If you are retiring, have outgrown your current location, or just want to get out of a particular business investment, you have a lot to consider before putting a for sale sign on your building. In order to sell, your property has be desirable to potential buyers. It has to be priced and marketed right. You need a Broker who knows what commercial real estate Central Minnesota investors are looking for.
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 should not underestimate the importance of presentation. When you get ready to sell, you need to take a hard look at how your building will be seen by others. Appearance isn't everything with commercial property, but your building should at least look presentable. Removing trash, washing windows, and installing shrubs in front of entrances won't break the bank. You will be surprised by the difference these changes will make.
Nothing you do will matter however, unless you have the property priced right. It's important to know what comparable properties have been selling for. You have to put together a comprehensive buyer package that includes all the pertinent documentation, like taxes, rent rolls, tenant histories, and a layout of the building.
Advertising isn't cheap. You don't want to waste time and money on any marketing efforts that don't target your most probable buyers. That includes ad copy and placement and photography. Your goal is to engage potential buyers and provide them with just enough information that they have to call you and discuss the particulars of the property with you. Intentionally omitting vital information is a strategy that works in many situations.
You will need to hire a good CRE Broker. Selling this kind of property is probably not something you can do successfully on your own. You need a professional who is familiar with the local market and can also reach a national and international audience, if the property warrants it.
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.
You may have experience with selling a house in the past, but business property is totally different. You need a good Broker who knows the market and the most likely buyers. You have to price the property competitively and maximize its 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 should not underestimate the importance of presentation. When you get ready to sell, you need to take a hard look at how your building will be seen by others. Appearance isn't everything with commercial property, but your building should at least look presentable. Removing trash, washing windows, and installing shrubs in front of entrances won't break the bank. You will be surprised by the difference these changes will make.
Nothing you do will matter however, unless you have the property priced right. It's important to know what comparable properties have been selling for. You have to put together a comprehensive buyer package that includes all the pertinent documentation, like taxes, rent rolls, tenant histories, and a layout of the building.
Advertising isn't cheap. You don't want to waste time and money on any marketing efforts that don't target your most probable buyers. That includes ad copy and placement and photography. Your goal is to engage potential buyers and provide them with just enough information that they have to call you and discuss the particulars of the property with you. Intentionally omitting vital information is a strategy that works in many situations.
You will need to hire a good CRE Broker. Selling this kind of property is probably not something you can do successfully on your own. You need a professional who is familiar with the local market and can also reach a national and international audience, if the property warrants it.
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.
You may have experience with selling a house in the past, but business property is totally different. You need a good Broker who knows the market and the most likely buyers. You have to price the property competitively and maximize its 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.
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