Selling a residential property on your own can be a challenge. Selling a commercial property by yourself can be even more difficult. Though it can be a daunting task, it is not impossible. If you want to sell a commercial property by owner, there are some important things to know before you ever put up a price tag. Read on to learn how to sell commercial real estate without a realtor!
Steps to Selling Commercial Real Estate Without A Realtor
To sell a commercial property without a realtor, follow these steps:
- Hire an Inspector
The first step in selling a commercial property on your own is to hire a certified inspector. A certified inspector will examine the overall condition of your commercial building and reveal what repairs need to be made before you can put it on the market.
The cost of hiring a certified inspector varies, but you can generally expect to spend at least $300.
- Make Repairs
After receiving your certified inspection, you will need to make any repairs that have been suggested. If several repairs have been recommended, you will need to prioritize them. If a repair is suggested but not imperative, determine if the money you will spend making the repair is worth the extra value.
Keep in mind that if you can’t make the repair yourself, you will need to hire a professional contractor. Depending on the type of repair necessary, the cost of hiring a professional contractor could easily be in the thousands.
- Hire an Appraiser
After the property has been inspected and all the necessary repairs have been made, it’s time to hire a professional and independent appraiser. An independent appraiser will conduct a thorough walkthrough of your property to determine its value. The value is determined by several factors, including amenities offered, location, risks, and what other properties in the area have recently sold for.
The cost of hiring an appraiser also varies, but on average, you can expect to spend just over $300. Once the appraisal is complete, you can set the sale price for your commercial property.
- Prepare the Property for Showings
After the property has been appraised and the sale price has been set, it’s time to prepare it for showings. The top priority is to clean every nook and cranny of the facility. Depending on the size of your property, you may need to hire a professional cleaning service.
Meanwhile, don’t forget about the outside! Pay special attention to landscaping surrounding the building and any other areas you want to highlight for potential buyers. It’s also important to make sure the property’s lighting is functioning perfectly.
While preparing your property for viewings, you’ll need to check out the fair-housing laws in your area. You can do this by getting in touch with the U.S Department of Housing. It is imperative that you familiarize yourself with federal laws regarding discrimination before you ever show a potential buyer the property.
- Advertise Your Property
Finally, after the first four steps have been completed, it’s time to advertise your property. Thanks to social media, you can advertise your property on dozens of platforms for free. While you likely already know about Facebook, Twitter and Instagram, there are several other free sites you can utilize, including Linkedin, Craigslist, YouTube and Pinterest. For more experienced social media users, you can sponsor or promote your listings for a fee.
Meanwhile, you can also advertise the old-fashioned way with word-of-mouth, for sale signs and newspaper classified ads.
Finalizing the Sale of A Commercial Property
If you find a buyer for your commercial building, there are some important steps you still need to take. First, you’ll need to employ a real estate attorney to create a contract for the sale. A real estate attorney will ensure that the sale complies with all local, county and state laws. The attorney will also ensure your rights as a seller are protected.
Finally, you’ll need to create an ample window of time between the time the contract is signed and the sale is closed upon. This will allow the buyer enough time to get financing if necessary. In most cases, 6-8 weeks is enough time to complete the sale.
Sell Commercial Real Estate Without A Realtor with Highest Cash Offer!
If you don’t have the time or energy to complete all the steps above, you can sell commercial property without a realtor quickly and easily with Highest Cash Offer! No matter what condition your commercial property is in, we will make a CASH OFFER on it!
With Highest Cash Offer, there are:
- NO inspectors to hire!
- NO repairs to make!
- NO appraisers to hire!
- NO professional landscapers or cleaners to hire!
- NO real estate agents to hire!
- NO attorneys to hire!
- NO ads or listings to create!
- NO hassles!
And what’s more, we buy all types of commercial properties, including:
- Shopping Centers
- Convenience Stores
- Apartment Buildings
- Office Buildings
- Industrial Buildings
Don’t see your type of commercial property listed? Contact us and we’ll discuss your options!