When selling real estate property of any kind in New Jersey, the sooner sellers transfer ownership to someone else, the better. Real estate property that remains listed for too long soon begins to draw suspicion from prospective buyers. The question a lot of people may have in mind is, “What is wrong with it?”
Unfortunately, sellers often end up in this position by having unrealistic expectations of the price the property can command. They may also fail to read the market well enough to see what best appeals to customers. Worst of all, they may attempt to sell during a market downturn. Here are a few tips sellers may consider to avoid these situations.
Hire a real estate agent
Websites and apps sometimes convince people they can DIY commercial real estate sales. However, it is often a better idea to work with a good real estate agent who knows the market well. USA Today points out that the agent may assist with listings, calls and coordinating showings on the seller’s behalf.
Choose cost-effective repairs
Whether sellers want to list a home or office space for sale, they may consider renovations to spruce things up a bit. This is a good idea, but it is also important to choose wise repairs. Consider paint jobs, modernizing bathrooms or kitchens and changing out cabinet pulls.
Stage the showing
Some people can walk into a room, see potential and know precisely where every bit of furniture and stroke of paint will go. Some people can not. Staging the room may help prospective buyers to better imagine the potential a particular space may have.
Increase occupancy rates
Forbes notes that people often prefer to buy occupied commercial real estate property. This may be true whether it is an apartment building or plaza. Long-term leases add strong value to properties because it promises ongoing income from the first month of purchase. This is especially appealing to people just entering the real estate investment market.
Listing and selling commercial real estate property requires patience, creativity and the help of professionals. These are just some of the factors that may help sellers to reap high returns on investment.