selling property for top dollar

7 stage plan of action

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Naturally, everyone selling an investment property wants the highest dollar possible from the sale. What that dollar amount will be depends on four core factors: condition, advertising, location, and market comparables. As a seller, understanding the market and looking at your property through a buyers eyes will keep you from forming unrealistic expectations and help you make wise decisions in pricing.

{1}

Finding The Right Agent

The first step toward selling your property
is appointing a trustworthy agent.

{2}

preparing your property for the market

 The second step toward selling your property is positioning the asset to net you top dollar.

{3}

composing a marketing campaign

The third step toward selling your property is letting the world know it’s for sale.

{4}

showtime

The fourth step toward selling your property is providing access to prospective buyers.

{5}

when offers arrive

The fifth step toward selling your property is receiving and negotiating offers is appointing a trustworthy agent.

{6}

keeping the deal alive

The sixth step toward selling your  property is managing the escrow properly.

{7}

closing the deal

The seventh step toward selling your property is closing the escrow.

STAGE 1 – Finding The Right Agent

The first step toward selling your commercial property is appointing a trustworthy agent.

– Check references
– Read reviews and testimonials online
– Ask agent to provide evidence of past sales
– Ask agent what the average market time to sell a property like yours has been
– Choose a commission structure that works for you
– Add an easy exit listing cancellation clause to protect yourself if your plans change
– Review the agent’s marketing plan and verify a strong online presence

STAGE 2 – Preparing Your Property For The Market

The second step toward selling your property is positioning the asset to net you top dollar.

– Design a custom marketing plan to sell your property
– Analyze properties that have recently sold to determine the right list price
– Organize a list of modifications to enhance the showing of your property
– Coordinate with contractors to enhance your property if necessary
– Hire a professional staging company to enhance your property
– Consider renovating your property before you sell to net top dollar
– Order an inspection and preliminary title report
– Complete and sign all disclosures regarding your property
– Review disclosures with a professional to ensure accuracy

STAGE 3 – Composing A Marketing Campaign

The third step toward selling your commercial property is letting the world know it’s for sale.

– Photograph your property
– Select the top 25 photographs that best showcase your property
– Create a virtual tour slide show
– Write remarks about your property
– List your property with the top ranking websites with high internet traffic
– Create a full color brochure for your property
– E-mail local agents a copy of your listing
– Place a sign in the front of your property, if allowed
– Place additional signs in the area directing potential buyers, if allowed
– Place a lockbox on your property to provide access to agents and buyers, if appropriate
– Place your property in the Co-Star database, the commercial Multiple Listing Service

STAGE 4 – Showtime

The fourth step toward selling your commercial property is providing access to prospective buyers.

– Contact top local buyers agents
– Contact investors regarding your home
– Provide as much access as possible to encourage buyers to make offers
– Hold open houses if appropriate
– Follow up with all agents that show potential buyers your home

STAGE 5 – When Offers Arrive

The fifth step toward selling your commercial property is receiving and negotiating offers.

– Ensure the buyer is well qualified by researching their financial information
– Follow up with buyer’s lender to ensure buyer can obtain a loan to purchase
– Review offers to purchase your commercial property and examine the terms in detail
– Negotiate the highest price and best terms acceptable to both parties
– Negotiate other terms on a counter offer to the buyer’s original offer
– Contact interested buyers to encourage multiple offers
– Obtain binding signatures on the purchase agreement to secure the deal

STAGE 6 – Keeping The Deal Alive

The sixth step toward selling your commercial property is managing the escrow properly.

– Open the escrow with the escrow company and receive the buyer’s deposit
– Obtain an information sheet that details the process of the escrow as a seller
– Sign your escrow instructions and fill out your statement of information
– Prepare your home for the inspections that the buyer will arrange
– Receive the request for repairs from the buyer and decide what to repair
– Receive the contingency removal which ensures the buyer is proceeding
– File a notice to perform if buyer does not remove contingencies by contract date

STAGE 7 – Closing The Deal

The seventh step toward selling your commercial property is closing the escrow.

– Schedule the time to do any termite work and other repairs that were agreed upon
– Sign additional escrow paperwork that you receive in the mail
– Sign the grant deed with a notary at the escrow company
– Notify the tenants about the change in ownership
– Clean your property to turn it over in the best possible condition
– Arrange a final walk through with the buyers a few days before the close of escrow
– Arrange for the keys to be given to the buyer or buyer’s agent
– Receive your money upon the close of escrow by mail or wire transfer

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