If you’re looking to sell commercial real estate quickly, the following five tips have been designed to help you sell your property fast:
1. Price It Right
Pricing a property is key to selling it quickly without losing out. Price it too high, and you could find you are competing with properties that have much more to offer within that price band, leaving yours ignored. Price it too low, and you could lose out on extra money and give a buyer too much of a bargain. To price your commercial property just right, take care to:
- Check out the competition;
- Consider key positives and negatives of the property;
- Think from a buyers perspective;
- Consider the cost of any work that needs to be done to the property;
- Be objective when considering your property price.
2. Cater To Your Market
Think carefully about who your market is so you can highlight the property points they will value. This is a really important focus to have when you’re trying to make a quick sale. You don’t have time to show the property to people who are after something vaguely in the ballpark of what you have, but ultimately different.
If you’re selling a large commercial property with a number of retail spaces, there’s no use spending too much time on novice buyers who are simply trying to get a taste for the market. Instead, you’d be looking to attract experienced buyers who already have a portfolio of similar properties and who know what it will take to run the place.
Know who you are selling to, and you’ll streamline your selling process for a quick sale.
3. Focus On First Impression Finesse
The look of the property is crucial. Even in the commercial real estate game, clients need to feel an attraction to a property for them to be incentivized to buy it. This includes even smaller details like weeds or cracked paving that you assume would not be noticeable.
Inspect each and every detail, and put the time and effort into perfecting them. If the inside is great, focus on curb appeal. The reward will be more interest from potential buyers, and a great first impression from interested parties.
4. Be Honest
By being honest about any work that needs to be done on your property, you’ll be able to establish a trusting relationship with potential buyers, thus improving your chances of making a quick sale. Try to follow the same rule regardless of the person to whom you’re making your pitch. Trust can secure a sale and place you ahead of competitors who bend the truth.
5. Declutter & Depersonalise
‘Selling the dream’ is one of the most important aspects of selling real estate, especially post-pandemic. Importantly, you cannot sell a dream in a property that is full of another life. Old shop fit-outs, signage, and unnecessary equipment all represent a previous owner’s dream, and so they cloud the potential for others to imagine themselves living their dream.
Declutter and depersonalize. It may involve a bit of extra work you wouldn’t otherwise be obligated to do (it’s usually the tenants who handle fit-outs, signage, and equipment in commercial properties). However, this could be the difference between making a quick sale and having your property sit on the market for months.
“Real estate isn’t just about buildings as inanimate objects. It often reflects the pulse of the nation.” – Sam Zell
Follow the tips above, and you can sell your commercial real estate property fast, for speedy profits and a quick transition to the next big project.