Why your business real estate might not be selling

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Business-owned real-estate, perhaps in the form of houses, offices or industrial centers, can take some time to sell. Of course, today’s market is a buyer’s market thanks to Covid and more, as generally lower demand for property has caused sellers to take extreme losses when trying to shift certain assets they might have had.

That being said, we cannot blame everything on the pandemic even if it’s quite worthwhile to understand its consequences. If you find that your business might not be selling its real estate as quickly as you had hoped, it’s important to consider why, and to take the right steps in order to fix the situation.

Now, keep in mind that not all businesses are alike, and no two selling strategies will be equal in how effective that are to the given situation. Provided you can understand how to move forward and how to better your own approach, there is always room for you to pivot to a new strategy.

So – what should these strategies be? Let’s consider that advice in the following words:

Poor photos

If the photos of your real estate are shoddy, then it’s unlikely you’re going to be selling anytime soon. Remember that you’re selling a piece of real estate but also a dream, a vision. People want to see their business operating in this space, or utilizing it for their ends. They want to know their company and cultural image is aided, not denigrated, by this decision to buy. This means that quality high-definition photographs at a range of angles is important. Eschew the camera tricks such as fish-eye lenses that give a faulty impression of the property, as this will be seen through as the first visit takes place.

We would also recommend applying a ‘3D tour’ to space. This tour allows prospective viewers to check around your property and its rooms from a range of angles, allowing you to help encourage viewers to come and see the space without having to run risks in the middle of a pandemic.

Chasing the wrong market

It’s important to avoid chasing the wrong market. For instance, it might be that you’re trying to market your property to those who are working in your industry. But do they have a need for this kind of realty right now? Might it be that widening your horizons and considering how other industries could use this will help you better tailor your description, where you post the advertisements, and how you present the dimensions of certain areas?

Chasing the wrong market, like in any business venture, can lead to you spinning your wheels when you should really be focusing on the progress you intend to make. This takes time to understand, but with the right priorities, you’ll no doubt be in the running to make something of it.

Using ineffective realtors

It’s essential to use the right estate agents, those that are well-versed in marketing and selling a range of properties to a range of clients or customers. They may also help you rent out certain properties if you find that appropriate. If they cannot handle your particular property type, they will likely refer you to those who can help. This is quite a valuable resource for those who wish for the selling process to remain as seamless as possible, especially because at this time of year, at this particular time in history, you’ll no doubt have many other things to pay attention to.

A skewed asking price

Remember that right now, this is a buyers market. It’s up to you to decide what asking price to go for, and what discounts you might apply in order to achieve a quick sale. We would recommend that you consider how you can accommodate certain requests, how you might sweeten the deal, or how low you may be wiling to go in order to make this effort worth it. Sometimes, the projected costs of maintaining a property and keeping it on your books can be more expensive than the actual cost of lessening the asking price and swiftly handling this matter in the best possible sense.

We would recommend that you research other properties similar to yours. What area are they in? Are there any additional temporary factors influencing its final sale price? How can you use this information to better market your asset? This will all but help you guarantee a sale.

With this advice, we hope you can understand if your business real estate is worth selling or not – and how to kickstart this process in your favor.