Selling a commercial property is equal parts science and art. The goal is a quick sale at the highest possible price and the best terms.
We asked our Preferred Partner for Commercial Real Estate, Jack Woodcock with The Woodcock Real Estate Group, one of Berkshire Hathaway HomeServices – NV Properties’ largest and most successful commercial teams, to provide us with some insight into their commercial selling success. Jack outlined the following thoughts for LasVegasRealEstate.com readers considering the sale of their commercial property:
The first and most important step in successfully selling a commercial property is to do your research and thoroughly understand the property, its competitive advantages and disadvantages, and how it fits into the growth pattern of our Las Vegas valley, says Jack Woodcock. When we assist our clients with the sale of their commercial properties we thoroughly research:
We refer commercial clients to the Woodcock Real Estate Group for very specific reasons: Service, Integrity, and Market Knowledge. Click here to learn more: Preferred Partner: Commercial Realtor
The most important step in selling your commercial property is pricing it correctly from the onset, says Jack Woodcock. It’s a well-known fact that overpriced properties take longer to sell and usually sell for a lower price in the end. Since most of your showings will occur in the first 90 days on the market, it is crucial that your initial list price matches buyer expectations and comparable market sales.
Experienced commercial agents are trained to use advanced market analysis software to build a comprehensive report that will accurately determine the optimal list price for your commercial property.
To get top dollar for your commercial property you must make your property look its best, physically and financially.
Experienced commercial agents are trained to help you identify and prioritize repairs and improvements that will provide the best return on your investment.
It’s also important that you consult with your CPA prior to listing your commercial property to make sure your financials are accurate and up to date. Proving a good financial condition can significantly improve your negotiating position for the sale.
If your goal is to sell your commercial property at the best possible price and on the best terms, you should start with a very good marketing plan, says Jack Woodcock. When selling commercial real estate, the object is to get your listing in front of as many potential buyers as possible all over the world.
An experienced commercial realtor will invest heavily in a website, social networking, email, direct mail, and print campaigns that feature your listing in all the places where buyers are looking.
At the Jack Woodcock Group, when our clients hire us to sell their commercial property, we identify the ideal buyer and then develop and implement a tailored commercial marketing program designed to reach those buyers.
Successfully negotiating a real estate contract is more than a matter of luck or natural talents, says Jack Woodcock. When you receive an offer, having an agent with a proven track record of bringing buyers and sellers together can make a huge impact on your final sales price.
An experienced commercial realtor is a skilled negotiator who can help you get to the highest price a potential buyer is willing to pay, as well as the best terms, shortest contingencies, fewest repairs, and lowest closing costs.
Rather than approaching negotiations from an adversarial winner-take-all perspective, Jack Woodcock says he focuses on his clients’ top priorities and strives to keep emotions from overrunning the process.
While your commercial property is on the market, an experienced commercial realtor will provide you status reports that show the top prospects, a summary of feedback from showings, a review of completed and planned marketing activities, and any recommended adjustments to course.
A terrific best practice Jack Woodcock recommends to all of his clients is to keep tabs on your commercial selling competition. Jack sets up a commercial search that notifies his client via email if a similar property in the area comes on the market, goes under contract, or closes escrow. Knowledge is power.
Once our clients’ commercial property goes into contract, we use advanced online transaction management software to make sure the buyers, and their agent, follow through with their contractual obligations and we close escrow on time, says Jack Woodcock.