Putting your commercial property up for sale? There are a number of best practices that you, as the owner, can do that will result in a smoother and more expedited transaction.
1. Engage your SVNDCCR advisors well in advance.
Planning ahead and talking with your SVNDCCR Real Estate Advisor prior to listing your property gives you the advantage of preparing yourself and your property for sale.
2. Create a Team.
Put a three-pronged team together, consisting of an attorney, an accountant, and your SVN Commercial Real Estate Advisor. This group can work together to advise you on anything and everything that may come up during the sale process.
3. Have Well-developed and Detailed Financials.
Income and expense reports, rent-roll, tax returns, and lease details are needed to properly value a property. The potential buyers will want to see these, so have them ready.
4. Prepare As-Built Floor Plans and Surveys.
Speak with your SVN Advisor to be referred to an architect and/or surveying firm to get these drawn up prior to listing.
5. Obtain an Environmental Assessment.
Do your due diligence to document any known or potential environmental liabilities or risks with your property that may need to be addressed prior to the transaction.
Set yourself up for success by following these recommendations. And remember, it’s not the amount of money you sell your property for. It’s how much you net after taxes!