Chatsworth, GA · Member since 2014 · 125 posts · 17 votes
This is the first time I am planning on selling a commercial property. How should I prepare to get the max out of it? Of course I am pushing rents up and making the units look good inside and out. What else should I do in order to maximize my profits? Also what percentage for agent commission is common on a 1-3 million property?
Hello Abad, 5 main thing you need to do b4 placing property on market is as follows: #1: Aesthetic: Very important for units to look great and inviting. Try to at least stage one of the units. It works! #2: Strategic Pricing: this is a buyer magnet if you do it right with the help of your Realtor. Make sure to price it a bit below market...sounds crazy? Well, it works because you literally can't underprice a good product. This will drive the price up so you get top dollar. #3: find a realtor that has a track record you can read and enough positive reviews. Must have knowledge about properly filling out the MLS and the clear P&L or revenue statements showing the number, which is the MOST important part. Additionally, he/she should be aware of different financing products or strategies to help buyer buy. Also, MARKETING: Is this agent going to invest in a professional photographer to do a photo shoot and drone? What other real estate advertising engines is he/she going to use? Social media exposure? #4: Accessibility is key. A great all-cash buyer flies into town to see, choose and offer on an income property and calls your agent on a Sunday afternoon for a showing. This guy's plane leaves in the evening. Your agent better be prepared to show or at least have somebody to do so. #5: have all your P&L available and ready. This will help you enormously.