When selling a commercial property, it’s a little different than residential. There are plenty of extra factors that need considering so that you’re not left out of pocket, and more importantly, it doesn’t affect your business. Here are some tips for selling your commercial property.
Shutterstock Licensed Photo – By IR Stone
Keep an Eye on The Property Market
The property market is always changing, and although there’s an increase in how many businesses are popping up all over the place, that doesn’t necessarily translate into buyers. As more businesses opt to go online, the physical aspect of a business is sometimes not needed. So don’t depend on there being plenty of offers available for the sale of your building. Keep an eye on the market and ask your estate agent for advice on when the best time might be to sell. You want to go with a company that specializes in commercial property ideally. The more research you can gather, the more well-timed it can be, and the more money you can make.
Remember the Extra Fees
There are going to be plenty of extra fees to factor in and just like buying a home, the cost doesn’t just end at selling and purchasing a new property. You want to think about solicitor’s fees and potential conveyancing that may need doing on the building. You have the cost of moving your office from one space to another, and that in itself can be extremely pricey. You don’t want to get yourself in the position that you don’t have the money to take on the sale of your property along with all the extra costs that come with it. So, budget this all in before you go ahead and put it on the market.
Prepare Your Property for Sale
Just like any property you sell; it has to be prepared for sale. That means photography needs to be taken and that might need liaising with your building manager about doing it on a weekend or time when your staff aren’t in the office. You will also need to prepare for when visits take place. There’s likely going to be some communication had between yourself and your staff about keeping things clean and for tidying up before a viewing. That means no clutter and to ensure that your property is presented in the best light in order to secure a buyer.
Have A Plan In Place To Avoid Disruptions
One thing many people forget is that you need to prepare for moving and that move won’t be easy. You not only need to think about moving furniture but also where your staff are going to be in the process. You may need to close temporarily or find a temporary space in which your staff can still do their jobs. Ensure you’ve figured this all out, and those disruptions are prepared for. Remote working from home may also be an option to help your staff continue their work.
Selling your commercial property isn’t easy, so take your time in order to get the most out of your money.
