Selling Commercial Real Estate: What You Should Know
When buying commercial property for the first time, it’s normal to run into challenges. Finding authentic buyers, pricing your property correctly, and finding a service to advertise your listing can be difficult to navigate without help.
In this blog post, we’ll go over some useful tips and tools that will help you break into the commercial real estate industry with ease.
Selling commercial real estate is different from residential
Selling commercial properties is different from residential real estate deals in some specific ways, which can affect your marketing and communication strategy. Here’s how:
Zoning laws apply differently. Commercial properties are often subject to zoning laws, as outlined by the government. For instance, a high-rise building can’t be constructed in the suburbs. Knowledge of zoning laws can help you target the right buyer and increase the chances of a successful deal.
Business owners can be competitive. When a commercial property goes up for sale in a prime location, you can expect businesses to be competitive about buying the property. You may have to manage multiple offers quickly to find the right one.
You’ll face stronger competition too. With many large competitors in the market, you might have trouble matching the marketing efforts of other players. But that doesn’t mean you can’t be successful—far from it. But it’s a good idea to keep an eye out for the competition.
Understand the needs of commercial buyers
Given that commercial properties encompass a large variety of options, it’s essential to understand and target the right buyer. For instance, a gas station will attract a different buyer than a restaurant in an upscale, urban location. Understanding the consumer will help you market your property better.
Differentiate using key marketing strategies
Given the tough competition, you may have to help buyers visualize the property. When using online channels, it’s a good idea to opt for professional photos or virtual staging. Another strategy to build trust is to offer a comprehensive property evaluation report that can help the buyer understand the reasons behind your asking price.
Sell commercial real estate in NYC and NJ with ease
If you’re planning to sell commercial real estate in New York or New Jersey, consult with the experts at FSBO Commercial.
Through our online platform, we can help you connect with the right buyers and ensure the deal goes through as smoothly as possible. For interested investors, we also offer advisory services, so you can get excellent market insights from our real estate experts. Submit your commercial real estate listing today and connect with great buyers.