Did you know that the four main types of commercial real estate are office spaces, industrial spaces, multifamily rentals, and retail spaces?
If you are planning on putting your commercial space for sale, it is important to understand that every type of commercial real estate will require sellers to make use of different selling strategies.
This will help you to increase the amount of money that you’ll make once you are ready to sell. To make things easier for you, we have put together a guide. Keep reading if you are interested in finding out more.
Make Improvements Before Selling Your Store
If you’re looking to sell a commercial property such as a supermarket, it’s important to make sure the space is in top condition. This can involve giving the property a thorough makeover.
This will make it more appealing to potential buyers.
For example, let’s say you’re selling a supermarket that’s been in business for a few decades. While the store may still be functional, it may be looking a bit dated compared to newer competitors in the area.
In this case, giving the store a fresh coat of paint, updating the lighting and fixtures, and even renovating the layout could make a big difference in attracting buyers.
Of course, it’s also important to make any necessary repairs or address any maintenance issues before putting the property up for sale. This will increase the value of your commercial space.
Compare Prices Before You Sell Your Business
Comparing prices of similar types of real estate in your area can be a helpful way to determine the value of your own property.
This will also help you get a sense of what buyers in your area are willing to pay for properties of a similar size, age, and condition. To start, try searching online listings or talking to a real estate agent.
Try to gather information about properties that are similar to yours in terms of location, size, and type. Make a list of these properties. You should also take note of their asking prices.
You will be able to use this information to create a rough estimate of the value of your own property.
Keep in mind that there are many factors that can affect the value of a property. This might include the condition of the property, the local real estate market, and the overall demand for properties in the area.
Gather the Necessary Documentation
Gathering your necessary documentation is an important step when you’re preparing to sell a commercial property. This will make it easier for potential buyers to understand the details of the property.
So, what types of documentation should you have on hand when selling a commercial property? Here are the types of records that you should make sure to have in order.
This could include financial statements, tax returns, and any other documents. Your goal should be to provide information about the financial performance of your commercial space.
Permits and Licenses
If your property has any special permits or licenses, such as a liquor license for a restaurant, you’ll want to make sure you have copies of these documents on hand.
If you can’t find these documents, contact your lawyer. They might be able to help you to track down your permits and licenses.
Building Plans and Blueprints
If your property has been modified in any way, you’ll want to have any relevant building plans or blueprints available for potential buyers to review. You should also provide details about renovations that you’ve done.
Hire a Skilled Photographer
If you’re selling a gas station or retail business, hiring a professional photographer can be a great investment. Professional photos can help to showcase the property in its best light.
Professional photographers have the equipment and expertise to capture high-quality images of your gas station that accurately represent the property and its features.
They can also use techniques such as lighting and editing to enhance the photos and make them more appealing to potential buyers. A professional photographer can also capture images of the interior.
This might include the store and any other amenities the property may have. These photos can help potential buyers get a better sense of the layout and amenities of the property.
Hire Somebody to Appraise Your Commerical Space
If you’re considering selling a commercial property, such as a restaurant, getting the property appraised can be a helpful step in the process. An appraisal is an assessment of the value of the property.
When they’re assessing the value of your commercial space, an appraiser will consider factors such as location, size, and condition. You’ll need to hire a professional appraiser who is licensed and highly experienced.
The appraiser will visit the property, inspect it thoroughly, and gather information about the property and its surroundings. They will then use this information to determine the value of the property.
Once they finish their work, they will provide you with a written report outlining their findings.
Having an appraisal can be particularly useful when selling a restaurant, as it can provide potential buyers with an independent assessment of the value of the property. This can be helpful in negotiations.
Once you get your property appraised, buyers will have a better understanding of the value of the property and may be more willing to make a fair offer.
Tips for Putting a Commercial Space for Sale
If you’ve been trying to figure out what it takes to put a commercial space for sale, remember how important it is to understand what your property is worth. You should also make repairs to your property before selling it.
Do you need help with the finer details related to selling your commercial space? If so, keep in mind that TAGeX Brands assists owners of commercial spaces to navigate their equipment and facility chaos.
Once you are ready to find out more, don’t hesitate to check out the services we offer.