For more than 15 years, Henrietta Feldman has been practicing as a real estate attorney. Currently practicing at the Law Office of Henrietta Feldman, LLC, in Palm Beach, Florida, she spent much of her career working in Boston. She focuses on residential and commercial real estate matters and handles such things as loan, purchase, and sale agreements.
Selling commercial real estate can be exciting, but it also brings about several unique challenges that you must navigate. Below are just a few things you should do when preparing to sell a commercial property:
– Analyze recent sales. By looking at recent commercial property sales, you can determine whether it is a good time to sell your property. Check prices of similar properties in your area to see if they are near your sales goal. Recent sales are not always a guarantee of the price you will get, but they can provide you with some perspective about the market.
– Gather documents. If you determine that it is a good time to sell, gather your documents before you put the property on the market. You should gather such documents as your rent roll, existing leases, and title deed. This ensures that you have all the necessary information for buyers as soon as they express an interest and prevents unnecessary delays in the sales process.
– Make improvements. First impressions are very important when selling commercial property. If the outside of your property looks a bit plain, try adding some flowers or bushes to spruce it up. Further, make sure all existing plants are well groomed. It may also be helpful to make simple repairs inside the building or add a fresh coat of paint to make things look cleaner.