If you’re selling commercial real estate in Tennessee, it’s crucial to be meticulous about every detail. It can help you prevent certain mistakes during the closing. These are a few of the most common ones to avoid.
Incorrectly pricing the property
To get an accurate price on commercial property, it’s necessary to have an evaluation performed. Checking similar properties on the market in the area, looking up sales comps and speaking with commercial brokers about property values are ways to do that. Otherwise, you can place an incorrect price on the property and either shortchange yourself or overcharge the buyer.
Not knowing if the property is up to code
Commercial property should always be up to code to accommodate people with disabilities and to ensure there are plenty of exits in the event of a fire or other disaster. An inspection should be done to check for these issues. If it’s found that the property doesn’t comply with the latest regulations, it could prevent the sale from taking place.
Waiting for buyers to come to you
Selling commercial real estate means not waiting for buyers to come to you; you should never be the one approaching them. You should know who your potential buyers are and properly market the property to garner the interest of such people. Advertising the property is the key to getting them to contact you.
Not prequalifying buyers
A mistake some sellers make is not prequalifying buyers out of fear that they might back out of a deal to buy the property. However, prequalification is a major part of the real estate business and protects your information while providing it only to serious buyers. Checking prospective buyers’ financial information is a good way to protect yourself.