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The moment has arrived: You want to sell a commercial property, your business or other real estate, whether it’s a store or multi-family, a gym or a gas station, a nail salon or even a shopping center. What do you do, what can you expect and who are the likely buyers? Selling any property can be complicated, but selling commercial property brings a whole new set of challenges. There are, however, ways to do things right and get deals done without an endless back and forth and uncertainty. One option you may want to consider is to sell your commercial property to a commercial real estate investor who will pay based on the value they can add, rather than simply what is there. A real estate investor may turn out to be the best, and most experienced, buyer for your commercial property.

Real estate investors like Handsome Homebuyer use our own cash, which means faster and sometimes bigger deals, even when others delay or derail. We use our own expertise and connections, which can speed the process and smooth any issues. Here are some tips that can save you time and trouble in selling your commercial property. You should be able to get a good return without getting the run around based on some of this information from years of experience. And in the process, you may also decide not just when to sell, but whether selling to a commercial real estate investor, like Handsome Homebuyer, is right for you.

Is your buyer serious?

If a deal doesn’t go through, nothing else matters. The numbers on paper don’t matter, unless they end up in your bank account. So it’s important that you vet whoever you might sell to, removing would-be commercial property buyers from real ones. In a world of specialists, Handsome Homebuyer has experience with a wide range of commercial properties, including but not limited to vacant land, apartment buildings, nurseries, gas stations, retail, industrial, agricultural and more. Nothing talks louder than track record. We do more than a hundred deals a year, ranging from residential to commercial, across many industries. We specialize in Nassau, Suffolk, Brooklyn and Queens, bringing geographic expertise to that region. Looking for a big player can be a good place to start. And in Long Island and the New York City boroughs, we’ve got the experience and expertise. Before you begin the sales process with anyone, make sure you’re dealing with a serious buyer.

How much is your commercial property worth?

You need to know what your property’s worth, if you’re going to make a deal. In the end, of course, a property is worth what others will pay, but process helps determine price. We at Handsome Homebuyer value commercial properly with in-house experts that take into account a variety of factors that can benefit both seller and buyer. How can that be? It’s important to value a commercial property at the highest and best use of the property. We look at zoning, location and environmental issues, but are careful when it comes to considering rezoning, since that is not guaranteed and can be unlikely. If you get into talks with someone who will buy contingent on a zoning change, you may be in for a wait. In addition to what you can build, we take into account taxes and other factors such as tax incentives available for developers. We know the tax incentives available and can take that account in valuing your property. School districts can be a factor, even for commercial property. Is it a higher end, middle-income or low-income area? Are businesses and people looking to be in that area? What’s the demand and the supply?

How does traffic impact the value of your commercial property?

High traffic can mean higher prices in commercial property. For most of us, traffic equals headaches, but not if you’re selling a commercial property. Scale of traffic is a major factor in evaluating the value of commercial property, where cars can carry potential customers. The quality of a location takes into account the traffic count. If you’re on a road with a 50,000-car daily traffic count, that’s better than 15,000 for a commercial property, while it’s typically the reverse for residential. Higher traffic leads to higher value. We get the data relevant to the deal, which can help us quantify how traffic can boost value, if that’s the case. Drive-throughs are big. You may not have a drive-through, but your property may be zoned for a drive-through. And, of course, cars need a place to park. The more accessible parking the better.

Do different commercial properties lead to a different process?

With housing, there’s basically single-family houses and multi-family, although there are variations within that. Commercial property is full of variety. When you sell, you want to talk with someone with experience and expertise in what you’re selling. Some companies like Handsome Homebuyer go the gamut: We’ve bought and sold a vast range of commercial properties. Commercial property includes gas stations, body shops, multifamily, offices, industrial buildings, warehouses, retail, malls/shopping centers, hotels, mixed use, storage, restaurants, dry cleaners, nail salons, bowling alleys, parking lots, movie theaters and more. It’s a diverse range of businesses, but here’s a key factor that connects them for us. It’s a matter of the property itself and what it’s zoned for, not simply what the existing business may be.

Can you make a deal even if the property has issues?

