Tap to Read ➤

How to Sell Commercial Property

Omkar Phatak Oct 30, 2018
Selling any piece of commercial property can be a daunting task. If you are looking for some tips to sell some, read on.
Selling a product is all about making a convincing case about its merits to potential buyers and creating marketing channels to bring buyers and sellers together. Commercial real estate sale requires systematic efforts on part of the seller to reach a wider set of potential buyers. Marketing is the key aspect that needs to be focused upon.

How to Sell

Selling anything is matching supply with demand. You need to identify people and businesses interested in buying a particular piece of commercial property, which you are selling. Here are some marketing ideas for you, which will definitely help you clinch a deal.

Do Your Homework

Making a sale is about tapping the right sales channels and reaching your target buyers. Before you can sell, you need to do your homework and research. Study the property which you plan to sell. It may be a shop, office space, or a piece of land which is suitable for a commercial complex. Make a list of pros and cons for a buyer.
Consider the location and identify the niche businesses that could take advantage of the space. If it's a shop in a business district, would a fast food chain be interested in buying it or would a clothing brand prosper there? Thinking on these lines will help you decide your marketing strategy to reach niche buyers who would be interested in it.
Make an information brochure with all the details about the property, including square footage, amenities, and the nearest landmarks to its location. Lastly, you need to research the market prices in the area, which will help you determine what would be a reasonable price for the property.

Advertise in Newspaper Classifieds

One of the best ways to get the word across about your commercial property is to advertise in a newspaper. Give all vital details, along with the location details. Let the advertisement be well designed.
Have a catchy line like 'Ideal Space For a Boutique' or 'Prime Location For a Fast Food Joint'. This advertisement will definitely get you some serious inquiries. Expect a lot of calls and arrange for somebody to take them for you.

Post Ads on Real Estate Portals

Another way of advertising your commercial property on sale is to post information about it on real estate portals that have a national and international exposure. Provide detailed information about the property site, along with photos, with contact details. This is bound to generate a lot of inquiries.

Publicize Through a Sales Billboard

One of the most conventional ways of advertising your property is to put a 'For Sale' billboard near it, which can catch the eyes of people visiting the area. You will be surprised to know how many properties have been sold through inquiries generated through simple billboards.

Create a Brochure and Pamphlets

If you want, you can even create brochures and pamphlets which can be mailed to prospective businesses who might be interested in them. This can net in a lot of potential buyers from niche businesses.

Find a Real Estate Agent

You can always opt for leaving the advertising job and finding buyers to a real estate agent, who do it for a commission. If you don't have the time or energy to handle the entire advertising and follow-up campaign, agents can do it for you.
They can handle all the paperwork involved in closing a deal. Research the track record of an agent before handing over your property to him for sale. You don't want your time to be wasted.
It is good to have an idea of the price you have in mind before you negotiate with a potential buyer. Be clear on your first selling price and how much are you going to come down if the buyer plays hardball. Be clear about the bargain price which you are willing to settle for. Use your negotiating skills, be reasonable and close the deal on your terms.
Try selling the property on your own first and if you don't find any suitable buyers after persistent effort, go to an agent. If you manage to sell it all by yourself, you can save on the commission fees that are normally paid to agents. The key to selling is persistence and using as many sales channels as you can to reach the target pool of buyers.