There are several things to research before attempting to sell an industrial property yourself. A licensed real estate agent within the area may be the best option should this become an overwhelming task. Their experience with the market in that area will be valuable and could be critical to selling the property.
Know the Market
What is the current market for this property? Is it in a location with similar industries? Talking with real estate agents who represent property in the same area can give you a sense of where the market is headed. There could be a net movement of businesses into or out of the area. The types of businesses in the area may change. Could the property be used for an entirely unrelated business type?
You may be able to market the property for a different use. Warehouses become clothing stores. Some research of the businesses in the area of your property may give you ideas as to how the space could be used. Some property can sit for months or years because it is only seen as being useful for one purpose.
Know the Customers
Who might benefit from expanding into your property? What investors in the area might be interested in your space? Knowing the businesses in the community, and their plans for growth, will help get you in touch with those who might be looking for property. This might be difficult to find out without working with a realtor, since their role is to know about the business community.
Know the Right Time to Sell
One would normally put a property up for sale during a very active time in the market. A slow market means a slow sale. But it could also mean an investment opportunity for new business ventures. Real estate prices change quickly. It’s important to be on top of the market so you can sell during an upswing.
Know What Improvements to Make
What updates or changes to the property are needed to make it most likely to sell? Will the property sell as-is, or will there need to be significant clean up and improvements to make it marketable? Capital improvements can cause an appreciation in the value of the property. Or they may just make the property more appealing to investors.
Know the Steps for the Sale
Make sure you understand all of the communications you need to have with the investors. Besides the price, what areas in the property contract will you want to negotiate? What will your involvement be with the escrow and title work? Understanding all of the steps will help you move the transaction forward while dealing with all of the individual pieces.
Know What Marketing Works
You will want to create a marketing plan that gives your property the best chance to sell. The goal is to get the word out about the property to as many of the right investors as possible. This could mean using a commercial multiple listing service, billboards, and ads in trade journals or newsletters. Knowing what markets to target will narrow down the number and types of places to advertise. Online advertising is important, but make sure your property is visible where potential investors will look.
Prepare Yourself and Be Patient
If you choose to attempt an industrial property sale yourself, there are many things to research. This will not be a quick process so be patient as you work through each step. At any time you feel unable to move forward with your plans, you can also tap into a commercial realtor for assistance.
Serene Chua : (+ 65)98-199-199
B.Sc(NUS)Hons / CEHA-Certified
Email : email@example.com