5 ways to get your commercial property sold
What are the best ways to sell a commercial property? How do you stand out from the crowd and what’s the best way to attract the right buyer?
We asked Knight Frank’s Commercial Director, Richard Morrison, for his top 5 tips for successfully selling commercial property. Here’s what he had to say:
Invest in great photography
“I believe it’s vitally important to present the property in its best possible light,” Morrison says. “This may include aerial photography for properties in popular locations, which identifies a property’s proximity to surrounding landmarks. Buyers buy with their eyes not necessarily from what they read.”
Focus on internet listings
Morrison says more and more these days the first place buyers go to satisfy their commercial property requirements is the internet. “I always recommend premium or elite listings to ensure that my listing is seen before the competition,” he says.
Prepare, prepare & prepare
“Provide as much information as possible,” Morrison says. “Buyers are scared of what they do not understand, so I like to provide as much information as possible so that a buyer can submit their best possible offer with the cleanest possible terms.”
Create a sense of urgency
Morrison says he likes to nominate a fixed timeline for buyers to undertake their commercial property investigations and submit their offers. “This may take the form of an auction, tender or expressions of interest campaign with a closing date,” he says.
Maintain buyer momentum in your commercial property
“Maintain the flow of information throughout the campaign. Keep the campaign to around 4 or 5 weeks only, which is long enough for buyers to conduct their enquiries and not too long to allow their interest to wane.