Do you have an office building or some other piece of commercial real estate that you are looking to unload? While the general concept might be the same as selling residential real estate, commercial real estate can come with some extra complexities that you will have to have a full understanding of in order to obtain a successful sale. Here are three things you should do before you put your commercial real estate on the market.
Get an Appraisal
If it's been many years since you purchased the building you are looking to sell, you are going to want to get an official appraisal of the property. Commercial real estate prices can vary dramatically depending on location and a variety of other factors. You may have a general idea of how much your property is worth, but it's best to let a professional come up with a starting point for you. You can then show this appraisal to any potential buyer to help push them in the right direction.
Be Able to Explain the Local Zoning Laws
You are likely aware of the local zoning laws in your area because you already own the building. But a potential buyer might not be aware and may have an idea for some changes they would like to make to the property if they buy it. In order to ensure your deal does not suddenly fall apart, make sure you fully understand the local ordinances and communicate them to potential buyers early in the process. You don't want someone pulling out because their lawyer informed them that they can't actually install that giant sign on the property.
Hire a Commercial Real Estate Agent
Even if you have experience in selling residential real estate, your experience may not apply to selling commercial property. A commercial real estate agent will know how to properly advertise your property as to attract as many potential buyers as possible. The agent will likely also be able to help you research those local regulations and will be able to help schedule tours of the property. If you own commercial property, you're quite likely a busy person -- and so are the potential buyers that will be coming in. Having a dedicated person to set up appointments and keep everyone organized could be crucial.
Before you put your commercial property up for sale, get an official appraisal so that you have a starting point for the property's value. Educate yourself regarding local zoning laws so that you can explain them in detail to potential buyers. Finally, hiring a commercial real estate agent will save you time and help you keep everything running on a tight schedule as you move towards finding a buyer.