Appropriate Pricing Moves Properties
Listing a property for the highest possible price may seem like the best course of action, but more often than not it will deter buyers and negatively affect the final sale price. Establishing the price in line with comparable properties in the area, or slightly lower, will help move the property faster with less cost to the seller.
Rather than focusing on the final sale price, keep in mind the cost of NOT selling the property. When a listing sits on the market for months, it accrues ongoing caring costs like maintenance, property taxes, rent, etc. Holding out for a higher sale price can actually net a lower gain in the end. There can be a heavy cost to owning a property.
Timing is Everything
Identifying the right buyer is more than finding who wants to pay the most. It’s also about moving the property in a timely manner. When presented with a purchaser who wants to buy now but at a lower price than someone who wants to wait six months but at a higher price, it can be more beneficial to sell sooner than to hold out for more money. If you wait for the buyer with the longer timeline, you’re accruing costs the entire time. Additionally, it’s important to remember there’s no guarantee the potential sale won’t fall through.
Best Way to Maximize Value
Selling a property can become quite complicated, and most business owners don’t have enough time to dedicate to the process. To get the most value out of the deal, it’s recommended to enlist the services of an experienced commercial real estate broker. These professionals possess market knowledge and experience to help sell a property for the best price in the shortest amount of time.
Pricing the property correctly saves time, which saves money in the long run. Remember to stay informed on every aspect of the deal, from pricing to concession, as this will ensure you’re comfortable with your sale.