The process of selling a business property is not always straightforward. Unfortunately, common selling mistakes may make it impossible for a seller to unload his or her commercial real estate property. Here are a couple of mistakes to avoid when selling a piece of property in New York.
First, it is not uncommon for sellers to make errors when estimating purchaser demand. In some markets, purchaser demand does not remain constant during the year. For instance, although qualified buyers may be available at the beginning of the year, they may not be available during the spring or summer months. In certain submarkets, finding a buyer at all can prove challenging. However, using a marketing system designed to track purchasers' interest and solicit their feedback may prove helpful.
Second, sellers oftentimes wait for purchasers to come their way. For instance, they place their ads online and hope that buyers will contact them. The reality is that, in today's fast-paced society, it may be more helpful to contact buyers directly by text message, direct mail, email and phone. The goal is to have at least a couple of qualified purchasers competing for a single property so that the sale price will be as high as possible.
Marketing commercial real estate can understandably be complicated. After all, plenty of misinformation exists, even among real estate brokerages. However, the legal aspect of a commercial deal can be just as confusing. An attorney in New York can provide the direction needed to navigate a commercial property deal in the most personally beneficial manner possible given the circumstances surrounding the transaction.