Selling commercial properties doesn’t come as straightforward as selling residential properties. This is because residential needs are the same (a home), while the need for commercial properties differs significantly.
Some of the factors your potential buyer checks are how commercially viable the property’s location is and the additional perks that come with it.
Adding thoughtful incentives and attaching a competitive price to your commercial property is a proven way of selling it faster and profitably. We look into other means subsequently.
How much is my Commercial Property Worth?
The discrepancy between the worth of your commercial property and the price attached significantly affects your duration of closing deals. If the price you attach to your commercial property is far beyond the worth of the price, you will have difficulty selling faster.
However, if the price is reduced to the value, you may sell faster, but it won’t be profitable. Hence, there’s a need to maintain balance. To achieve fair pricing, you need to know how much your commercial property is worth.
Below are ways to determine the worth of your commercial property:
- Use Property Valuers — Property valuers are specialists that quantify and determine the worth of property (commercial or residential)They consider different factors when valuing a property, including the equipment inside and the area it’s located.
- Determine The Average Market Price — The value of other commercial properties around yours can also help you determine the price to attach and your property and its worth. You can determine this by researching the value of about 10 similar properties in your property’s location and determining the average.
- Liaise with a Realtor — Real estate agents are experienced in selling and buying properties. This gives them in-depth knowledge about knowing the worth of properties. Most realtors perform in-depth market research, giving them updated information about the latest market pricing.
How long does it take to sell my Commercial Property?
Unlike residential properties, commercial properties take a longer time to sell. While there are numerous ways to sell your commercial properties, some are effective in closing deals quicker than others.
Selling a commercial property can take weeks, months, or even days, depending on the method you employ and how efficient you are (or your agent is) while at it.
Using an experienced real estate agent can help you get your commercial property sold within a few weeks while using cash buyers can get you a good deal in days.
Other than means of selling and pricing, other factors that affect the duration of selling includes:
- Level of Sales Awareness — Excellent publicity delivers desired results with ease. When the level of sales awareness for a commercial property is heightened, you’ll attract many potential buyers, thereby hastening the duration it takes.
- Availability of Needed Documents — This is another factor that influences the duration it takes to sell a commercial property. The deal closes earlier if essential documents are complete and available. It prevents unnecessary delay and gives you an avenue to focus on other important parts of the deal closing process.
- Aesthetic Appeal — How appealing your commercial property is in terms of architectural design, color, etc., also affects the duration it takes to sell. The more aesthetically appealing your property is, the more it attracts potential buyers, and the more you’re likely to close a deal sooner. Hence, it is an essential factor to consider when planning to sell your commercial property. You can improve the property’s extrinsic appearance to attract more potential buyers.
Is it a good time now to sell commercial property?
There are no written rules stating the best time to sell, buy, or invest in real estate (especially commercial properties). However, there are specific indicators and predictors that experienced realtors utilize to determine their moves.
The market, the economic cycle of your area, and other indications that prove whether or not your property’s worth is depreciating aid in deciding when to sell commercial properties.
Hence, there’s a need to seek advice from other brokers and other experienced persons about the market trend analysis.
Why Handsome Homebuyers?
Whether in certain times or otherwise, a reputable cash buyer remains your best bet for selling your commercial properties for a price that is worth it.
Handsome Homebuyers is a reputable CA buyer who closes commercial properties deal with you in the least time possible.
The company is equipped with an experienced market analyst that makes an informed decision on buying and selling based on the economic cycle and market trends.
Hence, they always ensure a win-win situation anytime they transact with you.
There are numerous reasons why you can decide to sell your commercial properties. Either it appreciates, or it’s depreciating, or you need a certain amount of money. Irrespective of what it is, you can always use the services of cash buyers like Handsome Homebuyers to close a deal swiftly.