Unlike residential property sales, selling a commercial property is not a simple process. A lot of work and complicated legal processes go into the task, and understanding them as a seller can save you from surprises down the road. Also, you can be better understand the market, sell the property fast and avoid legal issues that most property owners get tangled up in. To help facilitate the process, the following are some steps you need to undertake before the sale.
Have all details ready
The key to a hassle-free sale is making sure that all details are prepared. Compile accurate information on the square footage of the land and the building, details of the structure, materials used and other essential information that potential buyers may need. Buyers will also be concerned about zoning issues; therefore, you need to provide a timeline of how the property was used in the past. As such, you have to work with the architect and surveyor to get all this information about the property ready.
In today's era, buyers have access to a lot of information online; therefore, you need to be transparent. Volunteer all information about liens, mortgages, permits and deeds that are connected to the property. Failure to disclose can land you in legal trouble down the road.
Price plays a critical role in determining how fast your property will sell. That's why you need to find a valuation expert to value the property. Additionally, if you are not the initial developer, find information about the market value of the property in previous sales as well. Use this information together with the prevailing market trends to set a price for the property. It would be worth considering how other properties with the same features are valued in the area. That way, you can get an ideal estimate that will make your property competitive on the market.
Make property presentable
Homeowners are not the only people concerned with how a property looks when they buy. Investors want a commercial property that has been well maintained. Before listing the building, take the time to make it presentable. Create a to-do list of all things that need repairs or maintenance such as the paint, roofing, landscaping and flooring. Let the property's appearance match its value if you want to attract investors fast.
Finally, selling a commercial property on your own can be hectic. Work with property lawyers so that they can help you navigate through the legal processes easily.