When you sell commercial property directly without a realtor it creates an opportunity for you to maximize profit from the sale. A Landlord can pocket between 4-8% of the purchase price if he closes a deal without a realtor.
This type of contract suits landlords who intend to put in extra effort to get their property sold. Both parties should act within the scope of the contract to avoid legal issues. Due to the complexity of this transaction, the landlord must be well informed to ensure the deal is closed successfully.
Commercial property negotiations is a little more complex and there’s more at stake when compared to negotiating residential property. The price for one commercial property is far higher, and any resulting lawsuit will cost more.
To maximize your profit from a commercial property sale, you need to apply these useful tips.
Inspect and Make Repairs
Hiring a certified commercial property inspector will help you save money during the sales process . Knowing the general property condition and making repairs will prevent you from granting credits to close the property sale.
After the inspection is carried out, and the report is released, you need to prioritize the repairs. Repairs usually cost a lot of money, so hiring a professional is needed if you can’t affect repairs yourself.
Access the value of the Building
Accessing the building will help you have an accurate valuation of the property. The expert hired to access the building usually takes a thorough look at the building.
A good assessment helps to determine the property’s value by looking at the amenities offered, location, and risks inherent. Once complete, the property’s price can then be set. It is vital to hire a professional to do the job.
Prepare to Show the Property
This is a vital aspect of ensuring you sell your commercial property. You need to clean the property excellently and make sure its sparkling. Its best to hire a professional cleaning agency.
Also, check the landscape of the property. The outer aesthetics plays a huge role in attracting interested buyers. Lastly, you have to understand federal laws regarding commercial properties before embarking on property showing.
Advertise the Property
Proper advertisement will attract potential buyers your property. Social media now plays a huge role in advertising. Increase your reach to potential buyers by using various social media platforms. Other traditional means of advertisement still hold sway and will serve in spreading the word regarding your property.
Hire a commercial property attorney
You will need an attorney at various phases when selling your commercial property. From the pre-planning phase to sale close-out. Hiring an experienced attorney will save you lots of money, time, and energy in legal issues that could derail the sale of your commercial property sale.
The lawyer will review all current lease agreements on the property, prepare the sales contracts, NDA (non-disclosure agreement) if there is a need, check if you qualify for a tax-differed exchange, and check and clear any title issues with the property.
The points outlined above, if followed through, will help you sell your commercial property without problems and ensure you get the best possible offer on your property.