Selling commercial property is a bit different than dealing with residential real estate. Unlike a traditional home sale, less emotion enters the picture, so these transactions are more businesslike. That said, it’s just as important from a financial perspective that you take the right steps to prepare to sell your commercial property.
1. Research Comparable Properties
Before you list your property for sale and start investing in improvement, you’ll want to take a look at how your property compares to what else is in the area. This will give you a good idea of what your property might be worth as well as your potential competitors.
2. Make Some Small Improvements
First impressions are everything with any property. And curb appeal can significantly boost the value of your commercial properly. So it makes sense to invest in some small improvements that will improve the interior and exterior of the space. Pay close attention to landscaping and paint. And consider repairing things like doors, windows, and lighting fixtures in common areas.
3. Get Your Property Appraised
Before you put your commercial property on the market, you might want to be proactive with an appraisal. This can help you get the most realistic picture of what the property is worth so you don’t over or underprice it. An appraiser will also examine zoning and public records, which might uncover any potential issues you need to address before selling.
4. Hire a Professional Photographer
While your smartphone might take some amazing photos, you’d be better served by hiring a professional photographer to place your commercial property in the best possible light. These experts understand how to take the right images and video of commercial properties, so they get more than a passing glance from online searchers.
5. Become Familiar With the Transaction Process
Commercial real estate transactions are much more complex than residential ones. The listings are different, and the closing process is more complicated. Make sure you understand both sides of the transaction process so you can avoid any misunderstanding or frustration.
Also, gather all the necessary documentation and records in advance. These include your title, permits and surveys, zoning regulations, ADA compliances, financial records, and any tax certificates. Your real estate agent can help guide you through this process.
Sell Your Commercial Property With Caldwell Commercial
If you’re ready to sell your commercial property, you need a commercial real estate partner you can trust. The team at Caldwell Commercial is a leader in South Carolina commercial real estate. We have over 80 years of combined experience in property management and commercial real estate transactions throughout the Charleston, SC, area. Contact us today to learn more.
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