When you are thinking of selling a commercial property, you probably understand that it requires a lot of effort to ensure you can get the most out of that process. However, you may not fully realise all the areas you need to focus on, all of which could end up playing an important role in securing you a solid sales price.
The following tips should help you do just that, setting you up for success before you even put your property on the market:
It has likely been some time since you completed a full accounting of the state of your commercial property — and now is the time to do it, according to Shutts & Bowen LLP. That way, you will more completely understand its full value, and whether you have any work to do to more effectively prepare it for sale. Likewise, your would-be buyers will have greater certainty that there are no potential issues lurking on the property waiting to be discovered only after the sale is completed.
You will also have to be diligent when it comes to putting together the documentation around your ownership of the property and any legal agreements affecting it. This should start by assessing whether (and how) any existing leases might be affected by the sale, collecting documents related to your property loans and so on.
It should come as little surprise that you must aim to keep your property looking its best, especially on the outside and this can be done in a number of ways. Homeia recommended making sure the building's exterior is in great shape (perhaps repainted or power-washed) and that landscaping is done to make the property feel vibrant and welcoming. Something as simple as planting some trees and putting down fresh mulch can accomplish this goal with ease — and without a significant expense.
You will certainly have to think about how and where you will advertise that your commercial property is for sale. For instance, you might want to consider the publications where the property will be listed — will you pay for ads in physical media, or just online? What about photography or video? It's generally recommended that you hire a professional to show your building and the surrounding property in its best light. That, in turn, helps you put your best foot forward even before prospective buyers show up to inspect the site.
It's also important to be able to price the property effectively, both so that you can list it as being attractive to would-be buyers and get the best possible return on your initial investment, as Alpha Environmental explained. This should start by working with an appraiser who can tell you about any issues that might exist, and also consulting with a real estate professional who can help you price the property effectively. The key for owners here is to understand that you are paying these people to give their honest opinions about the property, even if you may not like them. When that's the case, you can do more to effectively prepare the property for sale, if need be.
At Ray White Surfers Paradise, we have helped close countless commercial property sales and would love to bring all that experience to bear in assisting you as well. Contact us today to learn more about how we can help ensure your property is fully prepared for sale and to maximise your opportunities to sell.