Tips for Selling Commercial Real Estate

The sales process for selling a commercial property is considered a business transaction, generally buyers are sophisticated, and the numbers must make sense. Below is the sequence of events that typically occur:

1.   Identify the Seller’s Goal for Selling: Including price wanted/needed. If the prospect is totally off on the value…run!

2.   Obtain a Property Valuation using market comps, identifying income stream and cap rate for the area and building type and other considerations that may affect value/price.

3.   Create a Professional and Complete Marketing Package for the property that includes all of the information required to allow the buyer to justify the value. Error on the side of more…

4.   Place Property Details in the Various Online Listing Websites for Commercial Property, Co-Star, Loopnet, MLS and others.

5.   Contact Qualified Buyers by phone and email; send e-blasts as well. Mail to the neighbors, even if you think it won’t deliver a buyer.

6.   Contact other brokers who may have a client and deals with similar property types. My philosophy has always been half a commission is better than none.

7.   Provide Property Information Packet to Potential Buyers. Details matter.

8.   Review Offers completely and Submit a Counter Offer When Necessary.

9.   Complete Sales Contract and get all signatures and addendums as needed.

10. Allow Time for Due Diligence. Property inspections, zoning and etc.

11. Allow and encourage the Buyer to Have a building Inspection early in the process. This eliminates the desire to try and re-trade the deal.

12. Follow Up with the Buyer as it relates to Financing and verify financing is available. This also eliminates delays.

13. Waive Any Contingencies once the due diligence period is finished.

14. Set Closing Date.

15. Close and Collect the commission!

Of course, the more you do this the better you become.

Call or email today to get coached by Cindy

312-316-4916 or email [email protected]

Cindy Spivack, CEO and President of Cindy Spivack International, Inc., teaches and coaches Commercial Real Estate Agents/Brokers "The 7 Golden Keys of Today's Top Producers" in addition to a handful of proven strategies for building an enormously successful commercial real estate business in 12 months or less.

Cindy has worked with numerous Top Producers in the business in addition to Teams and Managing Brokers. Many of her clients are recognized in the top tier of the brokerage community as a result of her help. Further, she holds the belief that there is no such thing as a “one size fits all” solution and listens carefully so that proper solutions are implemented.