If it’s time to sell your industrial property and you think you’re perfectly capable of doing so yourself, we suggest the following seven steps.
1. Evaluate the current market.
Understanding the local market is the best way to most effectively position your property. If you’re unsure about where to begin, make a point of speaking to agents who represent properties similar to yours and try to get a sense of where they think the market is heading. You should also consider how versatile your property is. Could it be used in more than one way to appeal to the widest range of buyers?
2. Make sure you understand your target market.
Buyers come in all shapes and sizes, and you need to be clear who will benefit from your property. Are you targeting investors? Growing businesses? It’s helps to be clear on what kind of growth is happening in your area too.
3. Make a decision about the right time to sell.
And understand that the most obvious time isn’t always the right time. An active time in the market may seem like perfect timing, but a slow market can often mean an investment opportunity for new business ventures. As real estate prices fluctuate, it’s critical that you carefully observe the market so that you’re in the best position to act when things swing in your favor.
4. Figure out which improvements matter.
Is your property ready to sell as-is, or are there necessary updates and changes to be made first? If your property needs some work, you’ll need to find someone to do the job.
5. Make sure you’re familiar with the selling process.
There’s the listing price, and then there are the many, many details that will require negotiation, all of which mean it’s critical that you understand the finer details of selling your property. You’ll need to keep on eye on individual details to move the transaction smoothly along.
6. Be clear on how to market your property effectively.
An effective marketing plan is critical to get your property in front of the right audience. From listing services to billboards to trade journals, consider how you’re going to spread the word to the most receptive people.
7. Do your homework.
Selling an industrial property is a complicated endeavor that takes time. The most important place to begin is by researching everything from marketing to the local market to the contract. Remember to be patient.
If these steps seem like a lot of work, you’re right. So consider another suggestion – partnering with someone who does all of this for a living. An experienced industrial real estate agent will efficiently handle all of these details for you, which frees you up to carry on with business as usual. You’ll be updated in a manner that is easy to understand, and you’ll enjoy the benefit of your agent’s experience and expertise.
Questions? We can help.