Steps to Selling a Commercial Property in Tampa Bay, Florida
Thinking of selling your commercial property in Tampa Bay, Florida? It's important to understand that if you expect to make money on your commercial property, you've got to give yourself plenty of time to prepare, and that can mean starting to plan months ahead of the date you'd actually like to move out of your commercial property. Here's what to expect when you list your commercial property in Tampa Bay, Florida.
Step 1: Find an Experienced Tampa Bay, Florida Agent
This is a crucial first step! Enlisting the help of an experienced agent who understands your needs to guide you through the process will save you time and a lot of headache - and will of course get your commercial property sold more quickly and for more money than trying to list your commercial property on your own.
Find out more about our qualifications and experience!
Step 2: Consider Repairs and Improvements
Your real estate agent will do a thorough walkthrough of your commercial property and will likely make recommendations on both minor and major repairs or improvements you should consider. Additionally, be proactive about any known maintenance issues to your commercial property, as these will surface during an inspection.
Value-boosting commercial property improvements can include projects such as painting your commercial property (inside or outside), refinishing hardwood floors, fixing or replacing your roof or siding, installing a new garage door or front door, doing some gardening or landscaping, updating or repairing your HVAC system, or even performing minor kitchen and bathroom repairs, such as updating flooring, resurfacing cabinets, installing new hardware and fixtures, and replacing or resurfacing countertops.
Step 3: Set the Price Right
Another crucial step to ensuring the highest return on your valuable investment in the shortest amount of time is finding a competitive price. You will want to consider the price of nearby commercial properties that have recently sold, the prices of nearby commercial properties currently on the market, and the condition and location of your specific commercial property. Request a neighborhood sold report and work with your agent to find the right listing price.
Step 4: Prep Your Commercial Property
Hopefully, you have already started decluttering some of the bigger collections of unused furniture and other items stored in your attic, basement, or closets. Continue to work through your commercial property, removing clutter, junk, and even personal decor. Start deep cleaning your commercial property, really targeting the forgotten nooks and crannies.
Then, work with your agent to stage your commercial property so that it is neat, welcoming, and depersonalized (allowing your buyers to picture their own personal touches in their potential new commercial property).
Lastly, take professional photographs that will highlight your commercial property's best features and give buyers a great impression of your commercial property - right from their computer, tablet, or phone.
Step 5: Market Your Commercial Property
The key to selling a commercial property is in finding the right buyers, and that requires a lot of marketing and advertising. This is where working with a skilled agent can really pay off. Skilled listing agents are skilled marketers. They know where to find the best buyers for your commercial property, and they have access to a wealth of resources, including online listing services, print advertising distribution, large social media followings, even local agent networks.
Step 6: Show Your Commercial Property
In addition to scheduled open houses, your commercial property can be shown at any time, so be prepared. Keep it neat, clean, organized, and staged. Don't leave dirty dishes lying around, be sure to dust and vacuum regularly, and promptly address any potential clutter buildups. Additionally, you should be ready to clear out of the commercial property during showings to avoid making buyers uncomfortable.
Step 7: Negotiate and Accept an Offer
If a buyer wants to buy your commercial property, they will make you a written offer, which usually states how much they'll pay, their mortgage amount, closing and occupancy dates, and any contingencies. You can either accept the offer or negotiate for different terms.
Negotiations can include your own contingencies, such as a first right of refusal if your buyer's offer is contingent on selling their commercial property, making the offer contingent on you buying another commercial property, or adding contingencies for closing and occupancy dates or buyer financing.
Step 8: Sign a Purchase and Sale Agreement
Once you and the buyer have agreed upon an offer, you will both sign a legal contract called a Purchase and Sale Agreement. This outlines the specific terms, conditions, and contingencies of the commercial property sale.
Step 9: Cooperate with Inspections
Next, the buyer will hire an inspector to ensure that no major repairs will be needed after they buy the property. The inspector will go through every inch of the property, paying particular attention to the roof, basement, heating and cooling systems, structure, plumbing, and electrical. If the inspector finds any needed repairs, the buyer can negotiate for the costs of the repairs.
Step 10: Enter Escrow
Next, you will enter escrow, which is a sort of limbo period between selling your commercial property and receiving the money. You may remember this step from buying your commercial property, though rather than putting money down, your role is now to hold up your end of the agreement. During this time, you and your agent will work with an escrow company to complete paperwork and ensure that all parts of the contract are complete.
Step 11: Sign, Pay, and Close!
On a predetermined closing date, you and your buyer will sit down with your agents to sign all the paperwork and pay all your fees. You will relinquish your keys and your property title, and you will receive a check for the remaining balance after the remainder of your mortgage is paid to your bank. Congrats - you have sold your commercial property!
Ready to Start Selling Your Commercial Property in Tampa Bay, Florida?
The first step is to contact us! From commercial property staging and professional photographs to negotiations and closing paperwork, we're here to be your commercial property selling guide, every step of the way! Call us today to learn more about how we can help you successfully list and sell your commercial property in Tampa Bay, Florida!
Not quite ready to start selling? That's okay; we've got plenty of resources to help you learn more about selling a commercial property!