One option for keeping your real estate could be using it as a business property for lease. However, many small business owners would rather sell to avoid the hassle involved in renting out commercial properties.
If you have made the decision to sell your business property, it’s important to understand that listing business property for sale is not the same as selling a home.
Offer Good Information
When prospective buyers come to a home that is for sale, they are either going to like the property or not.
While many will want to check out some local amenities, such as schools and hospitals, it generally comes down to whether the house and land is going to work for them.
The same is not always true for people looking for commercial properties. There are many factors to consider before making a decision to buy a business property for sale.
For that reason, it’s important that you are able to offer them as much information as possible, not only about the property itself, but other important information as well.
Prospective buyers will need to know the demographics in the area. Include as much detail as possible.
You should also make available any information regarding local ordinances that may restrict the type of business that can be run on the property.
Obviously, no small business owner would buy the business property for sale without doing this research himself, but you can save time for both you and prospective buyers by disclosing this up front.
If the property currently has renters, you will need to provide information about them including type of business, length of time remaining on lease and how long they have been renting space on the property.
Choosing an Agent
When selecting a real estate agent to handle the transaction, make certain that the person you select has a fair amount of experience handling business property sales. You will want to learn the success rates of prospective agents before making a decision.
Some also choose to try and sell the property without the help of an agent. Doing so will save you thousands of dollars in fees, but will mean that you will need to invest your own time.
Even with the help of a talented real estate agent, business property sales can take a long time, so be patient.
If you are going to try and sell it yourself, you should send notices around to as many local businesses as you can think of that might be a good fit for the property.
You may also want to send the notice to some of the local commercial real estate agents as they may have a buyer that they feel would be a good match for the property.
Whether you choose to sell or use your real estate as a business property for lease, be sure that you use a lawyer for any contracts and that you have thoroughly researched any local laws regarding such transactions.
While you can’t guarantee a quick sale, you can take steps to make the transaction as smooth as possible.