Industrial spaces across the country are being snatched up at a record pace. The main reason people invest in commercial properties is to make money. According to recent statistics, the vacancy level for industrial spaces hit an all-time low at 4.3% in 2018. Moreover, the trend of investing in commercial properties is set to grow, so it’s not a good time to sell your commercial real estate in Sterling Heights. You might be better off renting it out.
However, whether you’re selling or renting out your commercial properties, here are a few things you should consider:
Do Market Research:
Without proper market research, you can’t possibly set the right selling price or rent amount for your property. It’s extremely important to be aware of the latest real estate trends and property values around your area.
It’s also important to understand that selling prices and rent rates differ according to different sizes and locations of the properties. Market research will help you to arrive at a realistic property value.
Set The Right Price And Terms:
Whether you’re selling your commercial property or leasing it, setting the right rate is central to how much profit you can expect to make. If you set the price too low, while you might sell or rent it out quickly, you’re likely to lose a lot of profit in the process. Similarly, set the rate too high and you’ll be hard pressed to find any good buyers or tenants.
You also need to make sure the terms in the sale/lease agreement are agreeable. Make sure you’ve clarified the cost upfront to avoid any arguments in the future. Make a legally-binding document for each agreement so you can protect yourself in case of any disagreement.
Hire A Pro:
A lot of commercial investors keep up with the latest real estate market trends and other socio-political factors that determine the rise and fall of the economy. However, an expert commercial real estate broker will always know a lot more than you.
This is especially true if you aren’t investing in your neck of the woods. A local real estate firm can help you list your property using the latest marketing tools. They will also represent your interests and help you get the best deal for your commercial property. You’ll also be free of all the documentation and other hassles associated with the selling or renting out of your commercial property.
Macomb Commercial Real Estate comprises of a team of expert brokers who have years of experience in the real estate industry. They can help you sell or lease your property with confidence ensuring a high percentage of return on investment.
With our expertise and experience, you can increase your revenues and take your business to new heights.
Get in touch with us at 586-227-9515 today for a free consultation!