If you’re planning to sell your business or other commercial property, it can seem like a daunting endeavor — especially if this will be your first time selling commercial real estate in Ohio.
Getting experienced real estate and legal guidance as early as possible is always advisable. However, it’s still wise to be familiar with the process.
Getting a Commercial Market Analysis
When determining the asking price, you’ll need to get a Commercial Market Analysis (CMA). This is crucial to ensuring potential buyers that you’re seeking a fair price. It’s smart to get this from a third party and not your own real estate agent.
Preparing the property
Preparing the property is also critical. Much as with selling a home, it’s wise to make as many needed repairs as possible. This will help you avoid snags and delays caused by findings by inspectors.
It often helps to “de-personalize” the space so potential buyers can better envision it for their intended use. Real estate agents generally like to “stage” a property to increase its attractiveness and accentuate features that will appeal to most buyers.
Having a real estate agent with experience marketing and showing properties like yours will let you focus on continuing to run your business. Getting your property on the right Ohio commercial property listings for your potential buyers and helping it stand out from others can streamline the selling process.
However, it’s crucial for your agent to be able to answer buyers’ questions and point out unique features that set your property apart from others. You may choose to be part of this process. Some buyers like to talk with the current owner.
Finalizing the sale
Negotiating the purchase agreement and closing the sale are critical parts of this process. This is where having experienced legal guidance will help you ensure that all documents are in order and avoid unnecessary legal issues coming back to haunt you.
Knowing how to sell commercial property in Ohio and getting the support and guidance of the right professionals can minimize anxiety and help you maneuver the process successfully. Don’t underestimate the importance of experienced legal guidance if you’re selling (or even leasing) a commercial property – regardless of its size. In an earlier post, we outlined some of the elements of selling commercial property in Ohio that a commercial real estate attorney can do – from due diligence prior to placing the property on the market to the closing process and transfer of ownership.