Selling a piece of commercial real estate or an industrial building requires patience. You’ll need to be patient if selling because there may be a lot of competition. Because of the backlog of conveyancing work caused by Covid, the sale of your home could be delayed for months.
Your property’s asking price shouldn’t be so high that potential buyers lose interest. Keep in mind that people are constantly on the lookout for more affordable properties and are reluctant to spend a lot of money on real estate. The usual procedure, and possibly your motivation for visiting, is to hire a business transfer agent or a commercial valuer to help you sell your property. Or market privately yourself on platforms like Esalesinternational.com, Rightmove.co.uk, Magnolia Property, and similar sites that are used by virtually all of them. Given that commercial real estate is currently fetching lower prices than residential real estate, these investments couldn’t come at a better time.
It is necessary to list the property, notify current clients, and then wait for a buyer to find it through one of the portals. Months, or even years, may pass. We are all too familiar with the process that a potential buyer must go through in order to obtain a loan when one finally does come along.
The lender will likely dispatch a surveyor to get an estimate of the property’s current market value. The surveyor will evaluate the home and make comparisons to others in the neighborhood based on its age, size, condition, and location. Then they’ll offer their assessment of the item’s worth.
Your real estate agent or mortgage broker probably used a computerized valuation system when they estimated the value of your home (AVM). These are simulations that calculate a property’s worth using information from the Land Registry and other public records.
Even if they aren’t spot-on, they’re still a good starting point. However, a professional valuation from a licensed surveyor is essential before putting your home on the market. This is because AVMs ignore important aspects of a property’s value, such as its location, condition, and any recent renovations.
If you want to sell your commercial property quickly, it’s best to start the marketing process at or slightly below the professional surveyor’s estimated value. The real estate agent you hire to sell your home may advise you to list it for more than it’s worth in order to attract more buyers. The more exposure you have the more chance of a sale so market your property internationally. Investors from Europe, China the US are buying commercial real estate across the globe so reach out to them through international marketing.
The Commercial Real Estate Market
There have been times when we have come across hotels, bars, stores, and other commercial buildings where things just haven’t worked out. The reasons for this are diverse but typically stem from ineffective management or an unsustainable business model. In any case, it’s disheartening to see a business close its doors, especially if it had been successful for a while.
If your company’s supplier went out of business, you could find yourself in a real financial jam, with mortgage problems and the like. In fact, your loan servicers may insist that you liquidate the property to satisfy your debt. We don’t foresee any issues with the purchase of the property, and you can rest assured that we will be completely forthright and transparent throughout the entire process.
