Listing your commercial property for sale is vastly different than listing your home for sale. What does remain the same is the need to work with the right real estate agent. You need to know how and where to market your property before you make any decisions regarding contracts. Here are some thing you need to consider before your property goes up for sale.
Working with an Agent
There are many property owners who believe they can sell their property themselves and it will save them the expense of paying a realtor a commission, while that is technically true you’re doing yourself a disservice. They have ways to market your property that you just don’t have access to along with connections and the ability to negotiate a much higher price. Agents also have access to paid listing services that only work with licensed real estate professionals. These are networking hubs for agents with buyers and investors to connect with other sellers, they can get your property sold faster and at a higher price.
It is an agent’s job to field phone calls from potential buyers and weed out the ones who are not serious or not in a position to buy your property. They can screen pre-qualified buyers and assist with arranging financing if need be. They can also act as a buffer during the negotiating period. They can communicate with buyers, lenders, attorneys and title companies during the process, leaving your free to run your business as you see fit.
Real estate agents, particularly commercial real estate agents are highly skilled professionals and they get paid for what they do, that compensation comes in the form of a commission on a sale. These agents are typically paid a percentage of between 3-10% of the selling price. Bear in mind that before you sign a contract with a listing agent for your property that these rates are negotiable. The property itself, the condition, location and how difficult it will be to sell are all factors that going into determining the rate of commission for the agent. In an area that is economically depressed where it could take years to sell a property is going to command more than a rapidly growing neighborhood. The more the commission is the more incentive for the agent to sell the property.
When you decide to work with an agent be sure to deal with someone who specializes in commercial property rather than a friend who sells residential real estate, they have completely different requirements. A good agent understand the market, how to market your property and how to negotiate a favorable selling price for you. They are absolutely integral to the process and should be valued.