Whether you have been investing in commercial real estate for years, or you are just now considering selling your first property, you need to know how to find buyers for the commercial real estate and to have it sell for what you need.
When looking for buyers, it is important that the sellers consider a range of different factors. Although there are some similarities between residential and commercial properties, it will be important to note the differences.
Know the Audience and Understand the Investor’s Viewpoint
One of the most important things to understand when it comes time to find a buyer for a piece of commercial property is that you need to know the audience. This should not be difficult, but many commercial real estate sellers forget to put themselves in the shoes of a potential buyer. Instead, they are only focused on ways that they will be able to maximize their profits. Before they can even think about increasing their profits, though, consider what the buyers will think when they are looking at the property.
The potential buyers will be interested in the same features and elements of the property that you did when you bought it initially. Buyers want to be sure the property will work for their needs, and that it will help them to make money. Naturally, those interested in the property will want to check the records to see what the property is bringing in for income. Buyers will also want to know if there are any issues with the building or with tenants.
It is essential that you are honest whenever you are doing business, and that is certainly true when it comes to commercial property. If you are dishonest about the property, it will be discovered by a savvy potential buyer. It will also serve to start ruining your reputation. This is certainly not something that you want.
Proper Listings to Highlight the Property and Features
One of the ways to start grabbing the attention of potential buyers is with a quality listing. The listing needs to be accurate, and needs to detail what potential buyers want to know. They will need to know the type of property that it is, the size of the property, features, location, and similar elements. Have photos and videos in the listing so buyers can do more than just read about the property before they see it. This can often give them a better idea of whether it is right for them or not.
The clearer you are in the listing the better. It can provide potential buyers with all of the information they need to know, and it will weed out people for whom the property is not a good fit. Ultimately, this can help you to save time.
Make Improvements to the Property
Take time to make improvements to the property. Make repairs if they are needed. This includes fixing any issues with the roof, the plumbing, electrical matters, and the like. It also includes updating some of the features of the property, such as flooring, for example. Clean up clutter on the property, and consider painting the building, as well.
Tenants can be helpful when you are getting ready to sell. Let them know that there are potential buyers who might be coming to the property, and that they could help with ensuring that their area of the building is in good shape and clean.
You should also remember the importance of curb appeal. The outside of the building should be welcoming and clean. After all, this will be the first thing that someone interested in buying will see.
A Reasonable Price
One of the big problems that many people face when they are trying to sell their property, whether it is commercial or otherwise, is believing that it is worth more than it really is. Commercial owners need to be honest with themselves about the actual value of the property and how much they would be willing to pay for the property. They can’t expect other buyers to pay more than what they would be willing to pay, but that tends to be exactly what is happening.
By making improvements to the building, as mentioned, it can help to increase the value. This is one of the best ways to help maximize potential profits for the property when you sell it.
Work With a Professional
There is a lot of work to consider with selling any type of real estate. Learning how to find buyers for commercial real estate is a good first step, but it is also a good idea to make sure that you are working with some real estate professionals that can take care of a lot of the hard work for you.
Real estate professionals can often help with listing the property, and even with providing suggestions on how to increase the value and make it more appealing to buyers. In addition, the professionals know where to find commercial buyers who have interest in properties like yours.
Now that you have a better idea of how to find buyers for commercial real estate you are trying to sell, it is time to get in touch with professionals that can help you, as mentioned above. Take the time to seriously look at the property you are trying to sell, consider the guidance provided above, and make it something that will stand out to potential buyers. You should also be sure to get in touch with a qualified real estate professional who can help you with getting the right buyers and making the sale.
Donald La, licensed commercial property broker, has sold many commercial properties and is an expert in the San Gabriel Valley area as well as Los Angeles County. Contact Donald if you’d like to get a free consultation for your property’s needs.