Selling commercial property can be a lucrative endeavor when done correctly. The sale of your property can open up a plethora of great investment opportunities. You’ll be able to diversify your financial portfolio, grow your wealth, or find better commercial real estate options.
If you want your Long Island commercial real estate sale to be a success, you need to be prepared. This means organizing and researching everything that goes into the sale.
Need help selling your commercial real estate property? Here’s a quick look at the process of selling a house:
Hire an expert local Realtor
For the best experience, enlist the help of a local real estate agent. A real estate professional has the expertise needed to guide you through the process with ease and efficiency. They’ll know the ins and outs of your transaction and make sure you get the best deal possible.
Experienced real estate agents have the market knowledge to provide insight into your target market. Also, they have access to a network of other industry professionals like appraisers and contractors to ensure your sale goes on without a hitch.
Selling a house or other types of commercial properties in New York State involves a lot of research about the community, a process that can prove overwhelming even for the most experienced seller. So, finding a real estate agent who specializes in your neighborhood is a must.
If you’re selling commercial property in Long Island, get in touch with expert real estate agent Alexander Meskouris. As a long-time New York agent and resident, I’m on top of what’s happening in the local real estate market. I provide a personalized approach to fit each clients’ selling needs. Contact me today at 917.741.4296 or send an email to info(at)alexandermeskouris(dotted)com.
Research local market trends
Property prices and market trends differ from city to city, neighborhood to neighborhood, and borough to borough. When selling your commercial property, conducting in-depth research on the local market is a must.
Review past sales of similar properties in the area so you know what to expect. This will give you a better idea of how long properties stay on the market and what you can do to make yours stand out.
Ask your real estate agent for updates on the local market. Inquire about future developments that could affect the desirability of your commercial property.
Price the property correctly
Getting the price right is essential if you want to sell your commercial property quickly. Get your real estate agent to do a comparative market analysis to determine an accurate listing price.
Factors to consider when listing are zoning, occupancy analysis, and recent improvements made to the property. Beware of overpricing your property because it might turn off potential buyers and remain unsold far longer than it should. Underpricing, on the other hand, could make you lose out on significant profits.
Update the property
Before putting up your property for sale, it’s important to repair and upgrade. Consider updating your HVAC and electric systems if they’re looking worse for the wear. Roofing is just as crucial – repair or replace before a property inspector finds things that are wrong with it. Also, sprucing up the exterior of the property by replacing old windows and doors, and repainting the walls could make it look fresh and well maintained.
Don’t forget that buyers can order an inspection on your commercial real estate so it pays to keep your property in tip top shape. Inspection results can be a deal breaker.
Come up with a good marketing strategy
Marketing is a vital part of any successful commercial real estate sale. To craft an effective marketing plan, figure out your target market and analyze the best ways to reach it. Discuss your marketing strategy with your agent to find out if it will work for your property.
Get your documents ready
Real estate transactions involve a lot of paperwork. During the sale, make sure you have everything you need ready to go. Some transactions could stall for days or weeks if you’re missing the necessary documents.
Your real estate agent will help you get the paperwork sorted and ensure your transaction proceeds without delays.
Prepare for closing costs
Once you’ve accepted an offer, it’s time to close the sale. Closing costs for sellers in New York can go from 8% to 10% of the property’s sale price. These closing expenses include the following:
- Broker fees
- Attorney fees
- New York City transfer tax
- New York State transfer tax
- Miscellaneous title fees
Sellers typically pay the bulk of the closing fees compared to buyers, but this can change depending on the purchase agreement. The final closing costs differ for different types of properties, as well.
To help you sell your commercial property in Long Island, Queens, Brooklyn, and Manhattan, get in touch with expert real estate agent Alexander Meskouris. As a long-time New York agent and resident, I’m on top of what’s happening on the ground. I provide a personalized approach to fit your needs. Contact me today at917.741.4296 or send an email to info(at)alexandermeskouris(dotted)com.