– Here’s How to Sell Your Texas Commercial Property –
As a commercial real estate investor, you’ve purchased a property, made improvements and now would like to sell.
Selling land, a multi-unit building, or an industrial or retail complex is different from selling a home, and if you haven’t sold a Texas Commercial Property before – or if you’d just like a refresher – here are some basics you should be aware of.
Hire a Texas Commercial Real Estate Agent
Under most circumstances, your buyer will likely be a company, not an individual. And even when you sell a strip mall or small apartment building to an individual, the process can be dauntingly complex.
Therefore, it is most important that you select an experienced Texas Commercial Real Estate Agent or broker to guide you through the process.
You need a Texas commercial real estate agent’s expertise to set the right price and to help you market the property to the right target audience.
An agent experienced in selling commercial property will know the market, and he or she will have a network of contacts to help you at every stage of the process.
A lot of money will be changing hands, and it may take considerable time to find the right buyer and close the transaction; you will need an agent’s expertise throughout the whole process.
As you prepare to sell your property, there are several initial steps to take before it even goes on the market.
Set a price
Your Texas Commercial Real Estate Agent will provide you with advice on setting the right price, but you need to decide what financing terms you need, based on how much you owe on the property.
A rule of thumb: be realistic about the selling price. Commercial buyers are very knowledgeable about the local market and will know how much your property is worth.
Target qualified buyers
The pool of potential buyers is small, but your real estate agent will know of qualified investors who might be interested in your Texas Commercial Property. He or she will screen potential purchasers and bring you only those with the required financial resources.
Selling Texas commercial properties requires a different marketing approach. Word of mouth is probably the single best marketing tool in your agent’s sales kit. In fact, many properties aren’t even advertised, with the exception of a large sign on the property.
If you decide to use a brochure or video as a selling tool, be prepared to spend more to get a quality product. Buyers won’t be impressed with shoddy advertising.
Accentuate positive features
By focusing on the income-earning potential of your property, you’ll be speaking the buyer’s language.
If it’s located in a high-traffic area with potential walk-in/drive-in customers or if you have long-term tenants, you’ll want to emphasis these positives.
Also ensure that the property is in good condition before you put it on the market.
If you opt for a formal inspection, be sure you select an inspector or a general contractor who is qualified to point out potential hazards, water damage or foundation problems, and make the inspector’s report available to potential buyers.
Contact a Texas Commercial Property Expert Today:
Luke LeGrand, ePRO 210-843-5853
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