Unlike residential real estate, selling a commercial site or building appeals obviously to far fewer buyers. But the basic rules apply. The old adage of âEarly to bed, early to rise, itâs no jolly good if you donât advertiseâ is always essential. People wonât buy what you keep secret.
One difference with modern selling is of course the online potential. In fact for a relatively inexpensive fee, you can show and tell the commercial world that you have a property on the market. But donât neglect the basics. A professional looking sign outside the property can be a wonderful advertisement. Especially if you are on a major road. Take advantage of the passing crowd. Remember word of mouth can be hugely effective. A person driving past the property sees the For Sale sign and tells their brother-in-law who they know is thinking about expanding his business in your town.
Change in zoning
State and county laws classify or zone areas for various commercial property usages. From time to time, zoning laws change enabling different types of businesses or industries to operate in a particular area. Check to see if there has been a change in your zoning or if a change is being considered by the authorities. The sale of your property could attract a whole new type of customer with a change in your classification.
The right agent
It sounds like stating the bleeding obvious but unfortunately many people still make the wrong choice in selecting a realtor to handle their sale. Itâs not a question of a realtor being good or not so good although obviously thatâs important. No itâs matter of hiring the right realtor for your particular sale. Are they experienced in commercial real estate? Are they knowledgeable of sales in your area? And are they the best?
A lawyer and accountant you know, respect and trust are essential members of your team. This type of commercial real estate transaction will involve serious amounts of money. You donât want anything to come back and bite you. All aspects of commercial law and relevant taxation requirements have to be watertight. Donât cut corners and make sure you cover all the bases.
In most cases itâs a company or at least a partnership. The more you can find out about their line of business and what they want to use the property for, the better able you will be to help make the sale. Remember the professional realtor is running the show but if you can give the realtor all sorts of benefits the property has to offer, that could clinch the deal. Discover what you can about the potential buyer.
Pick your moment
Itâs easy to say but try and buy when the market is down and sell when real estate is flying. Selling your commercial property at the right time makes an enormous difference. When the economy is booming, prices will be high. But even in tough times, there will always be buyers looking to grab a bargain. If youâve got a good property, there will always be buyers. Planning ahead is a great idea and having a crystal ball will seal the deal.