Selling commercial real estate can be tricky, especially if this is the first time you’ve sold a property of this kind. There are a lot of surprises that can pop up and, occasionally, things can go wrong. It’s important to be prepared for every situation that can arise, especially the bad ones.
If you’re interested in learning more about how to sell commercial real estate, follow along! We’ll give you the best tips for a stress-free, successful sale.
Tips on Selling Commercial Real Estate
1. Know Who Your Buyer Is
There’s no use in marketing a property if you don’t know who you’re marketing it towards. Knowing who your likely buyers are is crucial to this process, especially if you’re looking to make a quick sale.
Before anything else, evaluate the property to determine who could be in the market for it. Does the property lean itself more towards investors or towards small business owners? Once you have figured this out, advertisements will be successful in drawing in customers.
2. Get Contacts
Once you have an idea of what your likely buyer looks like, it’s time to get names. Getting access to a database of likely buyers will be important at this time. It should contain their basic information, like e-mail address, phone number, and mailing address. You will begin to create relationships with them that could potentially even lead to future sales.
If you’re having trouble finding potential buyers, talk to other real estate agents. They may have tips on how to gain access to these databases.
3. Have Realistic Expectations
You should expect to see a slow start to this process. Commercial real estate is on the low, so new properties don’t get a whole lot of attention. It will be important to market the property well so that, over time, buyers will become interested. However, keep in mind that you will not be selling for weeks, if not months.
4. Consider Remodeling
Remodeled properties tend to sell faster than out-of-date ones. Most buyers, especially those who want to start a new business, are looking to purchase something that is almost perfect and that will require little to no effort.
Doing things like painting walls, epoxy floor coatings, or changing tiles can make a huge difference in the appeal of your property.
5. Stay On Top Of Industry Trends
There’s nothing worse than being left behind by your competitors. If you’re not keeping track of industry trends and real estate technology, you won’t make quick sales. These tools can help with advertising and knowing how to market to buyers.
Additionally, you should consider keeping up to date with your specific training, such as CCIM, to learn more about negotiations and market analysis.
Selling commercial real estate doesn’t have to be hard. If you follow these tips, you’ll be on your way to a quicker, more efficient sale. Knowing your market, remodeling, and keeping up to date with technology and trends will only make your job easier.
If you enjoyed these tips and would like to learn more about digital marketing, don’t hesitate to check out our other content!