Tom Miller, CCIM
Sell Your Own Industrial Real Estate Property with These Six Tips
Familiarize Yourself Closely with the Current Market
This is an essential first step that cannot be overlooked. Understanding the current market is the single best way to position your property to its best possible advantage, and you’ll need to do more than skim local headlines. If you aren’t in the habit of staying abreast of local market trends, ask someone who does. Your best option is to seek out local industrial agents representing properties similar to yours, and then doing whatever you can to determine where they think the market is heading.
Another critical first move is to evaluate your property as objectively and as carefully as you can. Look at it from multiple angles and do your best to hone in on its strengths and where it might be most usable. This kind of understanding will help you market it most effectively so that you’re appealing to the right audience.
Learn About Your Target Market
Figure out who would benefit from your property so that you can begin tailoring your messaging. Are you trying to attract investors or growing businesses? Knowing who you’re targeting and learning the best way to approach them cannot be overlooked. It’s also worth your time learning more about local businesses in your area and asking about plans for growth.
Decide When It’s Time to Sell
Which market will offer you the best opportunity for a lucrative sale – a slow market, or one that’s more active? Sometimes, a slow market is the best time for investment opportunities, so it’s important to be keyed in to local real estate pricing fluctuations. That way, you’re primed to sell when the market is in your favor.
Make the Right Improvements
Decide whether you’ll sell the property as-is, or if you’re going to invest in improvements and upgrades so that it’s ready for the market. You’ll need the right contacts to make this happen, so add that to your lengthy to-do list if you don’t already have contractors in mind.
Promote & Sell Industrial Space Effectively
Once your property is ready for showings, it’s time to put your marketing strategy to work. From listing services and billboards to trade journals and signs, there are a lot of pieces to manage. Once interested parties begin reaching out, the real work will begin. It’s important to be schooled in the many intricate details of the actual sales process, including listing price and negotiations. Be sure to stay focused on every detail as you move your transaction forward.
Bring in a Professional
If tips one through five sound like far more work that you’re prepared to handle, you’re probably right. Selling an industrial property is a complicated process, and it requires dedicated time and attention. If you have energy and resources that can be devoted to researching the local market, making improvements, marketing the property and closing the deal, then you likely have no need for assistance. But if you have any doubts about your ability to manage this as well as someone who makes it his life’s worth, enjoy the benefits that come from partnering with an experienced industrial real estate agent. He or she will handle all of these details, so that you don’t have to! Here in northern Nevada, Miller Industrial Properties is ready and waiting to help you buy, sell, or lease industrial property. All you have to do is call.