Successful commercial real estate selling requires knowledge of the market, good timing, a competent real estate agent and lawyer and a bit of luck. Unlike residential properties, commercial properties are frequently purchased by partners or corporations, and are usually intended to be leased or rented out to a third party. These complications, along with the much higher price tag of commercial real estate, make this a different and more challenging world than residential home sales.
List your property when the market is active if at all possible. Commercial real estate prices are volatile and fluctuate quickly in conjunction with the economy. If you sell your property during a financial swell, you will realize a much larger profit than if you part with it during a financial lull.
Research the reputations and records of many real estate agents before hiring one. Talk to agents' previous clients and don't be shy about asking questions. Some agents will let a property go for less than it's worth to get their commissions more quickly. Others will represent your interests assertively and fairly. Be sure to get one of the latter.
Advertise your property in forums that are frequented by likely buyers. Business magazines and websites are fertile ground for potential buyers. Your local newspaper is not as closely focused but is probably less expensive to advertise in and will get the general word out that your property is for sale. Be sure to include quality pictures and relevant information such as the price per square foot, zoning regulations and the building's lease history. If it has a solid history of being leased, this shows that it has an appeal to renters, which will make it more appealing to potential buyers.
Make your building look as good as possible before putting it on the market. Seemingly superficial aesthetic touches can make a surprising difference in real estate. Clean up the lot, mow and trim any lawns and hedges, have the windows professionally cleaned and remove any graffiti. All of these touches will show that you care about your building and make it more likely to attract buyers.
A large, professionally produced "For Sale" sign in front of your building is a low-cost way to spread the word, especially if it's located on a busy thoroughfare.
- A large, professionally produced "For Sale" sign in front of your building is a low-cost way to spread the word, especially if it's located on a busy thoroughfare.
Jagg Xaxx has been writing since 1983. His primary areas of writing include surrealism, Buddhist iconography and environmental issues. Xaxx worked as a cabinetmaker for 12 years, as well as building and renovating several houses. Xaxx holds a Doctor of Philosophy in art history from the University of Manchester in the U.K.