I t is possible to sell your commercial real estate without requiring the skills and expertise of commercial real estate agent. When you choose to sell your own property as an owner, you are assuming full responsibility of the entire promotion and advertising process along with all the needed paperwork to complete the sale of the commercial real estate. However, it allows you the potential of saving at least 6% to 7% on the amount of commission not paid to the agent.
Preparing the Property:
The first step in getting the property ready is to prepare it. This means cleaning up all areas inside and outside the commercial real estate, and making any necessary repair or replacement. In addition, you will need to do anything possible to make your commercial real estate more attractive to any potential buyer. This will make it far easier to sell, then simply selling an “as is.” Part of the preparation process includes de-cluttering the basement, the attic, and any room in the commercial real estate to make it look as though it is ready for a new owner. A well-cared-for commercial real estate sells faster than a neglected one.
Before you put your commercial real estate up for sale, make sure your commercial real estate has great curb appeal. Beautify your landscaping, repair fences, touch up paint, and do anything that will make the exterior of your commercial real estate shine. The same goes for the indoors. Clean your commercial real estate from top to bottom. Simple fixes make a difference, such as touching up chipped paint, replacing out-dated light fixtures and cleaning stained carpets. Your commercial real estate should look better than any commercial real estate of equal value.
You want your prospects to see a well maintained and inviting yard. There shouldn't be any weeds, the lawn should be cut, any plants should be trimmed properly, and the commercial real estate should look clean. If you have cracks in your driveway you need to fix them. Also take a moment to make sure that there is nothing growing out of your gutters and that your roof is devoid of any visible moss.
Pricing the Property:
Most people think their commercial real estate is worth more than it is, simply because it is their commercial real estate. The truth is, there are many commercial real estates on the market, and buyers want the best deal. In order to decide on a competitive selling price, you will need to do what the realtors do: comparisons. Do some research in your area, and compare prices of other commercial real estates for sale. The commercial real estates you compare should have roughly the same characteristics as yours- square footage, type of neighborhood or property, age and other factors. You can check with public records at the county court commercial real estate to ensure that the price you are asking falls in line with recent sales of property transactions. Come up with an average price, and set your price a little lower in order to attract more buyers.
Advertising is a key component to selling your property. By acting as your own realtor, you lose the advantage of the multiple listing service, or MLS, and other advertising advantages an agency provides. To make up for this, you must advertise in any way possible. Advertise in for sale by owner publications, as many are free. Take out an ad for your open commercial real estate in the local newspaper and purchase professional-looking "for sale" signs. You will need to list your property online, with commercial real estate sites including For Sale By Owner, Craigslist, and others. Make sure that you also place large signs on the property itself, and in the surrounding area. Use a flyer box, that has a detailed description of the property, so that anyone individuals walking or driving by can get a lot of data on your property.
Open Commercial Real Estate Day :
Showing the property is a key component to selling it. Choose a couple of days to have your open commercial real estate. A weekend afternoons, as well as a weekday evening are good choices. Use plenty of advertisement opportunities and signs to make your open commercial real estate noticeable. The morning of your open commercial real estate, wash all your windows, touch-up on commercial real estate work and get rid of any cooking smells. A good idea is to bake a batch of cookies for commercial real estate scent. Have a supply of applications handy from an office supply. That way, any interested parties can fill one out. Be sure you get earnest money from anyone who wishes to buy your commercial real estate, and offer a receipt.
Everybody Loves Cookies:
This is an old technique-- but it never goes out style. Sine you will need to have refreshments on hand anyway, consider baking cookies on the premise. This will scent the commercial real estate with the comforting aroma of baking cookies. Nothing evokes memories of commercial real estate and a sense of nostalgia like freshly baked cookies. Don't worry, you don't have to be Betty Crocker! Just buy some frozen cookie dough and you are on your way. You may want to have an assistant on hand to help bake the cookies and keep the refreshment area looking neat.
Next tip for selling your commercial real estate as fast as possible is to declutter the commercial real estate. Do this even if you are still living there. It is hard for many buyers to picture themselves in a space if all they see is another person's stuff all over the commercial real estate. Personal photos, statues and decorations might have meaning to you, but they are incredible distracting to a prospective buyer.
Lighting is crucial to setting the right mood for your commercial real estate. When someone walks through the door you want them to feel like they are stepping into a very inviting space. To do this you need to make sure that all your lights are on and your curtains or blinds are open. If the lighting from your fixtures seems to intense go pick up a lower wattage bulb from the hardware store.
Staging Is Everything:
This next tip has to do with staging. Whenever possible you should stage furniture and a minimal amount of decorations (like mirrors) in the commercial real estate to help define the various spaces. Buyers who have been looking at commercial real estate after commercial real estate can get really fatigued and have a hard time seeing how different spaces in commercial real estate could be used. Help them out by setting up furniture that will define these spaces. This is especially important in open concept commercial real estates where all of the spaces tend to flow together.
Once you find a buyer for your commercial real estate, you can hire commercial real estate attorney for as little as 2,000 dollars to write up your agreement. He will advise you about earnest monies, escrow, closing and any other important legal matters.
To successfully sell any type of commercial real estate requires your full attention to the condition of the property, current marketing trends of commercial real estate in your area, and the knowledge of how to deal with all the paperwork.
Once you find a potential interested buyer that is willing to make an offer, you will need to use all of your skills to fill out the proper paper work that will protect your family’s interest while ensuring that you have a timely sale.
If you have the right motivation and savvy, you can sell your commercial real estate for very little compared to what a realtor charges. There is nothing to be afraid of, as long as your attorney makes sure you do everything legally. Then, you can put your savings toward your new home!