Commercial Property Seller Tips
Inform Your Tenants Property Is For Sale
There are many considerations to be made when it comes to selling commercial or investment properties. It doesn't matter if you have one tenant with a thousand square feet or 500 units in one million square feet. We recommend that you inform your tenants that the property is for sale. You’d be surprised how many will assist you in the sales process such as access to their unit. By giving them enough time to prepare, you’ll get less resistance and a better showing for your buyer.
Have Your Numbers Ready
Remember to have your numbers ready, as investors can be quite inquisitive.
Supply your representative with information about completed:
- Maintenance Work
- Warranties
- Income
- Expenses
- Unit Count & Mix
- Occupancy
- Leasing Traffic
- Marketing.
Have All Areas Well Maintained & Clean
Depending on the size and scope of your investment property, buyers may want to see everything.
This could include:
- Rooftops
- Basements
- Elevator Rooms
- Trash Rooms
- Parking Areas
- HVAC Systems.
Having these areas well maintained and clean will rule out any surprises during the tour, because not everyone loves surprises. Also, knowing some information about your competitive properties will always work to your advantage.
Curb Appeal Is Important
Even though curb appeal is more often associated with residential properties, it still has its place in commercial properties. Impress your prospective buyer by sprucing up the landscaping, adding a fresh coat of paint and doing whatever is necessary to create an immaculate image.
Before showing the property, your representative should walk the entire tour to ensure everything goes to plan. It is crucial that the property is presentable.
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