If you have commercial property that you want to sell, you naturally want to sell it quickly for the highest price possible. However, you probably know that the real estate market might not always want to cooperate with what you want. Therefore, you will want to know some tips that will help you sell that property faster and for a price that you believe to be fair. Here are some ways that you can make sure that happens.
Find a Broker Who Has Local Experience
When you want to sell quickly and for a great price, it is essential to find a broker who is well-versed in selling commercial properties and who has experience in your area. Some local expertise will go a long way in ensuring a faster sale since these brokers concentrate into what buyers are looking for. When you are looking for a broker, not only do they need to know the area, but they should have a track record in the area. Those who have a good track record will have a better chance of already having a buyer for your property.
Take the time to interview several different brokers. This will give you a better idea of their knowledge and skill. You should also ask about their marketing plan for your property. What will they be able to do to help your property stand out from the crowd? If they are treating all the properties the same, they won’t be doing very much to help your property sell. Break down the marketing plan to see if it will help your property sell.
The broker that you’ve chosen should also be knowledgeable in the best practices for market research. After all, even if they might have experience in the area, you would want someone who can help showcase what it is that makes your property unique. This will help them to find the ideal buyers for the building in less time.
Avoid Overpricing
One of the major problems that occurs with any type of real estate sale, residential or commercial, is when pricing the property. Naturally, everyone wants to get the highest price possible. However, this does not mean that the property is worth the price that people are asking. When you overprice a property, fewer people will be interested in it because they feel that even with negotiations, they are still going to have a higher price than they should be paying.
It is important to work with the broker to determine what is a feasible asking price for the property that will make both you and the potential buyers happy. Sometimes, this will mean getting less for your property than you might have initially wanted.
Related: Ask an expert on the best method to sell your commercial property.
It is also important to remember that there is a difference between the asking price and the selling price. The asking price will be the amount that you, the seller, are asking for the property. The selling price is the amount at which the property actually sells, and it can refer to the sale price. It might be higher, lower, or the same as the initial asking price. It will all depend on what happens during the offer and negotiating stage.
You need to realize that there are various factors that will determine the final selling price for the property. Some of these factors will be out of your control. For example, the market at the time you are selling will play a huge role. The location of the property and the economic viability of the surrounding area can play a role, as well. You might have bought the property when the community was thriving, but now it might be in a down period. This means that the price of the property might need to be lowered before people will be willing to buy it.
When you are trying to determine the price, it is a good idea to look at comparable properties in the area that have sold recently. They can help to give you a better idea of what a property like yours might be able to sell for at the time.
These are all elements that you can discuss with the broker. They will be able to provide you with some realistic expectations when it comes to the selling price that you can expect. It tends to be a good idea to listen to their advice rather than trying to price high and hope that someone buys.
Make the Property Shine
Along with marketing aid from the broker, you might want to take some steps to make the property more appealing to potential buyers. Just as a seller would do with a residential property, you should take the time to consider ways that you can improve the property somewhat before selling. Consider the property’s curb appeal, make any minor repairs that are needed, and maybe improve the flooring and add a coat of paint. You’d want to remove any potential reasons that a buyer might pass on your property. It can also reduce the amount of negotiation power that a buyer could have otherwise, which could allow you to get a price that is more with what you want.
When you use these simple tips and start working with a broker, selling your commercial property will be much easier. It is also easier to reach a higher selling price than you would have on your own, or at least a price that is reasonable for the area and the market.
Selling a commercial property yourself can be a daunting task as there are many factors at play that make the process difficult. Donald La, licensed commercial property broker with extensive experience, is an expert in the San Gabriel Valley area as well as Los Angeles County. Contact Donald if you’d like to get a free consultation for your property’s needs.
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