Many believe that market conditions play the most significant role in the success of a commercial seller’s real estate transaction. What Buford sellers may not always fully appreciate, though, is that they wield a considerable amount of control in the success of the sale. A good market certainly helps. However, it is not the end all be all to sell your commercial building in Buford, Georgia.
Tip No. 1: Find the Right Agent
When it comes to selling commercial real estate, not all agents are the same. While they’d all love your business, it’s important that you properly vet your potential listing agent before you agree to work with them. It’s important that they understand the local market. In addition, they must also have a large network. They should be able to reach potential buyers who may be interested in your type of building.
Experience is another key component of a successful commercial real estate agent. Commercial property transactions can be more involved and high stakes than typical residential real estate markets. A great commercial real estate agent will know where to look for the right buyers. Most importantly, they will keep you in the loop with consistent communication.
Tip No. 2: Set Realistic Expectations
Commercial real estate buildings can be big-ticket items, and those who want to sell frequently have lofty expectations. Many times, this optimism is warranted, but it’s also important to develop realistic goals through research. You should ask your real estate agent for comps. Comps will help you understand how other similar commercial buildings are selling in the area.
It’s also important to perform a detailed analysis of how business in your commercial building is performing. This might include income you yourself generate from commercial tenant rent in addition to the success of your commercial tenants themselves. Potential investors are willing to pay more for commercial spaces with proven success.
Ultimately, sellers with realistic goals make better deals and are less likely to lose out on opportunities because they’re waiting for something better to come along.
Tip No. 3: Understand Your Potential Buyer
When sellers understand their potential buyers, it serves two important purposes:
- You’ll know where to look for the right buyer, and
- You’ll know what criteria speaks to the buyer and their investment plans
While an experienced listing agent will help you find the right type of buyer, you can facilitate a more successful sale when you anticipate the key points of interest that will most attract a buyer to your commercial space. This may look like evidencing consistent cash flow, tenant occupancy, or favorable local market trends.
You and your potential buyer may have more in common than you think. Those same qualities that initially drew you into in your commercial real estate purchase are likely to be the same motivators that move your buyer to close the deal. You can use this information to elevate attraction to your commercial building.
Tip No. 4: Get Ready to Sell
While a full remodel isn’t usually on the table for most commercial building sellers, it is important that your building is properly maintained. If you have issues with leaks, wiring, or plumbing, it’s important that you shore those problems up. Depending on the space, some cosmetic changes could be beneficial, especially if you’re selling a building that needs to have a patron-friendly aesthetic.
Ultimately, routine maintenance goes a long way when marketing your commercial real estate building in Buford.
Tip No. 5: Speak with an Experienced Georgia Real Estate Attorney
Buford is already an attractive area for business real estate investors, nestled at the juncture of several major thoroughfares and located a comfortable commuting distance from the greater Atlanta metro area.
Incorporating a few additional insights into your selling process will help you make the most of a commercial building sale.
The senior attorneys at McBride & Ceballos Real Estate are experienced in these insights and more and will help ensure you’re competitively positioned in the market. If you’re planning to sell a commercial real building in Buford, Georgia, contact us online or call 404-275-0079 today to learn how we can help you.