So, you want to start selling commercial real estate... is it right for you?
It can be a great way to make some money, but only if you know what you are doing.
How can you make sure that your properties sell and you start to make a name for yourself in this field?
Keep reading and get some information on what you should do as a new commercial real estate agent to get your foot in the door.
Selling Commercial Real Estate: 6 Tips to Consider
If you want to be a great real estate agent for commercial properties, you have to know what you are getting into. It can be a challenging field, but easily lucrative if you are ready for what's out there.
1. Be Prepared
As any good professional knows, you have to be knowledgable to be successful.
It is important for you to know where any paperwork for the commercial property is located in case a buyer comes along. You also need to know what it means and understand what everything is meant for.
For instance, knowing the difference between the title deed copy and previous appraisals of the property is pretty important.
Be sure paperwork is up to date and is accurate as well.
You should have a copy of the following paperwork:
Buyers will want to know if they should even bother looking at your property, so you need to know why they would want to as well. Providing photos, property specs, and other things you can actually hand prospective buyers is a good idea.
2. Compare Properties That Have Similarities
Looking at other commercial properties that may be similar to yours is good because you can know what they are worth.
You also can see what they are doing that is working for them versus what you could be doing differently.
If you have time, you could even tour the commercial properties to see what they offer! It helps to learn about competition, even if it is in a different area than yours.
3. Update the Property Appearance
The first thing people see is the outside of your property. Make a good impression!
Boost the curb appeal of your building to attract more buyers. It will create more interest if your property looks like it has been taken care of and it's at its best.
Some ideas could be:
You may also take this time to hire a commercial roofing contractor to inspect and fix the roof of your commercial property.
It doesn't have to be anything extravagant, but even simple actions to improve the appearance can help.
4. Learn About Commercial Real Estate Appraisals
Knowing how the commercial real estate appraisal process works is a good idea if you plan to sell commercial real estate.
It is more complicated than residential property appraisals and a little more in depth. Inspections happen first and someone will look into the public ownership and zoning records.
They will also compile comparable sales and see how it relates to your property. The value of the property is determined based on some of this information.
5. Invest in Solid Marketing
Marketing is important to sell anything, but especially to sell a property.
The amount and type of marketing is where you need to consider what to do. Social media marketing is a great idea and will help you to target specific groups that may be interested in the property.
You could also do well with video marketing if you are able to record and talk about the property on a social platform. Combining the two types of marketing into one is a way to make yourself stand out.
6. Don't Set Yourself Up for Failure
If you're imagining that you will be selling huge skyscrapers or million dollar properties, you might be disappointed. Commercial real estate is not always those fancy types of properties, but it can still be a great field to get into.
Industrial buildings, retail properties, or even farms can be the type of properties you are trying to sell. This is okay! Be prepared to learn about these types of properties, even if they aren't necessarily the most interesting to you.
Check out Mansardcre.com to see what other professionals are doing.
Be ready to work hard and put in the effort to get your name out there. It will help properties sell faster and allow you to do a better job.
Ready to Sell Your Commercial Property?
As a new player in selling commercial real estate, you want to get started right away.
The good news is that once you get some experience and have sold a few properties, it will get easier!
If you'd like to get some more information on ways to make your sales more profitable, check out our website to learn a bit more.