all properties. However, when you’re selling a commercial property, a real estate agent who knows the commercial landscape and understands how to sell this type of property is useful.
Therefore, consider searching for specialist estate agents available in your local area or further out if it means you’re getting a better agent for your needs.
Find the right buyer
The right buyer is the one that suits your requirements as an individual or as a business entity. Whether that’s an all-cash offer that you’re looking for or someone who isn’t on a chain when selling and buying commercial property.
It’s important to find buyers that match your needs because you want to hopefully ensure a smooth and hassle-free experience when selling your property. It’s not something you want to have to redo because the buyer dropped off for reasons that were apparent from the beginning.
Work with solicitors
Solicitors are just as important as picking the right real estate agency for the sale of the property. Real estate contains a lot of lingo that might not be understandable to the average business owner.
It’s useful to work with solicitors who are going to be able to provide clarity in every single step of the process. That way, you won’t feel like you’re going to be lost in the process or left in the dark.
Negotiate for the best deal
Be sure to get your negotiating hat on when it comes to selling your property. While you might want the price you put it up for, it might not always be the price you get. The best situation would be a bidding war but that doesn’t always happen.
With that being said, you should look at negotiating to get a deal that works for you and what you’re after. If it’s not right, then there’s no need to accept an offer just because it’s the one you got first or it’s the best of a bad bunch.
Be sure to stay on top of the process at all times to ensure a fast exchange and completion.
