If you have ever sold a piece of residential real estate, commercial real estate sales are pretty much the same. However, in many cases it is much less emotional because you don’t live in your commercial property all day long. If you have a piece of commercial real estate that you are about to sell, this article can help you to think of a few considerations.
For example, you need to know whether you are selling the equipment. If you own a restaurant, you need to determine whether you are selling the stove and other equipment. That can be a challenge, because you might be able to get more money if you rent the equipment to the new buyer. However, the new buyer may not want to rent old equipment. That is something that you will have to discuss, so just be ready to discuss it.
You should also have an appraisal done. A commercial real estate appraiser is an objective person who can give an opinion of value based on comparative sales, depreciation of equipment, and other factors. This can be a great way to find out what your business and real estate are worth. And it’s important to remember that your real estate is not necessarily your business and that they can be valued differently.
You have to be prepared to wait for the offers to roll in. If you’re selling a restaurant, for instance, you need to understand that there is a very small percentage of the population who is looking to buy a restaurant. It might take a while for it to sell.
You have to be willing to make concessions. This is especially true if you have a very unique piece of property that is not used for many purposes. In order to have a sale go through you may need to drop the price slightly, to accommodate someone else. That is why you need to really be careful when you purchase commercial properties as well.
If you are serious about selling your property, you are going to need a realtor. A realtor can market your property better than you can. Not only that, but people often call realtors looking for commercial properties, so if you know a realtor that can help you out a lot.
You have to make sure that you disclose any information that is going to be helpful to the new owner. For example, if you have any old oil drums, don’t just leave them sitting there. You have to make sure that there is nothing out there that will surprise people. That is just the ethical thing for you to do as someone who knows information that could be bothersome in some way.
Selling a piece of commercial real estate is almost the same as selling a piece of residential property. Do your best to make sure that you use the information here in order to be prepared when you are selling some commercial real estate, and you’ll be in a position to profit.