The selling process generally begins with determining a reasonable asking price. A commercial REALTOR® can give you up-to-date information on what is happening in the marketplace which is a key factor in getting your property sold at the best price, quickly and with minimum hassle.
From there, a commercial REALTOR® can help you with marketing, negotiating and finally, closing. In effect, they’re your business partner whose main goal is to help you get the best possible price for your property.
The commercial REALTOR® you need will have knowledge and expertise in the marketplace, including the price, financing, terms and condition of competing properties. Working on your behalf, they will advise, recommend, caution, and counsel you at all the major steps in the selling process.
Your commercial REALTOR® may have one or more of the following designations:
Real estate transactions are some of the biggest financial agreements most people experience in their lifetime. Considering the small upside cost and the large downside risk, selling your retail space without the guidance and expertise of a commercial REATOR® is a gamble your business probably can’t afford to take.
Your commercial REALTOR® can help you at each stage of the process from listing your space to finalizing the transaction. Some key steps are outlined below to help you as you start working with your commercial REALTOR®.
Set a price: Understand the market value of your commercial property.
Make necessary repairs: Get your property market ready by painting, cleaning, making repairs and landscaping if necessary.
Market your property: Your commercial REALTOR® will post professional commercial listing and signage when you’re ready to put your property on the market and coordinate showings with prospective buyers.
Consult a legal professional: A real estate lawyer will review utility and property tax adjustments, and consult on mortgage prepayment or discharge fees and more.
Review the terms: Each offer will come with certain terms, most of which you can negotiate through your commercial REALTOR®. Consider what inclusions and exclusions will be a part of the negotiation of the sale.
Negotiating and counter offers: You may have multiple offers from different buyers to entertain.
Accepting an offer: This will be contingent on the buyers credit, approval of mortgage, terms agreement and confirmation of down payment.
Pay closing costs: Be prepared for investment expenses such as capital gains taxes and other closing costs. Your lawyer will finalize all paperwork related to closing.