You probably have been in the real estate selling for a while, but you are not selling fast enough. What could you do better or differently? Selling commercial real estate is not like selling a car. There are more hurdles involved in selling commercial real estate, which gets in the way of selling it fast.
Often, commercial real estate is sought by businesses that are keen to pay the least bucks for the most value. How do you handle them? What mistakes should you be keen to avoid?
There are some recommendations that you can implement to move your property quickly. Let us break them down.
1. Set the Right Price
One of the main reasons why selling commercial property often takes too long is that the pricing is wrong. In most cases, the property is overpriced compared to the other property in the same neighborhood. A person purchasing commercial real estate is likely to be an investor. As such, they will enter a deal only when the price is right.
Check the prices of other similar properties in the neighborhood. For instance, you can compare the sale price with the appearance of the property, the size, and the location among other features. You can also use the rental yield that the commercial real estate brings to determine the right price. Commercial real estate for sale that is priced properly will have no problem finding a buyer.
2. Be Honest
The need to sell your property fast can compel you to be dishonest. For instance, there may be a temptation to overstate how much the property earns. Dishonesty puts you in bad faith with investors and can make it even more difficult to sell your property. As such, be completely honest about all the features of the commercial property and reveal them when showing the property.
Being honest makes potential investors more comfortable doing the transaction. Honesty also shields you from any blow-back caused by angry investors suing you for dishonesty.
3. Present the Property Properly
One of the most important commercial real estate tips is that investors buy with their eyes. Thus, invest in a good photographer who will make sure that the aesthetic angles of the property shine through in photos.
If your commercial property is a bit old, a new coat of paint and some maintenance will not hurt. Make the property presentable so that it appeals to the visual senses of any potential investors. An appealing property makes it easy for investors to visualize themselves in the property, leading to a fast sale.
4. Outline the Benefits of the Property
When seeking to sell commercial real estate fast, be unabashed about pointing out the benefits of the property. Explain to all potential investors how purchasing the property will benefit them. Tout the property’s convenience, size, earnings, and other ideal features that an investor might be interested in. It is important to remember that your statements of the property’s benefits should not veer into outright lies or obfuscation.
5. Maximize the Property’s Exposure
If no one knows that your commercial real estate property is for sale, no one will buy it. One of the most important keys to selling the property fast is to maximize its exposure. One of the things you can do to maximize exposure is to post an online listing. You can also purchase online advertisements that target your ideal buyer.
Another option in maximizing exposure is placing advertisements on billboards around the property. The more people know that the property is on sale, the higher the likelihood of finding a buyer.
6. Understand the Motivations of the Buyer
Another important tip that will enable you to sell your property fast is to understand the buyer’s motivation. Different buyers have different motivations. To know the motivations, talk with the potential investors and ask them their reasons for looking for a property. Knowing the motivations of the buyers will help you to better position your property.
For instance, your property could be in a prime residential area, and the motivation of the investors is to buy it and then build family units. In such a case, you will then highlight the property’s location to better appeal to the interests of buyers.
7. Get a Real Estate Agency
A real estate agent will save you from the hurdles involved in selling the property. Real estate agents have much more experience selling commercial property and thus know all the right decisions to make in order to sell fast.
A real estate agent is ideal for several reasons. Firstly, their experience and knowledge will help you set the right price. As an added advantage, they also have familiarity with the right laws, which will prevent you from unknowingly going against the law when selling your property.
When selecting a real estate agency, make sure that the agency you select has experience in the local area where your property is located. You may be tempted to hire a big name agency with the assumption that they will attract big buyers; this does not always turn out as expected.
Getting a real estate agent with the right experience is the key to selling your commercial property fast.
8. Avoid Emotions Getting in Your Way
Sometimes you may have a sentimental attachment to the property that makes you reluctant. Let go of the emotions invested in the commercial property. Develop a business mentality during negotiations to increase your chances of selling fast and.
Be Savvy When You Sell Commercial Real Estate
The real estate business is quite challenging and calls for plenty of patience, and much more so when you sell commercial real estate. Customers need to think critically before making a purchase. Always keep this in mind and share all the information they need to make a choice.
Take time to build your network by meeting as many people in the area where you are selling commercial property. It may sound cliché, but your network is your net-worth in this line of business.
To find out more about selling real estate, check out our page.