When thinking about selling your commercial property, there are some things you should know.
Your commercial property is just getting to be too much for you to handle. From finding new tenants to maintenance, it is just too much to do and it is now time to sell. But how do you go about selling your commercial property? Unlike selling a home, you will need to do some things differently. Let’s take a look at some tips for selling your commercial property.
Gather Your Documents First
Before talking to a Clagett Enterprises real estate agent, it is important for you to do as much legwork as possible by gathering up some documents. Gathering your document beforehand will help to sell your property faster than waiting to gather them. When it comes to a commercial property, buyers are much more cautious about their investment than they are about buying a home. So before putting a “For Sale” sign up, make sure you have your documents ready to show perspective buyers. You will need:
- Your rent roll
- Copies of any existing leases
- Previous appraisals or environmental studies
- A copy of the mortgage information
- A copy of the title deed
- Permits for any work done during your ownership
- Copies of the tax and utility bills.
This information will help buyers obtain a preliminary mortgage approval and will give them the confidence they need to move forward with a contract.
Make Improvements
When selling any other property, it is usually advised that you improve the outside of the property. This is the same for your commercial property. Commercial properties tend to have more wear than any other type of property because it is considered fair game to vandals, especially if it is empty. So before putting your commercial property up for sale, make sure your property is cleaned up both inside and outside. Remove any graffiti that may have been done and make sure the outside looks nice. You don’t have to, and shouldn’t, invest too much in these improvements but a little landscaping and pressure washing goes a long way to making your property look better.
Commercial properties can be wonderful when they are filled with tenants and make you money. But when they are empty and you are responsible for their bills, it can be an expensive endeavor. Don’t stress over the bills, call Clagett Enterprises to help sell your commercial property!
Selling Your Commercial Property with Clagett Enterprises
If you’re looking for the perfect realtor for your family or property management company for your portfolio of properties, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.