Thinking of selling your commercial property on the Gold Coast? Before you dive in, here are a few tips you should follow to maximise the return you get from the sale.
Among the many differences that selling commercial real estate has compared with residential real estate is the fact that the segment of potential buyers you're targeting is very niche. While price and location are still important factors, perhaps the most relevant to buyers of commercial real estate is what function the property serves. Someone looking for office space isn't going to be interested in purchasing a petrol station or a warehouse, so you need to know who you're selling to.
One of the most important things you need to do when selling commercial real estate is get an appraisal. The market can move a lot between when you purchased and when you're getting ready to sell. An appraisal is an opportunity to get an expert's take on what your property is worth.
Things like the vigour of the local economy, the kinds of businesses that are popular there and the potential for expansion of the site all play into what someone would be willing to pay for it, so getting the perspective of someone who is very familiar with all these trends is indispensable.
Selling commercial real estate is a competition for potential buyers – they only have so much money to spend. It's important, therefore, to research the market and see what's out there before you list your property. If someone's selling an office with twice the space for half the price just next door, that's going to impact the strategy you use to sell yours. While you don't have to take into account every listing on the market, getting a feel for how much things are selling for will help you determine how long you might have to wait for a sale at your chosen price.
Market knowledge and expertise are two of the most important things you need when selling your commercial property. When you work with the team at Ray White Surfers Paradise to sell yours, you can trust that we know what we're doing and will be able to get you a great price for your real estate.
For more information on selling commercial real estate in Surfers Paradise, get in touch with the team at Ray White today.