Are you outgrowing your current location? Are you ready to cash in on an investment? Are you getting out of the biz and retiring? Selling commercial property is an exciting next step toward your goals. Here are five must-read tips to maximize your profit - and minimize your stress!
1. Take Care of Curb Appeal. Never underestimate the appeal of an attractive, well-cared for property. Does your landscape need some pruning and trimming? Does your siding or sidewalk need a good pressure wash? Take a look at your property and make key improvements: clean the windows, fix the potholes, plant some flowers, etc. This all makes a big difference to attract potential buyers in a commercial property search.
2. Make Minor Repairs for Major Impact. Small changes make a big difference. Put a fresh coat of paint on interior surfaces, deep clean all carpets and floors, clear any clutter (e.g., make sure that supply closet full of file boxes is clean and orderly), and generally maintain a pleasant, welcoming, clean environment to impress potential buyers.
3. Work Out a Pricing Strategy. Research comparable properties in your area. What are typical selling prices? What amenities do these properties offer? What rates do they charge? You’ll be able to see how you compare and develop a reasonable, profit-generating pricing strategy.
4. Understand Potential Investors. What do your potential buyers want? A turnkey property for lease? A situation in which they can make improvements? Start by updating your listing information. Then highlight the key attributes for your property (e.g. proximity to public transit, traffic generation, highway access, etc.) and the demographics they can target (have population, income, and age details as this is what investors are looking for in a commercial property search).
5. Team Up with an Experienced CRE Partner. Selling commercial property can be overwhelming, especially if you are managing business or other investments. A commercial real estate broker can assist you with everything from understanding the local market to maximizing your reach to negotiating contracts.
If you have questions, we have answers. Contact Keller Williams Commercial Real Estate today to get them!