With housing, there’s basically single-family houses and multi-family, although there are variations within that. Commercial property is full of variety. When you sell, you want to talk with someone with experience and expertise in what you’re selling. Some companies like Handsome Homebuyer go the gamut: We’ve bought and sold a vast range of commercial properties. Commercial property includes gas stations, body shops, multifamily, offices, industrial buildings, warehouses, retail, malls/shopping centers, hotels, mixed use, storage, restaurants, dry cleaners, nail salons, bowling alleys, parking lots, movie theaters and more. It’s a diverse range of businesses, but here’s a key factor that connects them for us. It’s a matter of the property itself and what it’s zoned for, not simply what the existing business may be.

Can a residential real estate agent sell my commercial property?

Some people sell their commercial property on their own, but it’s also possible to use residential or commercial agents. A licensed Realtor, specializing in residences, can sell a commercial property, and there are pros and cons to going with this approach. The positive is that a listing by a residential agent typically will give your commercial property more exposure on various websites. The negative is their inexperience; they may not understand the true value of a property or the zoning. The benefit of a commercial broker is they typically understand the value, at least a little better than a residential broker. But they typically don’t advertise properties the way residential brokers do, so they (and you) don’t get the exposure. They may keep properties as pocket listings, so only their people can see it, and try to sell them to people they know. The do-it-yourself approach avoids commissions. All of these approaches can lead to us.

Can selling commercial property for cash be best?

Buying any property is a big deal in more ways than one, but it doesn’t have to be a big hassle. Since commercial property sales are more complex than residential, there are more opportunities for them to fall through. Closings can be delayed or derailed for a litany of reasons, including bank concerns over a mortgage. In other words, you want to manage, and even avoid, uncertainty. With investors, such as Handsome Homebuyer, it’s far less likely for a deal to fall through. When a buyer takes out a mortgage, they need the bank to sign off. We fund our own transactions with our own cash, which cuts down on bureaucracy and avoids the need for bank approval, while removing that risk. If a property isn’t mortgageable, that’s also not a problem for us, since we’re funding the deal.

How do you sell inherited property?

Many distinct situations prompt owners to sell commercial property to real estate investors like Handsome Homebuyer. Inherited property is a key category. After you inherit a commercial property, you may not want to maintain or upgrade it. A sale by multiple owners lets you divide the money. Real estate investors such as Handsome Homebuyer bring professionalism as well as cash, leading to a quick sale without twists and turns. When a company does hundreds of deals, the question isn’t whether they can, but whether they want to do the deal. Multiple owners may want to cash out quick and clean. Handsome Homebuyer or another reliable, reputable investor can be the perfect solution.

How long does it take to sell a commercial property?

A typical transaction involves lots of players, including banks. It can take months to go into contract and months more to close. Banks do due diligence, demand paperwork, and have their own procedures. An error in paperwork can prolong things. And remember, your deal is only one of a long list at any moment for a bank and only part of a bigger business. With Handsome Homebuyer, buying property is our core business. It’s what we do. We have resources, personnel and focus. That means we can close on deals as quickly as you want, which can be as little as days or a few weeks rather than months. Let’s say you want to close at a later date for some reason; we’re also comfortable doing that if it fits your timeline.

Is this a good time to sell commercial property?

Of course, if you want or need money from a sale, then it’s always the time to sell. But during soft markets, it can make sense to wait. That’s not really the case now. It’s a good time to sell commercial property for many of the same reasons that it’s a good time to sell residential property. As interest rates rise, cap rates, used to evaluate commercial properties, rise, which makes commercial property worth less. After a long lull, interest raises are beginning to move, although they’re still low. The price also depends on the asset classes. There are different demands for different assets. Over the last few years, Covid hit retail very hard, while industrial has done very well. Multi-family also has done very well, because there’s a shortage of available rentals in places like Long Island and a big population looking to move to that region from New York City.

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Commercial Properties Purchased

The following are a few of the commercial properties we’ve bought in Long Island area.

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Congratulations! You are one step closer to selling your unwanted commercial property. Simply contact us today at 516-777-7653 to discuss the many options available to you as a commercial property owner.

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At Handsome Homebuyer we aim to create the best seller experience possible. We purchase every commercial property in “as is” condition and close at your convenience in as little as 5 days.

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