Guide to Selling Commercial Property Fast in 2022
When you have a commercial property that you are looking to sell fast, you must understand that the commercial property market is different from the residential property market. The market forces, demands and legalities involved are different, which means the needs for commercial property are not the same.
Although we know that the need for houses in this country is constant because there always seems to be a struggle, commercial property demand is based on various variables, with the core issue being how well or not the economy is performing. When there is low employment but high GDP, the demand for commercial property increases to help increase production.
Selling Property Fast – How Do You Do It?
Before we discuss the different routes you can take when you want to sell your commercial property fast, it is important to highlight the reasons why you may be in this situation in the first place. Perhaps you are having financial difficulties such as unaffordable commercial business rates, negative equity, are looking to pay off debts or are heading into retirement.
Why is it important to consider the reasons for selling your commercial property? It is no longer as easy as it once was to sell commercial property There is a significant number of different pension funds that have reduced this asset class in client portfolios.
But, if you are looking to continue, there are three main options open to you if you want to sell a commercial property quickly and the one that’s right for you will depend on your requirements and needs.
Traditional Route – Through an Estate Agent
The most traditional route is also the one that will take the longest to sell your commercial property. Generally, it can take anything from three to six months and that’s a conservative estimate if there are no major issues.
It can also be quite a costly option as you need to think about the different fees involved. That’s not just the estate agent fees, but also solicitor fees, potential capital gains tax, mortgage arrangement and redemption fees.
When you choose to sell through an estate agent, you need to also prepare yourself and your property for viewings from potential buyers and make sure you provide all the information buyers want to know.
Last but not least, if you do manage to sell it the first time you list it, even if you have it on the market for a reasonable price, you may still have to accept a lower offer
Through a Property Auction
An alternative option you have when it comes to selling commercial property that will definitely be quicker than selling through an estate agent is putting it into a commercial property auction. The downsides of this method are that the fees can be quite steep and there is no guarantee that your property will actually sell.
Through a Property Cash Buyer
Last, but certainly not least, another alternative you should definitely consider when trying to sell your commercial property quickly is by using a cash property buyer like Cash Home. With a cash buyer, there are a lot of great benefits you can avail yourself of, including:
- Fast sale – if you sell to a genuine cash property buyer like Cash Home who has the purchasing power to buy your property with cash, you cut out all the fuss and hassle of viewings and dealing with negotiations.
- No Cost to You – Cash Home, like many other cash property buyers, do not charge you anything for the convenience of a quick sale to them. They will handle everything and take care of all the fees.
- No Paperwork – the paperwork and documentation involved in selling any property, specifically commercial buildings, is not only complicated but boring too. We are going to take a wild guess and suggest that if possible, you would like to avoid having anything to do with it. That’s why Cash Home take care of everything for you.
Although we have covered the positives, in the interest of fairness, it’s worth noting the downsides.
- Lower sale price – as cash buying companies like Cash Home are not legally allowed to buy your property for the market value, you are definitely going to lose out on some of the sale prices. What you have to think about is whether or not that higher sale price is more important than a speedy sale.