- Research comparable properties in the area to set a reasonable sale price.
- Hire a professional agent or broker to increase exposure and maximize profits.
- Make necessary repairs and upgrades, focusing on exterior aesthetics first.
- Create effective marketing materials with photos and descriptions.
Selling your business building can be a great way to profit and free up your capital. But it’s not as simple as just putting up a “for sale” sign. A successful sale requires careful planning and plenty of research. Here are five tips to help you sell your business building quickly and at the best price possible.
1. Location, Location, Location
The location of your business is critical when it comes to selling your building. You want to ensure it’s in an area desirable for potential buyers—ideally, one with good transportation links and nearby amenities. Also, consider the other businesses in the vicinity; if similar businesses are located nearby, this could be beneficial for attracting buyers interested in that type of business.
Time It Right
In most cases, you’ll have already decided on your business location before selling it. The timing of the sale, however, can still be important. It’s best to wait until your location is more developed, as this will increase the sale price. Buyers will also be more likely to pay higher prices for a building in a good location with growth opportunities.
Check Other Properties
When you’re researching the market for potential buyers, make sure to check other properties in the same area. Compare their price points and features to get an idea of what kind of sale price you should look for. This can also give you insight into how quickly your property will sell; if similar properties are already on the market, yours may take longer.
2. Hire a Professional Agent or Broker
You don’t necessarily need to hire an agent or broker when selling your business building, but it can be beneficial if you don’t have much experience in this area. A professional will know how to market the property effectively and attract more potential buyers. They’ll also have access to industry resources like insider contacts, marketing materials, legal advice, etc., which can help with the sale process.
Professional brokers typically also have an established network of buyers, meaning they can sell your property more quickly and at a higher price. While this may cut your profits, brokers usually only get paid when the sale is completed, so it’s a good investment.
3. Set an Appropriate Price
When setting a price for your business building, you want to ensure it is realistic and attractive enough so buyers won’t hesitate to make an offer. Research comparable properties in the area will give you an idea of what prices similar buildings are selling for and help you determine whether your price is reasonable. You should also factor in any repairs or upgrades needed for the property, which may add value when you put it on the market.
Another factor in your sale price is why you’re selling the building. If you’re in a hurry to sell it, buyers will likely only be willing to pay a lower price than if you were more flexible on your timeline. However, if your reason for selling is because it’s a fixed business asset and so are not particular about the sale price, you can leave it open to negotiation.
4. Make Necessary Repairs and Upgrades
Once you have determined what repairs and upgrades need to be done on your business building before placing it on the market, complete them as soon as possible so prospective buyers can get an accurate image of what they are buying. This could include anything from painting walls and replacing light fixtures to upgrading plumbing or electrical systems—anything that would increase the chances of making a quick sale at a profitable price point should be done before listing your property publicly.
Exterior
Prioritize any repairs or upgrades that will be visible outside your building. This is the first thing prospective buyers will see, so ensuring it looks good and presents an inviting image of your property is essential for getting them interested in your offer. Engaging experienced siding contractors to repair and replace any exterior damage can be a great way to boost your property’s appeal instantly. Sidings are also ideal because they are durable and require very little maintenance, which can be a selling point for buyers.
Interior
As for interior repairs and upgrades, focus on making the space more functional and comfortable. Check for any plumbing or wiring issues, replace carpets or flooring if necessary, and consider adding features like upgraded lighting fixtures and built-in appliances. Doing so will make the space more appealing and increase its value when it comes time to sell.
5. Create Effective Marketing Materials
Creating effective marketing materials will help get potential buyers interested in your commercial property before seeing it in person. Include high-quality photos of exterior and interior shots of the building and descriptions highlighting any unique features or amenities offered by or within the property (e.g., outdoor space, conference rooms).
You should also include information about what types of businesses would benefit most from being located there, along with its proximity to transportation options and other services/amenities like restaurants/coffee shops nearby so potential buyers can easily envision themselves successfully operating their own business there.
To Wrap Things Up
Selling your business property doesn’t have to be complicated — with these five tips, you’ll be able to do so quickly and profitably. Begin by researching comparable properties in the area so you can set a fair price, along with hiring a professional agent/broker who can help guide you through each step of this process while providing access to industry resources like insider contacts and pricing advice.
Once everything is ready to go (including necessary repairs and upgrades), create effective marketing materials (including photos and descriptions) highlighting any unique features and why certain types of businesses would benefit most from being located there, then list publicly once completed — this will ensure maximum exposure and profits.
