6 Costly Mistakes to Avoid When Selling Your Commercial Property


Selling a commercial property can be quite a challenging and emotional experience. From handling strangers to having your feelings hurt when people criticize your ‘perfect’ property. It can be a lot to take in. It does not have to be the case, though. You can jump into the deep end straight away if you know what to do as you look for buyers. Well, we have compiled some of the rookie mistakes to avoid when selling your commercial property:



Trying to do it all yourself

A mistake that most people make when selling their property is thinking that they are capable enough to do everything on their own! Not to say it can’t be done but, if you have never sold a property in your life, you are better off hiring a seasoned and experienced professional to handle it. For starters, there is so much money at stake in the sale of any property. Certainly not money you can afford to make mistakes with. The sales contracts are usually those seemingly endless pages and you might need a professional to help you with that. Additionally, a good realtor will be in a better position to help you negotiate smartly for a better deal with access to a wider pool of potential buyers. You need to remember that you are taking on a lot of liability when you decide to sell your commercial property without a realtor or any other professional help. 

Having a property that is too personalized

Your property will likely bear unique features that make it feel bespoke to you. However, when the time comes to sell, you might consider letting go of some of these individualized features. Try to remake the property that will attract the most customers. Your interior decor, like that bold choice of wall color, may be what stands out for you. However, it could be a turn-off to other businesses. Your potential buyers need to see a premise they could make their own. Well, it is OK to spruce up the look in your space but go slow on this.

Incorrect pricing

It is normal for anyone to want to get the most money for their property. This is however the most common mistake that people make when selling their commercial property. Regardless of your reasons for selling, having used the space for years and made many beautiful memories in it may make you feel like it should be worth a little more. But this could also be the reason for your property to sit in the market for what may seem like an eternity. Well, it is best to seek help to calculate the right pricing for your property. Yes, you can use a Broker Opinion of Value to get a more realistic idea of how much your property is worth. This will help you get a clearer view devoid of emotional clouding and wishful thinking. Unfortunately, the price of your “perfect property” is not dependent on what you think it’s worth; there are other more practical factors like its condition, market strength, location, and demand, etc.

Having a cluttered property

Skipping out on decluttering your property could stand in the way of potential buyers being able to look at it with an open mind. A dirty space speaks volumes about neglect, something you want to avoid as you look to wow buyers! Well, a quick glance and potential buyers are likely to think that other aspects of the property have been neglected as well. Also, the clutter will detract from other attractive assets that might be a selling point.
If your property is a little overdue for good vacuuming and dusting, you should consider doing some cleaning or hire professional cleaning to get it to look spotless. 
You could also pack things you won’t be needing and keep them in storage to manage some of the clutter. This will without a doubt leave a good impression on potential buyers when they tour the property. This will increase your chances of selling faster.  

Neglecting marketing

Effective marketing increases the number of potential eyes your property attracts. Your property might tick all the boxes of a perfect business premise, but it means little if the word does not get to potential buyers. Do not underestimate the power of effective marketing. When selling your property, you cannot overlook investing in good advertising. A listing with a good write-up and professionally done photos of the property will definitely go a long way in enticing buyers to your property. As a rule of thumb, highlight the best and most unique features of the house. A good marketing strategy may be just what you need to get your property an offer.

Ignoring Renovations

Again, most buyers will tend to look for spaces that they can immediately move into. If yours is due for some repairs; be it a leaking roof or stained paintwork, a potential client may choose to pass it up. In other words, when you decide to sell your property, you must take care of all the basic repairs your space may be calling for. This presents the property in a positive light and therefore making it more impressive to the buyers. Remember, you should try not to go overboard with the renovations. Keep in mind that renovating may increase the value of your property, but be careful not to overcapitalize on them. You don’t want to spend a lot as you strive to raise the value of your property because you could end up raising it well beyond what buyers are willing to pay in the market.

Wrap up

Knowing the challenges to anticipate is pretty much half the work done as you sell any property. Frankly, it can be a challenging process particularly if it is the first time but knowing your way around will make things easier. It will ensure that you get the best value for your property. Don’t hesitate to seek a helping hand where you can. It will help you avoid costly mistakes you don’t want to make.



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