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Looking to sell commercial property? Avoid these common mistakes.

Selling commercial property is much different than putting a residential site on the market. This market is competitive and filled with discerning buyers. Potential buyers are often entrepreneurs and investors who manage several properties. A seller needs to put in work to bring the right buyers to the table.

Ideally, a proactive strategy will lead to sevearl potential buyers interested in purchasing the property. It is important to make the transaction move along smoothly once you get the buyers to the table. Entrepreneurs in this situation can benefit from the mistakes of others.

Learn from these common mistakes to help better ensure a smooth transaction:

  • Failure to disclose. Buyers are likely to conduct due diligence before finalizing a sale. A failure to disclose issues such as those with tenants, easement problems or known environmental concerns can jeopardize the sale.
  • Lack of organization. Have all applicable paperwork in order. Ideally, use the net operating income to market the property to potential buyers. A recent piece in Forbes notes lenders sometimes refuse to support commercial real estate deals because the tax returns do not confirm the property's marketed cash flow.
  • Refusal to adjust. Listing a property for the right price is difficult. Get feedback from potential buyers. Review this information and consider adjusting the asking price, if appropriate.

These are just a few of the roadblocks to navigate when structuring a commercial real estate transaction. An attorney experienced in these matters can help guide you through the process and mitigate the risk of any surprises that could derail the sale.

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