There are many components to successfully selling commercial property in the Greater Raleigh area. What it all really boils down to is:
-What’s the potential buyer looking for?
-You had them at the curb
-When the price is right
-Know your buyer/investor
-The value of a GREAT broker
What’s the potential buyer looking for?
When you are selling commercial real estate, put yourself in the buyer’s shoes. Not literally, but walk your property and imagine you are a potential buyer. Honestly think about the attributes of the property that could use a little work to get a buyer seriously interested.
- Would new paint, either inside or outside, make the property more appealing?
- Are their minor repairs that need to be made?
- What shape are the floors and carpets in?
- Are there major repairs that make sense to go ahead and take care of that will add value to your property?
- Are all areas free of debris and neat and orderly?
- Have you communicated with tenants and asked them to help you maintain a clean environment?
You had them at the curb
This point cannot be stressed enough. The outside of any commercial real estate property makes the very first impression with potential buyers. Here are some things you can do to really WOW them:
- Spruce up the landscaping
- Power wash the outside
- A fresh coat of paint would be very appealing
- Clean the windows and replace if broken
- Make sure your parking lot doesn’t have potholes
When the price is right
Pricing your commercial investment is mostly based on comparable properties in the area. The challenge comes in finding them. Many commercial real estate databases are not available to the public. An experienced, licensed commercial real estate broker will have access to many more databases and can put together a comprehensive set of comparables looking for:
- The distance from your property
- What was the sales price
- Deed transfer date
- Find properties with similar use
Know your buyer/investor
Whether you’re prospect is looking at your property for their own business or as an investment, it’s good to know their preferences in order to manage expectations. First of all, are they a buyer looking to place their own business in the space? If so, they might be interested to know:
- Attributes of the location with regards to their business
- Cross streets close to the property
- Highway proximity
- Public transportation availability
- Traffic counts
- Demographics – population, household income, age
If you are talking to an investor and have current tenants in the property, in addition to the above they will also be wondering about the income potential and the tenant mix. It’s important to understand if they are looking for a turnkey property which is 100% leased or if they are willing to make some improvements.
The value of a GREAT broker
Is all of this giving you a headache? Perhaps it would be wise to contact a seasoned, commercial real estate broker to take some of the stress off your shoulders. You have a lot at stake with any CRE transaction. Your Commercial Real Estate Broker can help you successfully maneuver through the maze of critical elements involved in the sale of commercial real estate.
Choose Craft Commercial
The Craft Commercial Team has over 200 years of experience in listing, buying, and leasing commercial real estate in the Triangle area. If you are interested in selling commercial property, contact one of our experienced brokers at 919-446-5000 or contact us online at CraftCommercial.com.