Located just off of Interstate 19, Cumming, Georgia, is a convenient commuter town for those who spend their workday in Atlanta. The area has seen significant growth over the years and is an attractive location for residential and commercial buyers alike. If you’re planning to sell a commercial building in Cumming, GA there are a few key steps you can take to help the process move along efficiently. Selling commercial real estate doesn’t have to be a stressful endeavor. When you spend a little time outlining the process, you’ll find that your preparation pays off considerably.
1. Understand Your Commercial Real Estate Market
Most importantly, your success in selling a commercial real estate building will often hinge on how well you understand your market. You should ask yourself what industries can benefit from your commercial space? For example, warehouses are in short supply right now because of the ever-increasing reliance on online shopping. Conversely, restaurant spaces may be more difficult to sell in the age of Covid-19. However, that doesn’t mean you can’t find a buyer. It just means you may need to strategize a little differently.
When you understand the nature of your space, you’ll be better able to market it. It’s also important that you trust your listing broker to understand the market and have connections to potential buyers who’d find your commercial space attractive.
2. Review Leases of Current Tenants
Secondly, if your commercial space has current tenants, you need to understand how their lease terms may impact who you sell to. In most cases, a building with existing commercial tenants will offer an attractive incentive to real estate investors. You can boost buyer interest by providing documentation that shows a history of long tenant occupancy and consistently paid rent. In instances where a seller plans to list a tenant-occupied commercial building, the seller can look to their own motivations when they bought the building to determine what may motivate a new buyer now.
If you’re unsure of the impact existing commercial tenant leases may have on your intent to sell, then you should contact an experienced commercial real estate attorney to review the leases and advise you.
3. Prepping a Commercial Building for Sale
We all know that curb appeal is a tenet of real estate sales in the residential markets. But, how does this principle apply in commercial real estate transactions? The answer is: maintenance matters. Commercial real estate buyers are generally less interested in the bells and whistles of interior design. They are more focused in the functionality of the electrical wiring and the plumbing.
Depending on the nature of the industry, you will probably find that you get the most bang for your buck when you ensure the property is in good working order. It should be free of debris or pest issues, and fully up to code.
4. Get Organized
Successfully selling a commercial real estate building is a lot like selling a business. You’re not just marketing square footage; you’re marketing the potential of that square footage. So, to do this effectively, you need to locate and organize evidence that the space will be a good commercial investment for a buyer.
Organize and present data that demonstrates the success and well-being of prior businesses in your commercial space. Be sure to include any of the following that apply:
- Commercial tenant lease length terms
- The business cashflow for the last several years
- Current income derived from tenants or business
- History of building maintenance expenses
5. Talk to a Commercial Real Estate Attorney in Georgia
Finally, those who want to sell commercial real estate are wise to enlist professional help. Commercial real estate attorneys familiar with the area are a benefit. The experienced real estate lawyers at McBride & Ceballos go above and beyond in helping Atlanta area commercial real estate sellers connect with the right buyers and ready their property for sale.
Selling a commercial building requires strategy and understanding. So, that’s exactly what we provide for each of our clients. If you’re about to sell your commercial building in Cumming, GA, contact us online today, or call our office at 404-275-0079.