Poorly positioned properties never really have a chance against the competition. So, you want to do everything you can to have the best shot at the market. Whether it’s a retail, office, or industrial, the basics of getting your commercial property ready to sell are the same.
Get Ready for the Market
Often commercial properties struggle because they aren’t really ready for the market. It could be because of deferred maintenance. As a general rule, in real estate sales, it will cost you much less to fix something than the discount you will have to give the buyer to purchase the property un-repaired. Of course, you don’t want to go overboard. We recommend that our sellers concentrate on getting their building “clean and working” before spending money on flashy upgrades which often don’t pay for themselves.
Still, a clean and well-maintained building can often struggle because of poor pricing strategy. Obviously, you want to get as much as possible for the property without pricing yourself out of the market. But just how far you can push depends on a lot of factors. Looking at your property from a buyer’s perspective is one of the keys to hitting the right price point right out of the gate.
Even when a property is in great condition and priced right, it can still struggle to get attention because of a poor listing. Let’s be honest, some folks just do the bare minimum. And that applies as often as not to broker listings with commercial services like LoopNet and CoStar. Your listing needs to break through the noise of the competition, grab a prospect’s attention, and then tell them a compelling enough story to get them to take the time to learn more. That is done by spending the hours necessary to gather and upload the required detail and photos. The more thorough the listing, the easier it is for a buyer prospect to engage your property.