Tom Miller, CCIM
Seven Steps to DIYing the Industrial Property Sale
Learn Everything You Can about the Current Market
This is step one, and it’s essential. The single best way to position your property to its best advantage is by understanding the current market, and you can’t do that by briefly skimming the local headlines. If you aren’t particularly familiar with local market trends, find someone who has that information. Typically, that will be local industrial agents who represent properties similar to yours. Find them, then ask them for their best guesses as to where the market is heading.
Evaluate Your Property
Do this as objectively and as thoroughly as possible. You want to view your facility from multiple angles to identify its strengths and its weaknesses. Consider how your property might be most effective – this will help you market it properly, so that you’re getting it in front of the right audience.
Learn About Your Target Market
As you evaluate your property and determine who would benefit the most from its use, learn what you can about who you’re targeting. Are you courting growing businesses or investors? Understanding who you’re chasing will help you hone in on the best way to approach them. If businesses are your target, it’s not a bad idea to learn more about those in your area and ask about their plans for growth.
Time the Sale
Will an active market might appear to offer you the best opportunity for a lucrative sale, a slow market can be the best time for investment opportunities. Either way, it’s important to be keyed in to local real estate pricing fluctuations so that you’re primed to sell when the market swings in your favor.
Make the Right Improvements
Decide whether you’re going to sell the property as-is, or if you’ll invest in improvements and upgrades so that it’s ready for the market. You’ll need the right contacts if you’re making improvements, so keep that in mind if you don’t already have contractors you can use.
Promote & Sell Effectively
Once your property is ready for showings, put your marketing strategy to work. Are you using listing services, billboards, trade journals, signs, or a mix of other options? Which medium is most effective for your messaging and your audience? Keep in mind that once interested parties begin reaching out, the real work begins. It’s important that you have a deep understanding of the many intricate details of the actual sales process, including listing price and negotiations. Be sure to stay focused on all details as you move your transaction forward.
Bring in a Pro
If tips one through six sound like far more work than you anticipated, step seven is all you need. This is where you turn the matter over to the professionals. Selling an industrial property is complicated, and you’ll need to devote time and attention to seeing it through. If you have the energy and the resources to research the local market, make improvements, market the property and close the deal, then by all means, go the DIY route. But if you have any doubts about your ability to manage this as well as someone who makes it his life’s work, enjoy the benefits that come from partnering with an experienced industrial real estate agent. Here in northern Nevada, Miller Industrial Properties is ready and waiting to help you buy, sell, or lease industrial property. Call today.