If you are ready to get rid of your business because you want to retire, remove yourself from a business venture, or have gotten too big for the current location, you have things to consider before hanging a for sale sign in front of your building. If you really want to sell, you have to make the property desirable to viable buyers. You have to price the property right and market it aggressively. You also need to find a Broker who knows what kind of commercial real estate Central Minnesota investors want.
If your building is centrally located and easy to get to, you will have a much easier time selling it. Convenient access to parking is another plus. If you are selling an industrial warehouse type building, and are located in an industrial area of town, where it's easy for large trucks to get in and out, and to load and unload, your chances of selling are improved. You want to emphasize these benefits in all your advertising and marketing.
You have to take an impartial look at the property your are selling and access the sort of presentation it makes. This is not as crucial as it would be if you were selling residential property, but an inviting appearance will make a difference. There is not much cost involved in removing trash, adding shrubbery at entrances, and washing windows. The difference will probably amaze you.
Pricing your property competitively is key. Everything you do will be a waste of time if you price yourself out of the market. It's important to do the research it takes to find good comparables. You have to be able to offer interested parties all the information they need to make informed decisions. That includes rent rolls, tenant histories, property taxes, and surveys.
Advertising is expensive. You don't want to waste your marketing dollars on anything that isn't specifically targeting your most probable buyers. Everything from the ad placement to the photography has to be geared toward engaging your target market. You need to give the reader the right amount of information. It should be just enough to compel the prospective buyers to call for more.
You have to find the best and most experienced CRE Broker and hire that person. Unless you are in the business of selling commercial property, you need to turn this job over to the professionals. Selling this kind of property can be complicated. You need someone who knows the local market and has the ability to market your property nationally and internationally, if that is appropriate.
You want to hire a skilled negotiator. Once the marketing efforts have generated interest, the next step is to lead a buyer to the negotiating table. You will have to work with the Broker on the best strategies to get the buyer to make an offer, and eventually close on the property.
Selling commercial property is nothing like selling a house. It's very difficult to do without the services of an experienced Broker who understands the market and who the most likely buyers will be. A successful sale will require you to set a competitive price and maximize the curb appeal.
If your building is centrally located and easy to get to, you will have a much easier time selling it. Convenient access to parking is another plus. If you are selling an industrial warehouse type building, and are located in an industrial area of town, where it's easy for large trucks to get in and out, and to load and unload, your chances of selling are improved. You want to emphasize these benefits in all your advertising and marketing.
You have to take an impartial look at the property your are selling and access the sort of presentation it makes. This is not as crucial as it would be if you were selling residential property, but an inviting appearance will make a difference. There is not much cost involved in removing trash, adding shrubbery at entrances, and washing windows. The difference will probably amaze you.
Pricing your property competitively is key. Everything you do will be a waste of time if you price yourself out of the market. It's important to do the research it takes to find good comparables. You have to be able to offer interested parties all the information they need to make informed decisions. That includes rent rolls, tenant histories, property taxes, and surveys.
Advertising is expensive. You don't want to waste your marketing dollars on anything that isn't specifically targeting your most probable buyers. Everything from the ad placement to the photography has to be geared toward engaging your target market. You need to give the reader the right amount of information. It should be just enough to compel the prospective buyers to call for more.
You have to find the best and most experienced CRE Broker and hire that person. Unless you are in the business of selling commercial property, you need to turn this job over to the professionals. Selling this kind of property can be complicated. You need someone who knows the local market and has the ability to market your property nationally and internationally, if that is appropriate.
You want to hire a skilled negotiator. Once the marketing efforts have generated interest, the next step is to lead a buyer to the negotiating table. You will have to work with the Broker on the best strategies to get the buyer to make an offer, and eventually close on the property.
Selling commercial property is nothing like selling a house. It's very difficult to do without the services of an experienced Broker who understands the market and who the most likely buyers will be. A successful sale will require you to set a competitive price and maximize the curb appeal.
About the Author:
Get an overview of important factors to keep in mind when choosing a commercial real estate Central Minnesota agent and more information about a knowledgeable Realtor at http://www.east-westrealty.com now.
No comments:
Post a Comment