Real Estate 411: Saleability means SOLD in Commercial
In Commercial we are just as concerned as you are in “getting your house ready to sell” to make sure our commercial properties are “ready to sell”.
We are still very much in a “Buyer’s” market in Commercial and it is our responsibility as agents for our clients to make sure their properties are “ready to sell” in order to maximize the price that they can achieve for the property.
Curb appeal is just as important in selling a Commercial property as it is in selling a house. We try to make sure that all properties that we have listed to sell have landscaping carefully manicured, the buildings painted if need be, and make sure the parking lots are picked up with no trash blowing around the grounds. While emotion does not play as big a part in the purchase of a commercial property, the initial reaction to a property that is well maintained certainly is a plus.
A successful sale requires that we concentrate on six considerations (yes the same six as residential):
1. The listing price – The values of most commercial properties are not what they were 2 – 3 years ago. So while the Seller’s may want to “achieve” the price their property was once worth, it is our job to help list the property at a current market price – other wise it will be more difficult to sell the property.
2. The terms of the sale – we have found that many of our clients are more flexible now on how they will sell a property. Some will take back seller financing. Others will give more feasibility time and/or closing time. We try to approach each one with creative ideas that fit their situation best.
3. Condition of the Property – going back to what I mentioned earlier, if the property appears to be well maintained vs. the opposite, the buyers will not worry as much about “hidden” items that have not been taken care of by the current owner.
4. Location of the property – while it may not be as important as a home buyer “wanting to be only in a certain neighborhood”, some buyers do prefer to be in “certain” parts of the Metroplex for a number of reasons.
5. Accessibility – very important factor in selling a commercial property. If access into and out of a shopping center is not good, then it will definitely make it more difficult to sell the property because it is probably harder to keep tenants – if customers have trouble getting in and out of the property.
6. Marketing exposure – We are able to give all of our commercial properties exposure through a large number of commercial listings services and email systems that allow us to constantly keep it in front of other brokers in the Metroplex.
Please keep your Commercial Department in mind for your Commercial referrals. They can come from a number of sources that you may deal with daily. Neighbors, church members, family members, anyone that you know that owns a business. We work in all areas of Commercial and will work all of your referrals to the best of our ability.
Thank you for all of the referrals some of you are already giving us. We enjoy giving you the “referral” check when we complete the transaction and we have had an increasing number of those this year.
Call me with any questions you might have and let us know how we can help you with your commercial referrals.
Larry Harbour, Manager, Commercial Division
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