Commercial real estate might be in high demand in Illinois, but that doesn’t mean that you’re guaranteed to make a sale. You’ll still have to make the property look appealing and figure out how to compete with other sellers on the market.
What’s the best way to sell commercial real estate?
Before you place your property on the market, you need to refresh the building so it looks as modern and attractive as possible. Even if you own an in-demand property like an apartment complex, no one’s going to buy it if looks shabby and outdated. Try giving the building a new coat of paint, repairing the roof, fixing cracks in the walls, repaving the parking lot, adding plants and making other changes that make the property look more appealing.
You should also look at other properties on the market to see how you can compete with other sellers. When you sell real estate, you’ll need to make your property stand out as much as possible. Look at the values of other properties on the market and see what makes them appealing to potential buyers. You could also hire someone to appraise your property so you get an accurate valuation.
If you’re having trouble finding buyers for your property, consider advertising it in the newspaper, on social media and other places that might attract buyers. You could even film virtual tours that allow people to see the inside of your property without leaving their house. For a clean sale, talk to a real estate law attorney who has experience with commercial transactions.
Can you break the law when selling property?
Buying and selling commercial property comes with a set of laws like anything else. For example, you might accidentally break the law if you don’t disclose a major property defect. An attorney could walk you through the process and ensure that you follow state laws along the way.