Relocating Your Business? 4 Strategies for Selling Commercial Property

Written by Posted On Friday, 28 December 2018 07:17

Relocating Your Business? 4 Strategies for Selling Commercial Property

Selling commercial real estate comes with a unique set of challenges and benefits. If your business location isn't working out due to the need for a larger space, a better location becoming available, or any other reason, it is a good idea to familiarize yourself with the commercial real estate market and the particular set of challenges that accompany it. Marketing and selling commercial property is a different ballgame than trying to sell a home. With that in mind, below are four strategies for selling commercial property. 

 

Curb Appeal 
While the commercial real estate market differs from the residential market in many ways, there are still basic similarities. One hugely important similarity is the necessity of good curb appeal. Curb appeal (especially for visually-minded buyers) will dramatically increase the value and potential for sale in your property. No one wants to buy a property that looks run-down and defeated; a business owner wants to purchase a property that they can see themselves succeeding in. Simple fixes like landscaping and fresh paint can drastically change the look of a property. 

 

Price Competitively 
One of the best ways to begin to accurately price your property is to look around your area for similar properties. Compare the selling prices of these properties, if possible, along with when they were sold. Another good strategy is to look at properties in your area that are currently for sale. It is also important to consider your business's capitalization (cap) rate. This is the ratio between the amount the property was purchased for and the annual income the property earns. Knowing this number will help you accurately determine the value of the property. 

 

Clean Interior 
Having a presentable interior in the property you are selling can make a world of difference to potential buyers. Your buyers want to be able to envision themselves in the space you are selling. Make sure that your space isn't in need of repairs, as this will not help to attract buyers. The less work a potential tenant has to put into repairing a space, the more attractive your space will be. 

 

Advertise 
Will this may seem like an obvious step, it is crucial to make sure that advertising is done well in order for you to succeed in selling your property. Real estate signs can often be found sitting outside properties alerting potential buyers that a property is for sale—this is one of the most cost-efficient and simplest ways to advertise your property. In addition, listing your property on online marketplaces is often free and can be a great way to advertise.

 

Relocating your business can be an exciting opportunity, and the last thing you want is to face delays related to selling your current commercial property. Remember that potential buyers want the same qualities in a property as you. Follow the steps above to ensure that you sell your real estate as quickly as possible.

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Lizzie Weakley

 About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.

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