It’s time to sell your office space. You may be moving out of the area and will no longer be around to maintain a property, looking to purchase a larger space or offloading real estate investments during a time when the market is in your favour.
While there’s no one perfect way to sell a commercial property, you can take concrete steps to sell your office space on a short timeline at a price you’re happy with. Here are a few tips for selling your office space.
What kind of buyers will your office space appeal to? Get into a mindset where you’re considering your buyers on two levels: your ideal buyer and your realistic buyer. Depending on the type of office space you’re selling, these two groups may be the same. Or you may own an office space that appeals to a different market than you expect, but one that is more likely to buy on your timeline.
Consult with a real estate agent who can help you develop your target market and understand your buyers on every level. Consider, for example, interiors and location. Multi-million-dollar tech companies may be on the lookout for glossy buildings with lots of natural light and the most up-to-date amenities.
More modest companies, on the other hand, may not be as fussed about amenities or large open spaces. Once you understand your buyers, you’ll be able to target marketing and listings toward those demographics.
If ever there’s been a time to showcase your property at its best, it’s now. Don’t skimp on photography during the selling process – photographs are the first thing prospective buyers see, and can make or break a sale.
Focus on making your property as appealing as possible, bringing in a high-quality photographer to show off interiors, exteriors and any features you want to highlight. Buyers can tell when you’ve gone the budget route or have taken the shots yourself, and it doesn’t make a good first impression. You want to not only highlight the property, but highlight the way you operate as a professional – the better your property looks, the better you look, and that starts with photography.
Buyers can scan through countless listings online, flipping from one office space to the next without getting in touch with the buyer – there’s always competition, even in a strong buyer’s market, so you need to distinguish yourself and your office space.
No one wants their property to sit on the market for months on end without a buyer. One way to speed up the selling process is to create a sense of urgency around a sale by setting a fixed timeline to complete a sale. You can carry this out by putting your property up for sale at auction, increasing competition and urgency, or by making clear to buyers that you’re working to offload the property within a month.
Keep up communication with prospective buyers throughout the selling process, following up quickly with a buyer each step of the way. By doing so, you’ll be able to keep up a sense of urgency and guide buyers toward completing a sale.
From photography to listings, communicating with clients and completing a sale, the right real estate agent can make all the difference in selling an office space. It’s a complicated process, and one that you don’t want to take too long, as buyers’ interest can fade the longer a property remains on the market.
Get in touch with Ray White Surfers Paradise today to learn more about listing, as well as buying and selling commercial properties.