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Prepare Your Commercial Property For Sale Or Lease

Randolph Taylor

Multifamily Investment Sales Broker at Marcus & Millichap
Chicago-Oak Brook
O (630) 570-2246
M (630) 344-9355
Randolph Taylor

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Prepare Your Commercial Property For Sale Or Lease

The smell of warm baked cookies may help you sell your house, but not your commercial property.

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.

I know what you’re thinking, I’m not selling a house, and I don’t need the next Design Star from HGTV to help me sell or lease my property.

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:

Initial View
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.
Landscaping

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.

Parking Area/Driveway
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.

Building Exterior
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.

Windows
Replace any cracked or broken glass and as previously mentioned, clean the windows.

Roof
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

Common Areas
Keep the common areas neat, clean and free of clutter. Make sure everything is in good working order; check the elevators, restrooms, etc.
Construction

If the space is currently under construction, keep these areas clean. Sweep any dust or debris. Have the workers take a break when you are showing a space to a potential tenant/purchaser.

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.

Depersonalize
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.

Contact Coldwell Banker Commercial to ensure the maximum exposure and marketing of your property.