Owning commercial real estate for sale is a privilege, yet it can also become a huge responsibility when you sell it. Unfortunately, most owners lack the experience and knowledge to sell real estate.
For instance, you need to compare various price points and ensure there’s a balance between having a competitive yet profitable price. Remember, your main goal is to sell your property for a favourable price and look into the possibility of either buying more real estate or investing the money in other ventures. One wrong figure can make or break your return on investment. That’s why knowing more about the property selling process is of utmost importance.
This article will discuss the three most common mistakes commercial property sellers make. Take this as your starting point to ensure you can avoid these pitfalls, allowing you to present your listing in a way that best represents your ideal buyer.
Mistake #1: Failing to Know Why Prospects Want to Buy or Sell Commercial Property
Before you sell your commercial property, you may already have preconceived notions about the typical buyer, allowing you to spark relevant conversations towards selling your real estate. However, the problem with this approach is it’s only looking into the buying perspective, which is just one side of the conversation. But why exactly would a prospective buyer want to buy your property just to sell it again?
The truth is the commercial side of real estate is a huge, profit-producing business. If they collect more properties for sale, especially those nearby, it can build their reputation as professional real estate investors. It can also be a way to transform multiple lands to service a corporation’s wishes to scale their operations by having a monopoly on viable locations.
As such, it’s best to always note your buyer’s intent of purchasing the property, giving you the chance to present your real estate as a worthwhile asset. It gives you the chance to sell your property quicker, expand your connections in the commercial market, and look into the possibility of being a real estate investor.
Mistake #2: Having No "Property Story" Ready
Every commercial property has a special story worth telling, especially to buyers. Remember, you are essentially marketing your product to them, so if you don’t sound enthusiastic about it or have a boring pitch, it can lead most prospects to ignore you.
If you are confused about how to craft your property story, just remember to go beyond the typical opening line for selling, like listing the technical features. You can talk instead about how you first came across the commercial property and share its intended purpose, like if it was supposed to be a restaurant or a property that was handed down in your family for generations. Don’t forget to include any distinguishing characteristics, like included assets with the purchase. For further guidance, it’s recommended to consult with a real estate professional to go over some marketing pointers.
Mistake #3: Resorting to Independent Selling Without a Real Estate Agent’s Assistance
You may be looking into selling the property yourself since you believe you have the connections you need. While you may have the capacity to do it independently, the point here is you can miss out on valuable real estate tools and services to boost your commercial property’s value across various interested buyers. You may even get the chance to see it for higher than you were offered.
With the professional assistance of a real estate agent, you have access to their Multiple Listing Service, an innovative platform for more agents and buyers to hear about your property more than you would by simply putting it on the Internet. You can also get relevant information about any buyers’ trends, giving you the opportunity to meet demands and maximize your sales efforts.
If you are selling your commercial property, you may make some mistakes, causing prospective buyers to take advantage of your inexperience. Fortunately, you now have a much-needed awareness of what you shouldn’t do. Just remember all the common errors mentioned above, identify with the right professional to help you, and make informed decisions based on research and real estate market-relevant information.
Are you looking for the best real estate agent in Brandon and Virden to help you sell your commercial property? Consult with me, Chris Low. I am well-versed in helping many clients buy or sell their residential and commercial properties. Talk to me today to set the appropriate price for your real estate!