Want to Sell Your Property Without a Commercial Real Estate Agent? Blue Clover Can Help!
The COVID-19 pandemic made lasting impacts in healthcare, transportation, public use spaces, and retail and dining environments. You may remember how many businesses quickly pivoted to an online or socially distanced way of conducting their day-to-day operations.
Fortunately, most commercial real estate spaces have returned to the pre-pandemic way of serving customers. Office spaces, however, are another story. Although many commercial real estate owners believed the work-from-home model to be a temporary measure, business owners and their workforce aren’t ready to relinquish the conveniences they’ve grown accustomed to.
According to reporting from J.P. Morgan, the office vacancy rate for Q3 2023 reached a near-historic high of 19.2%. If you see an office building, there’s a one in five chance it’s a ghost town. J.P. Morgan also projects a less-than-favorable outlook for the commercial real estate market due to the uncertainty surrounding interest rates.
So, what should commercial property owners who are considering selling expect? Should they move forward with listing their property, or wait it out until the market becomes more advantageous?
In this blog, we’ll discuss some of the main things property owners can anticipate during the sales process. We’ll also use this as an opportunity to show property owners how they can sell quickly without the involvement of a Kansas City commercial real estate agent.
You’ve Decided to Sell Your Commercial Property – Now What?
Selling commercial real estate involves a multifaceted process that requires careful planning and execution. Whether you’re a seasoned investor or a first-time seller, understanding the steps involved can help you successfully navigate the complexities of commercial property transactions.
Traditionally, you can expect to take the following steps when selling your commercial property:
- Preparing for listing
- Hiring a real estate agent
- Listing and marketing
- Receiving and evaluating offers
Preparing for Listing
Like residential real estate, commercial real estate must be prepped before going to market. Property owners should:
- Confirm that all stakeholders are on board to move forward with the transaction.
- Address any necessary repairs or improvements to make the space attractive to potential buyers.
- Compile all relevant documents, including property deeds, title reports, environmental assessments, and lease agreements.
Hiring a Kansas City Commercial Real Estate Agent
Virtually all commercial real estate sales are conducted using an agent who specializes in commercial property types. As you’d probably expect, commercial real estate is subject to its own unique set of challenges and market conditions. The high office vacancy rate, for example, indicates that the demand for these spaces has sharply fallen since the pandemic. High interest rates are yet another hurdle to overcome.
Hiring a commercial real estate agent is the norm because they understand the space and have a knack for connecting buyers and sellers, even during less-than-ideal market conditions. As a commercial property owner, you can certainly explore the agent route. Just know it’s not your only option.
Blue Clover Investments has made a name for itself in the commercial real estate space by providing property owners with lesser-known selling alternatives. Keep reading to learn more.
Listing and Marketing
After securing a commercial real estate agent, the next phase is listing and marketing the property. This is the part of the process where your agent must pull out all the stops to earn their commission.
Commercial real estate is a difficult space, mainly because the pool of buyers is so much smaller as compared to residential real estate. Innovative agents develop a comprehensive marketing strategy that includes online listings, targeted advertising, and strategic networking within the commercial real estate community. They also facilitate property tours for potential buyers and their representatives and field their questions.
Receiving and Evaluating Offers
Finding a buyer in the commercial space is a huge undertaking, especially under current conditions. In fact, some Kansas City commercial real estate sits on the market for months without so much as a whiff of an offer.
The two main challenges that commercial property owners face today is lack of demand and unrealistically low offers.
In most cases, your commercial real estate agent will pull every conceivable string until they identify a viable buyer. This part of the process can take time, and there is no guarantee you’ll get an offer close to your asking price.
From there, it’s a matter of negotiation and meeting in the middle. In the current commercial landscape, property owners are having a tough time getting full value for their buildings. Owners and stakeholders should determine ahead of time how low they’re willing to go to make the sale work and whether selling quickly at a slightly lower price is a smarter financial decision in the long run.
Selling Commercial Real Estate with Blue Clover
Real estate is one of those industries where history tends to hinder innovation. When property owners move to sell, they almost always contact an agent because that’s how it’s always been done. Based on what they know, there is no alternative option.
Blue Clover is here to tell you that you have more options than you realize. If you’re considering selling your property, you have non-traditional avenues you can explore that don’t involve hiring a Kansas City commercial real estate agent. A quick phone call with us will entirely change your worldview of the commercial space.
Our process is simple:
- Contact Blue Clover and provide us some basic information about your commercial real estate.
- We’ll ask you a few clarifying questions about the property and find out more about your goals for the sale, timelines, current valuation, etc.
- Finally, we’ll provide you with options for selling, including a quick cash close option.
Blue Clover isn’t in the commercial real estate consulting business. We’re happy to provide advice, but our true skill set lies helping sellers get paid for their properties on tight timelines or in non-traditional circumstances.
Ready to learn more? The initial call with us is free, highly informative, and will provide you with valuable insight about the commercial real estate space. Call Blue Clover today at (816) 237-5959 or email us using our contact form.
