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.
Just try to sell by yourself first.
If numbers is good, could be easy.
@Abad Marroquin what are the number’s on it?
You’ll want a commercial agent, preferably one with membership with Costar....your local mls and looney are not where major buyers look.
You could also sell directly to investors and bypass the fees, I'm looking to purchase
@Abad Marroquin - Go to our local REIA group and tell everyone about it. You'll walk out of it with a buyer if your price is realistic