If you are preparing to sell your commercial property as a for-sale-by-owner (FSBO), there are several steps you can take to make the process go smoothly and increase your chances of finding a buyer quickly.
Here are some critical steps to follow:
- Set a realistic price: Determine the fair market value of your property by researching recent sales of similar properties in your area and consulting with a real estate agent or appraiser. Be sure to consider factors such as the size and location of your property and any unique features or amenities it may have.
- Clean and declutter the property: Before taking photos or showing the property to potential buyers, clean and declutter the space. This will help to make an excellent first impression and make the property more appealing to potential buyers.
- Take high-quality photos: In today’s digital age, many potential buyers will first see your property online. Take high-quality images that accurately represent the property and its features. Include photos of the exterior, interior, and unique features or amenities.
- Create a marketing plan: Develop a plan for marketing your property to potential buyers. This may include listing on popular real estate websites, advertising in local publications, and contacting your network to let them know the property is for sale.
- Prepare for showings: Once you receive inquiries from potential buyers, show the property in its best light. Be sure to schedule showings conveniently for potential buyers, and be ready to answer any questions about the property.
Following these steps can increase your chances of successfully selling your commercial property as an FSBO.
Start With Marketing in Mind
Marketing is an essential part of preparing your commercial property for sale. Therefore, start with marketing in mind from the very beginning to promote your property and attract potential buyers.
Here are some critical steps to follow:
- Develop a marketing plan: Before you begin marketing your property, it is essential to have a clear goal in place. This should include a detailed property description and information about its location, size, and features. It should also include a list of potential marketing channels, such as real estate websites, social media, and local publications.
- Take high-quality photos: As mentioned earlier, many potential buyers will first see your property online. Take high-quality shots that accurately represent the property and its features. Include pictures of the exterior, interior, and unique features or amenities.
- Create a compelling listing: Once you have your photos and a detailed description of the property, create a compelling listing that will grab the attention of potential buyers. Be sure to highlight the key features and benefits of the property and include your contact information, so interested buyers can easily reach out to you. If you want to showcase your property for sale in Houston, Texas, list it here.
- Promote your property: Start promoting your property to potential buyers once your listing is ready. This may include posting the listing on popular real estate websites, advertising in local publications, and contacting your network to let them know the property is for sale.
Following these steps, you can effectively market your commercial property and attract potential buyers.
Prepping the Actual Property
In addition to marketing your commercial property, preparing the actual property for sale is essential. This will help to make an excellent first impression on potential buyers and increase your chances of finding a buyer quickly.
Here are some critical steps to follow:
- Set a realistic price: Determine the fair market value of your property by researching recent sales of similar properties in your area and consulting with a real estate agent or appraiser. Be sure to consider factors such as the size and location of your property and any unique features or amenities it may have.
- Clean and declutter the property: Before taking photos or showing the property to potential buyers, clean and declutter the space. This will help to make an excellent first impression and make the property more appealing to potential buyers.
- Make any necessary repairs or updates: Take a close look at your property and make any necessary repairs or updates. This may include fixing broken or damaged items, painting, and updating fixtures or appliances.
- Stage the property: Consider staging your property to make it more appealing to potential buyers. This may include rearranging furniture, adding decorative items, and highlighting unique features or amenities.
By taking these steps, you can prepare your commercial property for sale and quickly increase your chances of finding a buyer.
Tackle That To-Do List
As a for-sale-by-owner (FSBO) seller, you will typically handle many tasks and responsibilities a real estate agent would take. This may include everything from setting the price and marketing the property to showing the property to potential buyers and handling negotiations.
To ensure you are prepared for these responsibilities, create a to-do list outlining all the tasks you must complete. This will help you stay organized and on track and remember all steps.
Some essential tasks to include on your to-do list might include:
- Set a realistic price for the property
- Take high-quality photos and create a compelling listing
- Develop a marketing plan and promote the property
- Clean and declutter the property
- Make any necessary repairs or updates
- Schedule showings and be prepared to answer questions from potential buyers
- Handle negotiations and finalize the sale
By creating a to-do list and following it closely, you can ensure that you remember all the steps in preparing your commercial property for sale.
Get the Records Ready
As a for-sale-by-owner (FSBO) seller, you will be responsible for providing potential buyers with information about the property, including any relevant records or documents. These may include the property’s tax records, recent inspection reports, and any information about liens or mortgages on the property.
To ensure you are prepared to provide this information to potential buyers, gather all relevant records and documents before you begin marketing the property. This will help you to provide accurate and timely information to interested buyers and can help to build trust and credibility.
Some records and documents to gather might include the following:
- The property’s tax records
- Recent inspection reports
- Information about liens or mortgages on the property
- Any permits or licenses that may be required to operate a business on the property
- Any warranties or guarantees for appliances or other items on the property
By gathering these records and documents in advance, you can be prepared to provide potential buyers with the information they need to make an informed decision about purchasing your commercial property.
Make Showings Spectacular
Once you receive inquiries from potential buyers, be prepared to show the property in its best light. This will help to make a good impression on potential buyers and increase your chances of finding a buyer quickly.
Here are some tips for making showings of your commercial property spectacular:
- Schedule showings at a convenient time for potential buyers: Be sure to schedule showings at a time suitable for potential buyers, and be prepared to accommodate different schedules if necessary.
- Clean and declutter the property before each show: Take the time to clean and declutter the property before each performance. This will help to make an excellent first impression and make the property more appealing to potential buyers.
- Be prepared to answer any questions from potential buyers: Be ready to answer any questions potential buyers may have about the property. This may include the property’s location, size, features, and relevant records or documents.
- Highlight the property’s unique features and amenities: Be sure to highlight any particular features or amenities that the property may have. This may include a courtyard, a rooftop deck, or a state-of-the-art security system.
By following these tips, you can make showings of your commercial property spectacular and increase your chances of finding a buyer quickly.
Be Extra Diligent Should You Decide to Go FSBO
Be extra diligent if you decide to sell your commercial property as a for-sale-by-owner. As an FSBO seller, you will typically handle many tasks and responsibilities a real estate agent would take. Therefore, you must be organized, proactive, and prepared to sell your property successfully.
Here are some key things to keep in mind if you decide to go FSBO:
- Research the market: Before setting a price for your property, be sure to research the market to determine the fair market value of your property. This will help you develop a realistic price competitive with other properties in your area.
- Gather relevant records and documents: Be prepared to provide potential buyers with information about the property, including any relevant records or documents. This may include things like the property’s tax records, recent inspection reports, and any information about liens or mortgages on the property.
- Create a marketing plan: Develop a plan for marketing your property to potential buyers. This may include listing on popular real estate websites, advertising in local publications, and contacting your network to let them know the property is for sale.
- Be prepared for showings: Once you receive inquiries from potential buyers, be ready to show the property in its best light. Be sure to schedule showings conveniently for potential buyers, and be prepared to answer any questions about the property.
Being extra diligent and prepared can increase your chances of successfully selling your commercial property as an FSBO.
