Whether you are looking to cash in on your property investment, or maybe you are looking to upsize your company working spaces, maximising the value of your unit will always be a key goal. Take a look at our top tips on the best way to sell a commercial property, which will help make the process for you, whatever the reason for selling, as easy as possible. 

Understand who your potential buyers are 

If you own a commercial building, be aware of what type of tenants will be able to occupy your building. As such, it is essential to understand what the necessary permits and licenses are required for any potential occupier of your property. You should also be aware of who your potential will be, i.e. are they an investor or an end-user. Investors will want to know the number of tenants, or otherwise, the occupancy rate of your property, as well as the quality of the tenants, meaning, are they generally smaller companies or start-ups or have they been tenants with good covenant strengths that have secured longer lease terms. Highlighting either the quality or the number of tenants will increase the value of your property and make it more attractive to potential investors. Investors will also want to see an expenses sheet that includes costs such as maintenance fees, chiller fees and any other costs, and how this would affect the properties yield. 

Ensure your property is in good condition

Any upgrades to your unit would be welcomed by potential buyers, especially if they improve the property’s environmental footprint. Making environmentally conciseness improvements can increase the value of the property by reducing operational costs. This could be as simple as insulating the property and switching to efficient light bulbs. If you are looking to attract large companies, more of them will have corporate social responsibilities and will only occupy energy approved assets. With that being said, whilst making improvements can make your property more attractive and drive the price up, cost does not necessarily equal value, so plan carefully what and how much you spend on improving the unit. 

Smaller improvements such as a fresh lick of paint, fixing any minor repairs, doing a professional clean, including carpets, will all make your property more attractive to potential buyers and do not cost a lot of money. However, first impressions do count, so both the interior and exterior of your property should be well maintained.

Go with a trusted brokerage firm

A large, reputable commercial real estate company will have both a network of contacts as well as a well-dedicated marketing team, which will allow your property to get the market exposure it deserves. This includes listing it on all the appropriate portal websites, creating a ‘for sale’ board to put on your property, as well as providing a unique property marketing flyer that will highlight the unique selling points of your unit, be it the location, to send to potential clients.  A good brokerage will generally have a photography team who specialise in property photography and, therefore, will be able to show off your unit in the best light possible. With that being said, the most important aspect of a good trusted brokerage firm, is that they will have the expertise and industry knowledge to guide you through every step of the way. 

Understand the market

Whilst an experienced broker will help you price your property right for the current market conditions, it is a good idea to do some prior research yourself in order to manage your expectations and to ensure the property is listed at the market asking price. This will also give you an advantage when you get to the negotiation stage of selling. You can conduct your own market research by taking a look at quarterly market reports and by finding asking and sale prices of similar assets. With that being said, the best way to determine the correct value of your property would be to have an independent valuation by a chartered surveyor. 

If you are looking to sell your property, we recommend finding a good commercial broker to help you on this journey.