Finding a buyer for your commercial property
How to find a buyer for your commercial property
The pool of potential buyers for commercial properties is much smaller than that of residential properties. They are often less visible too.
Your potential buyers could be:
- business owners wanting their own premises
- investors expanding their portfolio
- new investors to commercial real estate.
Therefore, when selling your commercial property, it’s important to expose your property to as many potential buyers are possible.
Start with a commercial property agent
Choosing the right agent to sell or lease your commercial property is the first step to ensuring a successful transaction. They will not only help you find a buyer, they will help you close the deal and get the price you want.
A good commercial property agent will know the market and may even have a list of potential buyers just waiting for the right property.
List your property online
Listing platforms like www.nzcommercial.co.nz are a great way to reach thousands of people at a very low cost. You’ll get local, national and international exposure 24 hours a day for your property.
Talk to people
Staff, customers, suppliers, colleagues, neighbours, family and friends – tell them all your property is for sale because you never know who could be interested.
Even more important than talking is listening. Keep your ear to the ground and follow up on any leads. Take contact details and keep in touch with people. Networking is a great way to learn more about an area, industry and/or market.
Don’t be afraid to approach people directly – it could be your tenant, businesses you know are looking for premises in the area, or buyers who have recently bought in the area.
Finally, be prepared to wait
Commercial real estate isn’t like residential when it comes to the speed of transactions. It will take a savvy commercial investor quitr a bot of time to complete gather all the necessary information and complete their due diligence. So, start planning early.