If you want to sell or let a commercial property, it’s essential to know what pitfalls and challenges to avoid to ensure that the whole process doesn’t turn into a horror story.
Rising costs, marketing the property and finding the right buyer or tenant can all keep you awake at night if you don’t receive the right advice and support. Here, our experienced commercial agents have put together 7 tips to help you achieve a stress free sale or letting.
1. Plan your finances
Before you sell or lease a property, it’s essential to plan for the fees you might face so that you don’t come across any nasty surprises.
Solicitors, estate agents, mortgage redemption, Capital Gains Tax, marketing and removal costs should all be factored into commercial property disposal.
2. Know your audience
As with any product, a commercial premises is more likely to be snapped up, and for the best price if it is presented it to the right audience.
- Who is likely to buy or rent the space?
- What sort of business do they run?
- What are their primary considerations while hunting for a commercial property? E.g. location, size, price, suitability, neighbours, etc.
The more you know about your potential buyers, the easier it will be to market to them because you can emphasise the features that meet their search criteria. Find out how local transport links, access to the property for deliveries, local competitors, footfall and traffic might affect your target audience and make sure you communicate the advantages of your property to potential buyers.
Ignore your target market at your peril!
3. Create a buyers pack
It’s essential to have a buyer’s pack that presents the property to its target audience. As well as a marketing brochure, the pack should include:
- Floor plans and images
- Planning permissions, use classes and lawful use certificates
- Commercial energy performance certificate (EPC)
- Details of business rates, stamp duty land tax and any other costs for which the buyer will be liable
- Asbestos survey, if applicable
A comprehensive buyer’s pack is a great way of providing the same information to all interested parties and answering any questions that might arise, saving everyone time and money in the long run.
4. Choose the right marketing methods
The buyer’s pack should be part of the wider marketing plan to dispose of the property. Professional support and advice in this area can help make the most of your budget and ensure that your property is seen by your target audience.
Good marketing avenues for commercial properties typically include:
- A functional, well designed and professional property brochure
- Dedicated emarketing to a database of buyers who are actively searching for commercial properties
- A comprehensive listing on a commercial property sales website
- Listings on third party sites such as Rightmove and Zoolpa
- Eye-catching property availability boards that stand out on the street
5. Keep communicating
It’s essential that all of the relevant parties keep communicating. At Kempton Carr Croft, we’re proactive about liaising with solicitors and providing a single point of contact for each property because it means that everyone involved stays on the same page. We also provide regular performance updates so you always have a handle on the interest in your property and how viewings have been received.
6. Present your property for viewings
Although you’re selling a commercial property and not a home, preparing for viewings follows much the same process. You need potential buyers to be able to picture themselves running their business from the premises.
Cobwebs, clutter and dingy lighting will send viewers running for the hills. Before any marketing photos are taken or viewings take place, it’s essential to de-clutter the interiors and give everywhere a deep clean.
7. Negotiate your terms
Whenever someone is buying or selling a commercial property, there will be some aspects of the sale that are non-negotiable whereas other areas may be open to compromise. We would always recommend that you identify your own priorities before putting your property on the market and communicate these to everyone involved in making the sale happen.
It’s also advisable to pinpoint what your potential buyers or renters won’t want to compromise on and show that you understand and respect this. If you can provide the ‘must-haves’, you may find that there is more room for negotiation around the ‘nice-to-haves’.
Without identifying the priorities of each party, negotiations can quickly break down.
Need advice or services?
If all of the above sounds like a nightmare to you, our commercial agents can take care of it all for you. View Kempton Carr Croft’s disposals service here or contact us to discuss your individual needs.
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