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Many of the same basic tenets for residential real estate also apply to commercial real estate sales. If a property doesn’t show well, it will not fetch the best price and may be hard to sell at all.

 

Curb Appeal

 

You want the property to look appealing as people approach it. This means it needs to catch the eye and be attractive from a distance, both as people drive past and as people begin to walk up to it.

 

Check it out from the directions people will most likely see it. Drive down any main roads that run past it and see how you feel about it from all main approaches. Then spruce it up to make it appealing from a distance.

 

Not Just Skin Deep

 

Curb appeal typically involves doing a pressure wash, taking care of minor maintenance, and updating the landscaping. But this is not just skin deep, and it’s not just for the exterior.

 

One of the reasons curb appeal matters is because if you can’t be bothered to clean the exterior, they assume you also are not on top of maintenance issues. Minor maintenance issues can grow into significant expenses and massive headaches when not tended to promptly.

 

Make Critical Data Available

 

One difference between commercial and residential real estate is that serious buyers will want to know about the financials. Be prepared ahead of time to answer their questions.

 

Put together a packet that answers pertinent questions, like: What are the carrying costs for the property, such as utilities and taxes? What kind of tenants do you have, and what are they currently paying for rent?

 

A commercial real estate transaction only makes sense for the buyer if the property turns a profit or serves their business goals. They may be happy to take over a property and make money on renting it out, or they may have their own business plans.

 

Either way, they will want some information about the financial details of the property, information not generally shared with other people. Having that information already put together can help close a sale more quickly.

Joe Mcinerney Chicago