How to Sell A Property
You have decided to sell your existing property. Where do you start? How do you make sure you get good value from your sale? Check out my step-by-step guide on selling commercial real estate property.
Prepare All the Appropriate Paperwork
Selling a property is a big transaction so you need to make sure that all the paperwork is in order before even advertising the property.
TIPS: Because it is such an important transaction, it is highly recommended to involve experienced professionals (real estate brokers, notary, lawyer, appraiser, etc).
Agreements: Bill of Sale Immovable Property, Contract of Sale of Commercial Property, Deed of Sale Real Estate Property, Exclusive Right to Sell Immoveable Property, Sale Agreement, Mortgage Note, Mortgage, Offer to Purchase Real Estate Property, Option to Buy Agreement (Long Form), Option to Purchase Real Estate Property, Assignment of Real Estate Contract and Sale Agreement, Assignment of Real Estate Contract, Purchase Agreement Real Property (Short Form).
The outside of your property is the first thing a potential buyer will see. Consider upgrading and making your property stand-out from the rest of the neighbourhood or comparable properties in the area.
TIPS: Invest in things like nice landscaping, a new roof, fresh paint, clean furniture. Keep it real – avoid spending excessive amounts of money.
Reports: Buyer's Property Inspection Report.
Agreements: Project Management Agreement, Property Management Agreement.
Repair and Replace
Fix anything that needs to be fixed and call in an exterminator for any problems you might have. Doorknob refuses to turn? Buy a new one. Repainting is also a relatively cheap option that can make a difference.
TIPS: The little things are often the most noticeable to potential buyers so make the property look like a dream.
Correspondence: Request for Contractor References.
Agreements: Independent Contractor Agreement, Sworn Statement for Contractor, Agreement Between Owner and Contractor.
Get the best agent by researching their recent sales, either online or in other real estate listings. Find out what other properties in your area sold for. Aim for the best.
TIPS: Listen to your agent. If you found a good one, he or she will help you sell faster and for a higher price.
Descriptions: Real Estate Agent Job Description.
Agreements: Real Estate Salesperson Independent Contractor Agreement.
Advertise the Property
Spread the word! List online, Facebook, tell friends and family, business partners, local Chamber of commerce, neighbours, everyone.
TIPS: Make sure to post good pictures, it’s critical to attract buyers. Consider making a YouTube video showing off your property. Make sure you get feedback from all the potential buyers contacting you – if there is a problem with the way your property is promoted or priced, you better know and adjust.
If you have done your research and priced your property correctly, with the help of an experienced agent you should be able to sell within a reasonable time frame.
TIP: Be aware that the buyer will almost certainly try to lower the price so prepare counter arguments or incentives you could include to get your price.
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