Making any decision regarding your property and investments is one that needs to be carefully thought out and planned. It’s risky to do these things impulsively and in haste. When you make an investment in property, it’s important to understand that it’s not going to be fast cash—even tenants and rent payments can get delayed.
It’s a high-return investment, but if it’s something you need to let go of, you need to be careful. No matter what the urgency, or perhaps inconvenience of being a property owner, you should keep in mind a few things before selling your CRE.
Things to Know Before Selling Your CRE
The following tips, tricks and advice can ensure that you get the best deal possible in any given situation. Selling CRE is significantly harder than buying it—but think back to your own experience of buying. Did you take your time and make the right decision, or did you rush into it and regret it?
Putting yourself in the shoes of the buyer is an effective trick to try. Apart from this, remember to do the following:
1) Hire a professional who knows what they’re doing
If you’re looking to sell or buy property, especially commercial real estate, it’s best to find a reliable broker that you can trust and rely on. A broker will be able to provide you with market insights and information that you wouldn’t really know, without extensive market research and experience. If you’re looking to sell or buy commercial real estate in Macomb County, you can hire Macomb CRE for help!
2) Marketing is important
How you reach out to likely buyers is important. Signs and advertisements might miss the mark completely. Being too forward and direct might chase them away, making them wary. Consult your broker on the best strategy for you.
3) Don’t overprice your property
You want to make a profit, or at least recover what you invested, but if you overprice it, buyers will turn away. Their agent or simple market research can help them figure out what the true value of the property is.
4) Spruce things up on the outside
Make the exteriors and surrounding area clean and presentable. This is crucial if you’re selling a residential property, since you don’t want to chase away buyers who’d want to live there. Poor exteriors also imply more maintenance.
5) Focus heavily on communication with buyers
If you’re communicating with buyers, be sure to stay in contact. Don’t be too pushy but don’t wait around for months either. Keep a steady exchange going. Speak to them in detail if they propose negotiations, and don’t hesitate from inspections either.