Tips for Selling Commercial Real Estate

selling commercial real estate in ChicagoIf you are thinking about selling a commercial real estate property, you may think you can save money by listing the property yourself. However, hiring a commercial real estate broker with experience listing commercial properties for sale can end up making you more money in the long run.

Commercial real estate agents have access to a number of tools that the average property owner doesn’t, which helps the property sell more quickly and for a higher price than you would be able to get on your own. Here are a few things that you should consider when gearing up to list your commercial property for sale, as well as a few ways a commercial real estate agent can benefit the entire sales process.

Selecting the Right Time to Sell Your Commercial Real Estate

Unless you have a time-sensitive reason for selling, you need to be strategic about when you decide to list your commercial property for sale. A variety of factors within the real estate market can influence the amount your property will sell for and every factor needs to be considered in order to capitalize on the market. If you aren’t familiar with the real estate market, especially the commercial real estate market, then hiring a commercial real estate agent will be incredibly beneficial. Learning the ins and outs of the market takes time, so it only makes sense to hire someone who already knows the market firsthand and can advise you on the best time to sell, saving you from costly mistakes.

Picking the Right Price to List Your Commercial Property

The right price to list your property at will vary depending on the climate of the market. If you price your property too low, you will end up losing money, but if you price it too high you will have a tough time selling it. In order to find the sweet spot for pricing your property, you will want to research other commercial properties for sale in the area to see what comparable properties have sold for. Done correctly, this process can take a lot of time and research. However, an experienced commercial real estate agent will be able to research and compile an accurate list of comparable properties to help you find that pricing sweet spot. 

Using Existing Relations to Help Sell Chicago Commercial Real Estate

One of the most significant benefits you will get from hiring a commercial real estate agent is their connections in the industry. An experienced broker has cultivated relationships over the course of their career that the average seller doesn't have access to. These relationships can help you even before you list the commercial property for sale. For example, if something needs to be repaired or updated before listing, an agent will likely have someone to refer you to who will give you the best price. In addition, the agent may already have the perfect buyer in mind before your property is even on the market.

Selling Commercial Real Estate Properties Via Auction

If you are looking to close a sale on the property quickly, you may want to consider a commercial real estate auction. Commercial real estate auctions can increase interest among potential buyers because of the competitive bidding environment they create. Don’t know where to start? A commercial real estate agent like Millennium Properties can help you navigate the auction environment and effectively market your property to generate interest from potential buyers.

Anne Barer

About Ro Crawford

Ro has extensive background in several sectors of the Real Estate industry including residential and commercial assets. Ro is responsible for developing a comprehensive marketing plan for each property as well as managing the company’s social media accounts. She designs, writes and edits offering memorandums, press releases, proposals for new business, eblasts and more. For questions, comments, or suggestions related to our blog, you can contact us via our website.