When it comes down to it, that’s a question you have to ask yourself. Why did you buy it? (Or did you? Was it gifted to you, or did you inherit it, or did you actually buy it?) How successful have you been with the business you’ve done there? Whatever the answers are to these questions, it’s not likely you are going to be able to hide the truth – good or bad. Let’s take a look at some things you need to examine before you sell your commercial building.
Why Should Someone Buy Your Commercial Building?
- How beneficial is the location to most business?
- What are some awesome parts of your building?
- What were some less than pleasant parts of your building?
- Does the building fit well with the culture and design of most buildings?
- How is it priced to comparative buildings?
Like homes, commercial business location is everything, except even more so! Is it right in the midst of everything and convention to places, or is it out of the way a bit? If it’s out of the way, it may not be a deal breaker, depending on what type of business is happening there. But you may have to adjust your price accordingly.
What sold you on your building? Be honest. Was it the magnificent view of the ocean? The natural light? These are the areas you need to play up and keep playing up.
What were some of the less than pleasant parts of your building? If they are odors, you need to get that taken care of before you have a chance of selling at optimal price. Millennial buyers in particular are health conscious and are wary of anything that could signal mold, animal inhabitation, rotting wood, etc. It will be worth the investment to get it taken care of. Water spots are also a problem because of mold, so those will need to be taken care of.
Does your building generally fit in with the design and ambiance of local buildings? If not, does it stand out in a good way, or a not so good way? Is it something that can be easily remedied? For instance, if the prior owner painted your building flamingo pink, that’s easily resolved. Some other issues may not be, and you may have to reflect that in your listing price.
When you look at comparative buildings, how is it priced? It’s never a good idea to go far above appraised value because you simply wont have many people come look at your property, especially if many other comparative buildings are for sale, unless you have a very unique or sought after property. These are all things to discuss with your real estate agent, but in general, if you want to get a lot of traffic and get people in the door to view your building, you’ll need to keep it reasonably priced – i.e., comparatively to other for-sale businesses that are close by.
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