When the time comes to put your commercial building on the market, it’s important to make sure it’s more attractive than your competition.
In a competitive market, selling property is not as easy as just giving it to a commercial realtor and walking away. Put some time into marketing it well from every angle and reap the benefits.
As reported by Property Cashin, the North American expert commercial real estate investment group, in their guide Selling Your Own Commercial Real Estate, fixing potential liabilities, advertising the positive features and having quality photography for marketing your property are efficient ways to have the building sold faster. In our article we are discussing them in more detail.
1. Repair Your Property and Make It Look Its Best
Any top realtor will tell you the easiest way to lose a sale or to sell for less than expected is to ignore problems a building may have. As a commercial property owner you need to be aware of those potential liabilities and fix them where possible. It’s equally as important to communicate these improvements to your realtor, who can then pass that information on to the clients.
Note that depending on the disclosure laws in your state, it may be a requirement to disclose not only the existing damages, but also the history of repairs. For example, in Texas it is. This can turn some of your potential buyers away, but it’s still better than being sued after the sale for failing to disclose the issues. Not to mention hiding issues from buyers is simply unethical, which can hurt your reputation in the future.
These easy fixes could include:
- Broken windows
- Lead paint
- Sagging and/or water damaged ceilings
- Roof leaks
Depending on the type of building you are selling, you may also benefit from looking into local laws concerning the zoning and public amenities. This could include adding wheelchair access, a disability car space and talking to your local zoning officer about changes in the near future. Here is a detailed guide from CityLab.com to help you better understand zoning laws in the US. Stay up-to-date with legislation and show interest in what the future holds for your building – whether it remains in your hands or not.
Don’t forget about rejuvenating your property to make it look nice and clean. “We are often hired by investors selling their commercial property. The most common services they order are floor cleaning, restroom cleaning and pressure washing. Hotel and restaurant owners usually order a full service that includes parking lot cleaning and lawn care” — shares Stephen Burr, a veteran of the commercial cleaning industry from Houston TX, who’s been working for a leading janitorial company Quick Response Janitorial Services for two decades.
Making sure the entrance to the property is clean and well-kept is a good way to positively influence those enquiring after your property. Give fresh coats of paint to fencing, gates, steps or even the building itself and instantly see a remarkable difference.
2. Accentuate the Positives
Not every property is in an attractive setting, is visually appealing, or is in the best location. The best way to approach the commercial real estate market is to make sure everyone is aware of the positives. These are sure to outweigh any negatives.
For example, if you are looking to sell a manufacturing warehouse in an industrial zone, mentioning the spacious area and ample parking are sure winners. Your realtor will be a professional when it comes to accentuating those positives, so work with them to find the gold in your property – even if it seems hard to spot.
Location
The location of your property, no matter its appearance, can also play a huge part. It can be hard to renovate and fix a building, but it can be even harder to find space in a hot spot in town. A successful property investor and the owner of Carmana Plaza, a Canadian luxury hotel in Downtown Vancouver, gives his expert tips on the subject:
“If you happen to be in one of those hot spots, use that as your positive. Even if your building could do with several repairs you still have that location feature as leverage.
When the location is not ideal, try to find maximum benefits to compensate the disadvantages and advertise them. If you need to point out distances to important locations of the city that aren’t the best compared to your competition, use the positive tone and share info about the best means of transportation to them.”
Size
Whether the floor space is large or small, use size to your advantage and allow potential clients to imagine themselves in the space. If it’s small, aim for the ’boutique store’ image, and if there are several levels or a large floor plan, push that ‘office’ image. There are so many options.
3. Let Imagery Tell the Tale—Take High Quality Photos
Realtor photography is so well known for being poor that there’s even a website dedicated to the shocking snaps. Stand apart from the crowd and invest in quality photography to set your commercial property in a league of its own. Contact your local real estate agency and ask if they have any recommendations. Photographers have an eye for detail and know how to make a property look the part.
For example, if it’s not much to look at from the outside but is located centrally on a main street, the photographer will look to include as much of that road as possible to show its hot location. Professional photos also appear more striking when set against other less professional imagery in market listings.
For those who want to save on hiring a professional, in the article on RealEstateBees.com five experienced real estate photographers have recently shared their special photography tips & techniques that professionals use to make the space more appealing. Here are some of the basic tips:
- Making rooms appear larger by using a wide lens
- Adding ambience by adjusting the lighting
- Staging furniture or equipment for a sense of space or purpose
- Taking shots in good weather conditions for a brighter atmosphere
Conclusion
Whether your property is lacking in one area or excelling in another, these three tips can potentially put you one step ahead of your market competition. Above all, work with your commercial broker to learn the ins and outs of your particular market including trends and changes in order to get the best result.
