The Indian real estate sector has seen a considerable amount of tweezing and tweaking by the government with intervention and initiatives over the recent years. As real estate industry is one of the most dominating sectors of a nation’s economy, it becomes necessary to feed it with the right nutrition to sustain its health. Keeping this in mind, the Indian economy has welcomed two new entrants – RERA and GST that promise transparency and integrity in the property transactions. Moreover, they are also aimed to spur investments in smart property solutions, forecasting confident sales in the real estate sector over the coming days.
Unlike residential property, a commercial property includes buildings and places that are designed for retail or wholesale trade, restaurant and offices, clinics, warehouses, etc. Selling a residential property and a retail property has a very thin line of difference that when mastered brings out the best of both worlds. Initiating a momentum in the commercial real estate property requires a plethora of strides apart from adorning yourself with the technicalities that this sector is entangled with. To make things apparent let me walk you through some tips that will help you to dish out your commercial real estate property with finesse.
1. Do not hesitate to take a piece of advice from experienced commercial real estate agents!
When you are new to a business, never hesitate to take help of those who have already been in business for quite some time. Pen down a list of questions and doubts that might be bothering you and get them cleared at each and every stage. This will add to your experience and expertise. If you get a chance then do shadow for one or two sales that they would be closing. When you have an upper hand, you slowly start to decipher the world of commercial real estate.
2. Setting the right prices
Do not masquerade the flaws of your commercial property, rather be honest about them and make efforts to discuss with your clients as to how to rectify them. Always refrain from over-pricing because the world of real estate has a multiplicity of options floating in the market. Stick to a reasonable pricing policy by comparing them to relevant properties within the close vicinity. Make a detailed study of the pricing policy of similar properties, the commonalities and the factors used to determine its pricing. This will make it easy to come up with a reasonable price.
3. Deck up your property
A well-groomed property goes a long way in attracting the right amount of investors in town. Clean windows, a convenient parking space, good ventilation, great ambiance and many such factors greatly contribute towards coining a remarkable first impression. It will definitely pay you for walking the extra mile to attract potential buyers.
4. The location highlights
Another important thing that you could consider is to solemnize the landmarks that surround the commercial property. By doing this you are icing the cake, making it even more convenient for the investors to take an apt decision. For some, a certain landmark, the intensity of traffic, public transportation or some location highlights might be a flaw and for some they maybe a gratuity. Hence, do not forget to emphasize the location highlights to make the selling process lucrative.
5. List your property on the online portals
Introduce your property for sale on the online platform, that helps you to get the right amount of attention. There are many online portals that give you a lucrative platform to dig out potential clients from the market, hence do not hesitate to use them.
6. All about the appraisal process
The appraisal process is one of the important technicalities that should not be given a miss when it comes to selling. It is the process of coining an opinion about the estimated value of the property in the vicinity. As compared to residential property, commercial properties have appraisals that are quite subjective in nature. It is always good to know the basics of this process to make it easier for not only yourself, but also for your clients while finalizing the deal.
7. Think from the buyer’s point of view
Every buyer comes up with their set of notions when they step down to buy a commercial property. Yet there are some common factors that could be used to pin down the investors for closing the deal. Keep all your facts and information clear so the negotiating process does not have to bear the brunt of being a novice.
Final Note
Each and every client wishes to invest in smart property solutions that would bear fruit for times to come. To make this possible above-mentioned are some of the basic points that should not be given a miss to fish out the right investor in the real estate sector. Moreover, with experience, you will slowly master the art of selling commercial properties like hot cakes.