3 Mistakes You Shouldnt Make When Selling Commercial Property

3 Mistakes You Shouldnt Make When Selling Commercial Property

Property in Lafayette is selling well right now. However, for property owners who are not well-versed with the trends of commercial property sales, then you may have a harder time navigating this territory.

 

Even if you already have experience selling a house, selling a commercial property is an entirely different story. Make sure you go through the right procedures and have the right experts who can guide you along the way. With them in tow, you can avoid these three very common but grave mistakes when selling that hot piece of property.

 

Look For Buyers--Don’t Wait For Them

 

A common mistake that first-time sellers have is that they assume that a prime piece of commercial property will sell like hotcakes. While some do, this is not always the case. In all likelihood, you will do better if you were to push your property to potential buyers.

 

You want to put your property where the action is. But at the same time, you also need to be discerning of the actors that you want there. Because the reality is that every area and jurisdiction has its specific target markets, and if you do not study your location very well, you may end up being confused with your own audience.

 

For instance, if you are selling a commercial space near a residential area, it is more likely that your target buyers are essentials, including food places, groceries, and other recreational spaces. If your location is in the middle of a snazzy location for millennials, get in touch with the same crowd who are looking to enhance the services within the space.

 

Don’t Forget a Good Narrative For Your Property

 

Every space has a story, and most of the time, this is a way towards a good sale. As the owner of the property, you need to know the narrative of the space. These include why you are selling it, who will benefit from the space, and what kind of location the property is in.

 

More importantly, you are trying to make a sale—so you need to make this story as interesting as possible. Don’t forget to share an engaging story, such as the reason for the sale or even the history of it, especially if you had any involvement. Buyers in Lafayette love to listen to these stories because, in some way, this will likely affect their decision to buy it.

 

Match these stories with compelling images and videos of the location. In an age where social media thrives, there’s always that extra push to make things more appealing, and this is a trend that real estate specialists know too well.

 

Don’t Forget the Selling Costs

 

Whether it is closing the deal or being excited about your commercial property now in the market, it is easy to forget about selling costs. These costs need to be considered because they will eat into your budget, and need to be consolidated so you do not lose more than what you earn.

 

For starters, you need to have commercial agent fees. At the same time, since you will be hiring a solicitor, you also need to factor this own. Note that in both cases, it is good to get a feeler out in the market Lafayette and see where it goes. You want to strike the balance between trustworthy and worth the money.

 

Other fees that should be in your record book include mortgage arrangement fees for new ones you plan to get, removal costs for equipment from the commercial property that will not be included in the sale, and mortgage redemption fee in case you have advanced payment on the space and need it refunded.

 

Best of all, make sure you get the right negotiator to assist you throughout the ordeal. It’s better to have a professional handle all of the paperwork and the dealings. Titan Lafayette ensures that the sale of your commercial real estate will go as smoothly as possible. With their capabilities in comparative market analysis and years of experience in closing deals, your commercial property will soon be in the hands of another good owner.