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If you’ve ever sold a house before, you know the importance of preparing the house in the form of staging. Staging can take the focus off of negative aspects. The same principals used in staging a residential property can also be applied to commercial properties; they just have to be thought of in a different manner.
Let’s be honest, unlike buying a home, where there is sentimental emotion when purchasing, chances are, what the building looks like has less effect on the actual purchase/lease decision. However, it can’t hurt to make the property appear in top shape. You don’t want garbage on the property or a poorly kept lawn act as a factor in the final decision.
Just like buying a home, a potential buyer/tenant for commercial real estate doesn’t want to have to worry about minor things such as landscaping or cleaning. They want to the property to be “move-in” or purchase ready.
Here are some low cost suggestions from the Coldwell Banker Commercial® organization to help prepare your property for sale/lease. Many of the suggestions will seem like common sense, but you would be surprised at how many of these are often overlooked:
How does the building look to potential buyers/ tenants? Stand back and view your property as if you were seeing it for the first time. What stands out to you? Those same items will stand out to potential purchasers/tenants.
Make sure the bushes are neatly trimmed, the grass is mowed and the lawn looks healthy. You may want to put a couple thousand dollars into new landscaping if needed.
If your parking area or loading dock surface condition is stained or otherwise worn-looking, consider resealing it. If the parking lines appear faded, have them repainted. Remove any obstructions.
Have a cleaning service power wash the building exterior for a fresh look. Don’t forget the windows. Make sure you paint over any graffiti that can be an eyesore.
Replace any cracked or broken glass and as previously mentioned, clean the windows.
The roof may be the single most important aspect of your property. A well-maintained roof will say a lot about the overall condition of the property. Replace any broken or missing shingles or tiles. Repair flashing where needed. If the roof is old and needs to be replaced, consider having the work done before selling the property.
Here is Part II of the low cost suggestions from the Coldwell Banker Commercial organization to help prepare your property for sale/lease. Many of the suggestions will seem like common sense, but you would be surprised at how many of these are often overlooked:
The Building Interior
Keep the common areas neat, clean and free of clutter. Make sure everything is in good working order; check the elevators, restrooms, etc.
The Tenant’s Space
Remove any remnants of the previous tenant If the previous tenant had a company sign on the wall, make sure it is removed. If the previous tenant had specialty fixtures, have them removed. If they had unusual color choices for paint, have the walls repainted. New tenants moving in want to picture how the space will work for them.
If you are looking to sublease or if the current tenants are still in the space, have them temporarily take down personal items. We know employees love their family photos, awards, diplomas, religious items and other personal treasures, but explain to them that this action is only temporary until the building is sold/leased.
After following a few of these suggestions, you will realize there are simple and effective solutions for virtually any commercial space to get it sold/leased.