Finding The Best Time To Sell - Sun and Planets Spirituality AYINRIN
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Author:His Magnificence the Crown, Kabiesi Ebo Afin! Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan Broadaylight.
If
you’re holding commercial real estate property, there may come a point
when you decide to sell. It might make sense for your overall investing
plan, or you could have a loan coming due. Your financial goals and
overall market conditions can also play a role in deciding whether to
sell.
The
timing of the sale can impact the return you receive on the
transaction. If you understand the process involved in marketing a
property, and can be patient, you could set up a strategy to get the
best possible price. Sellers who choose the right broker can often reap
great outcomes too.
Follow these steps to plan the timing of your sale and get the highest price:
Account for the Sales Process
The
average sales process for commercial real estate in a primary market
typically takes around six months. A couple of weeks are needed to
gather information and create brochures. Then another month or two are
spent getting as much exposure as possible. Sending out contracts and
waiting for buyers to get financing can take several more months.
Sometimes
sellers aren’t able to allow for this window of time. Owners might
decide to wait until market conditions improve and run the risk of
delaying the sale too long. Also, as you look at the selling process,
note that commercial real estate isn’t seasonal. However, you may have
to keep holidays in mind; for instance, people might travel and be away
at the end of summer.
Be a Patient Seller
When
there is uncertainty in the market, buyers and sellers tend to prefer
the sidelines. Buyers may decide to wait to see if more opportunities
come later. I watched this happen recently, starting in the middle of
2022 when interest rates began to increase. Sometimes long-term
investors look to take on debt at a conservative level. Rather than
transact in a market with high interest rates, they’ll pause on
purchasing until conditions improve and interest rates go down.
Given
this, if you’re a seller and can be patient, you’ll increase your
chances of getting the best possible outcome. You’ll be able to wait
until buyers are ready to act, and can then evaluate the bids that come
in. If you can avoid being in a situation where you have to transact,
you’ll be able to spend time looking for higher prices. You can learn
more about taking a long-term approach in my conversation with William Rudin, co-executive chairman of Rudin Management Company, on my podcast, The Insider’s Edge to Real Estate Investing.”
Work with the Right Broker
Your
relationship with the broker who oversees the selling process on your
behalf can make a difference in the outcome. I cover ways to work with a
broker in Step 3 of “The Insider’s Edge to Real Estate Investing”
book. Check to see what the plans are to market the property. Is the
broker going to try to get as much exposure as possible? If they are,
this can make it easier to get more interest and higher bids on the
property. Also learn about the broker’s track record, and whether they
have experience working with the type of asset you want to sell.
Evaluate the broker’s team as well to see the type of resources and
attention you can expect during the sales process.
Selling
commercial real estate typically involves multi-million transactions,
and these don’t occur overnight. By understanding that the sales process
can take at least six months, being a patient seller, and choosing the
right broker, you can better navigate the complexities of the market.
This approach will help you maximize your return on your investment and
position you for long-term success.
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