Barking and Dagenham
Your Guide to Selling Commercial Property in Barking and Dagenham
Do you currently own commercial property in the UK or selling commercial property in Barking and Dagenham?
Whether it’s an investment property or property you purchased as part of your business plan, it’s not exactly easy to sell commercial spaces these days.
The markets have slowed down a bit, and that can make things challenging for property owners, especially those who want to sell their building quickly.
If you’re in this situation right now and need help selling commercial property in Barking & Dagenham, you’re in luck.
These tips can help you sell your property quickly and for a great price. Give them a try today!
Boost Kerb Appeal
If you want to sell any property quickly, be it a home or a commercial property, one of the best things you can do is to make sure it’s aesthetically pleasing to potential buyers.
Some things you might do to enhance your property’s kerb appeal include:
- Do some landscaping
- Add a fresh coat of paint (inside and out)
- Power wash the building
- Clean the windows and replace any broken ones
- Fit up the car park
- Repair and clean the roof
- Clean and repair the floors and carpeting
- Clear out clutter
- Clean up common areas
You’ll have to spend some money upfront to take care of these repairs and improvements. The extra cost can be worth it, though, especially if it helps to increase the sale price and the speed with which you sell your property.
Price it Right
If you want to sell your property quickly, you’ll need to be very strategic about the way you price it.
Of course, you want to get the maximum amount possible for the property. But, if you’re in a hurry, you may have to accept a little less than you’d like.
Setting the price for a commercial property can be tricky, but there are still strategies you can implement to get a good return on your property.
Start by researching other, similar properties in your area. Find out what they sold for and how long it took them to sell.
Look for properties that are for sale right now, too, and see what they’re being sold for. Make sure you’re comparing properties that are of a similar size and offer similar amenities to yours. This can help you price your property competitively.
In order to sell your property in a hurry, you need to be very good at marketing it. People need to know that it’s for sale, after all.
If you work with a commercial estate agent, he or she ought to be able to help you with your marketing efforts. Be sure to ask what they do as far as marketing goes before you decide whether or not you want to hire them.
Marketing a commercial property can be time-consuming and expensive, so you should make sure they have a robust plan in place to get the word out about your property.
Understand Selling Costs
There are a lot of fees associated with selling commercial property, and they go beyond the costs of enhancing kerb appeal. Some fees you might have to pay when selling your property include:
- Estate agent fees
- Solicitor fees
- Mortgage redemption fee (if you pay off your mortgage early)
- Capital gains tax
- Mortgage arrangement fees
- Removal costs (to get rid of furniture, equipment, and other assets)
- Legal fees
It can be daunting to be faced with all these fees when you’re trying to sell your commercial property. Remember, though, that while some of them are fixed, some of them can be negotiated down to make them more manageable.
Consider a Cash Buyer
Is the idea of renovations, hiring an estate agent, marketing, and paying a bunch of fees making you feel nauseated?
If you’re overwhelmed by the idea of selling your commercial property or simply can’t afford to cover all these costs, you might want to consider selling it to a cash buyer.
A cash buyer, as the name implies, will buy your property from you for cash. They are investors who buy properties as-is and often give you an offer very quickly after an initial inspection.
A cash buyer can be a great option if you want to sell your commercial property in a hurry. Some will even cover your legal fees and the other fees associated with selling the property, which can be a huge relief if you’re currently strapped for cash.
How to Choose a Cash Buyer
If you’re considering working with a cash buyer, you ought to keep these tips in mind to make sure you’re choosing the right one:
Do Your Research
Read online reviews to see what past clients are saying about this particular buyer. Check to find out what kinds of properties they buy and which areas they cover, too.
Ask for Proof of Funds
Find out how they pay for the property. Do they use their own money? Borrowing from a lender?
Ask for an Estimate
Most cash buyers will give you an estimated price for your home shortly after you contact them. Compare that estimated price to the average sales price of properties like yours.
Ask About the Valuation Process
Don’t be afraid to ask about how they figure out the valuation of your property. What kind of tools — if any — do they use during this process?
Ask About the Time Frame
Finally, find out how long they anticipate it taking before they can make an offer and give you cash for your property. Most cash buyers work very quickly and can make you an offer within about 10 days (or less).
Need More Help Selling Commercial Property?
As you can see, there are a lot of different approaches you can take when you’re selling commercial property.
If you need to sell your property as quickly and with as little stress as possible, one of the best things you can do is sell to a cash buyer.
Do you need to sell your property in Barking and Dagenham in a hurry? If so, we can help at Property Sauce.
Contact us today to learn more about our services and begin the selling process.