Owning real estate can be a fantastic way to grow your wealth. While some people enjoy owning apartments and houses to rent out to private tenants, many other people do not prefer owning this type of real estate. Being a landlord to private tenants is certainly not for everyone.
If you don’t like the idea of renting to individuals, you may instead choose to own commercial property. This may come with fewer headaches, especially if you hire a property manager.
While it’s nice to receive the rent checks while they are coming in and commercial property can be a great addition to your portfolio, likely you will reach a point when you will need to sell your commercial property. If you’re planning to sell commercial property, here are some steps you’ll likely want to take.
Hiring an Agent
There’s no getting around it, a commercial real estate agent can save you time and help you sell the property more quickly. If you’re looking for a short turnaround time from listing to selling, hiring an agent is essential. Yes, you’ll have to pay a commission fee, but in the long run, you may recoup your costs.
If you’re still making payments on the property, you’ll have fewer payments to make once the property is on the market because you’ll likely sell quicker. The faster you sell, the faster the profit can be in your wallet. In addition, an agent can give you tips to help you sell the property for a higher price.
Selling On Your Own
Having said that, many owners choose to sell on their own because they prefer not to pay for an agent. If this is the route you’re going to go, there are a few strategies that can help you sell your property more quickly:
- Spruce it up: All properties start to look tired after some time. Take the time to enhance the curb appeal by improving the landscape and making sure the facade is presentable and attractive. Likewise, if you can, also spruce up the interior. You don’t have to spend a lot of money, but just doing this can often make the property sell more quickly and for more money.
- Find where your buyers are: Take the time to determine what kind of buyer would be a good fit for your property. Once you know that, determine how you can reach those people. Where can you advertise your property so they will see it?
- Consider billboard advertisements: Speaking of making your property visible, consider putting up a billboard near your property, especially if your building is on a busy road. Thousands of people may drive by every day and a billboard can help ensure that they’ll know your commercial property is for sale.
Commercial properties can be an excellent addition to your portfolio. However, the time will inevitably come when you’ll want to sell. When that time comes, using these tactics, hopefully you’ll be able to sell quickly and for a good profit.
Have you ever worked with commercial real estate?