Buying and selling a commercial property is a totally different ballgame than buying a home. Unlike a traditional home sale, there is less emotion involved in buying and selling a commercial property, so the transaction remains more businesslike.
Since it is more about moving the property and making money than it is about your emotions, it is that much more important that you are taking the correct steps to get your commercial property ready to sell.
Give Your Property a Makeover
Sure, most buyers are less concerned about the appearance of your commercial property than they are about buying a home, but that doesn’t mean you shouldn’t spruce things up. Cleanliness goes a long way, even in a large warehouse-type space. If the floor is clean and your product organized, potential buyers are more likely to feel comfortable moving their business in than if they see something that will take a lot of cleaning to work in.
This is the time to make those high-traffic areas shine. Put a live plant on the desk, a door mat at the front entrance and a nice smelling air freshener in the bathroom. Anything that plays to the senses makes people feel more comfortable and can help them envision working there. While they most likely will change the floorplan of offices, they won’t change the location of fixed points like that bathroom, so make those spaces count.
Hire a Professional Photographer
No matter what kind of property you are selling, a professional photographer is necessary. They can bring light to a room that just a quick photo won’t capture. In today’s digital society, if it doesn’t look good on the internet, many people won’t even bother taking a look at it in person. First impression is no longer when they pull up to the building, but rather when they pull it up in their internet browser.
Having professional photographs taken of the property ensures that it looks good and warrants touring in person. Professional photographers also know how to move things around to play with someone’s emotions to make them interested. While we know that emotions are less likely to play a critical role in the purchase of commercial property, it definitely still helps on the front end.
Choose the Right Agency
It is imperative that you choose the right agency for your Commercial Real Estate needs. Finding a realtor that knows the market in your area can be the difference between selling in days and sitting on the property for weeks.
Much like the potential buyers not being as emotionally involved in the transaction, a commercial real estate broker is not going to seem as warm and fuzzy as a residential agent. Mainly because they are here for the deal. Ideally, they are going to be able to sell your property before it even hits the market, and they want their piece of the pie quickly.
One of the main attributes to look for when choosing who you list with is their area of expertise. If you are trying to sell an office building, you want someone who frequently closes deals on office buildings, not someone who mostly sells warehouses. The clientele is different, and the specifications of the rules are different depending on the industry.
Another thing you need in a good broker/seller relationship is communication. You need someone who is responsive and able to work with what you give them. You can’t be waiting days for answers to simple questions. Find someone who is communicating well so you can see that they are working hard for you.
Speaking of working hard for you, it is absolutely customary to interview your potential broker before you sign any agreements. Find out exactly how many like-property closings they have been a part of. Ask for references from people who have sold with them before. Discuss their marketing plans and evaluate how tech-savy they are to make sure you are getting maximum exposure on your property. Find out what Escrow Service Company they use and call them and ask them for a reference. Listen to what they tell you, because they are going to give you honest feedback. You want someone who is going to represent you well.
Be a Good Partner
It is just as important to be a good partner with your broker as it is to choose the right broker. They need you to be as open, honest, and reliable as you expect them to be. Keeping the lines of communication open and responding quickly is essential in getting your property sold. Being a good partner is the key to an easy transaction.
At the end of the day, everyone’s goal is to get the property sold. If you follow these few ideas on preparing the property and getting it listed, you will go from coming soon to sold in no time.