Putting a commercial property for sale takes a whole lot more than merely slapping a “for sale” sign upfront. There’s so much to consider and do. Plus, a degree of caution must be had to ensure that one reaps out the best returns there possibly are. But then again, that can’t be achieved if we keep committing and falling prey to the following mistakes.
Not understanding your market.
Each investment property comes with its unique specifications and features. They cater to varying markets and therefore buyers. In order to effectively sell it, one needs to identify who its audience is. Who would be most interested or likely to buy the asset? It’s important to know so you can best choose your marketing strategies which bring us to our next case.
- Failure to Use the Right Advertising Medium
There are tons of ways by which sellers can advertise an investment property for sale. There’s traditional and there’s digital. Some are cheap and affordable, other more pricey and a few ones free (e.g. word of mouth). Knowing one’s audience and identifying a budget will also affect which methods would be taken.
- Lack or Absence of a Survey
When selling any real estate asset, a survey is a must. This ensures that not only do you get your facts right but the deep assessment and examination of the asset by a professional shall shed some important light on information that can be used to increase revenue, knowing the market value and useful life for instance. This shall also help identify the repairs and upgrades needed to further make the property attractive to buyers and profitable for the seller.
- Improper Documentation
Expect buyers to ask and inquire. Some will even do it ever so meticulously and we can’t blame them. They only want the best and they want to make sure that the investment property for sale would be worth every dime they pay you. To make things easier for them, prepare all the necessary documents such as titles and contracts ahead of time.
- Poor Inspection
Everyone wants to check out the commercial property for sale first before they even buy. It’s a no brainer. This makes it very important then for sellers to prep for the visits. Clean up the curb, depersonalize the space, do the necessary repairs and tidy up both inside and out.