Sell Commercial Property for Cash In Connecticut

Published on June 20th, 2023

Commercial real estate and the commercial real estate industry is on a different level than residential real estate, especially if you're looking to sell commercial property fast. Although the spaces are larger, the purchase price and contract might be higher, and the buyers are fewer, the same principles for a real estate transaction still apply when selling commercial property as property owners.

If you're looking at selling commercial property or commercial real estate holdings to potential buyers, what are your options? Throughout the course of this article, we will dive into the entire sales process for selling commercial property by owner, with an experienced broker or commercial real estate broker, or to a commercial real estate investor.

Looking To Sell Off Market In Connecticut?

Are you tired of dealing with the hassle of trying to sell your commercial property? We understand that the process can be time-consuming, expensive, and stressful. That's where we come in. We buy commercial properties for cash, providing you with a hassle-free and efficient solution to your real estate needs.

Here are the types of properties we buy:

• Office buildings: These are buildings that are used for business and administrative activities.
• Retail spaces: These are spaces that are designed for businesses that sell goods and services directly to customers, such as department stores, grocery stores, and shopping centers.
• Industrial buildings: These are buildings that are used for manufacturing, warehousing, and other industrial activities.
• Multifamily residential buildings: These are buildings that contain multiple units for residential use, such as apartments and condominiums.
• Hospitality properties: These are properties that are used for hospitality purposes, such as hotels, motels, golf courses, and resorts.
• Healthcare facilities: These are buildings that are used for healthcare services, such as hospitals, clinics, and nursing homes.
• Self-storage facilities: These are buildings or structures that are used for the storage of personal items, such as furniture, household goods, and vehicles.
• Special-purpose properties: These are properties that are used for specific purposes, such as schools, gas stations, religious institutions, and government buildings.
• Land: Raw land or land with improvements, such as developed lots or farmland, can also be considered commercial real estate. Like mobile home parks, rv parks, campgrounds etc...
  

Selling Commercial Real Estate with a Real Estate Broker In Connecticut

As mentioned in the opening of this article, selling a commercial real estate property is vastly different than selling a residential property. Commercial properties and commercial real estate sales happen slower, with more investigation, and with a much higher price tag. Commercial property value is also calculated on a different scale than residential homes, making it hard for you as a consumer or owner to understand the true value of your property.

Potential buyers of a commercial real estate property will be working with their own commercial real estate broker in their search for investment real estate.

Working with an experienced broker when selling real estate, especially commercial real estate, is a good option. Your commercial real estate broker will work with you to find a cash buyer, if that's what you're looking for, to purchase your property and broker your commercial real estate deal.

How Commercial Real Estate Brokers Sell A Commercial Property Fast

A commercial broker or commercial real estate agent will utilize some of the same tools that a residential real estate broker will, including listing the property online, making flyers, installing sale signs on the property, reaching out to network connections, and reaching out to their own pool of prospective buyers helping you sell your commercial property quickly.

Experienced brokers will have vast resources and might even know of a potential buyer, even cash buyers for your commercial real estate property or other commercial buildings before you list it for sale. Selling commercial properties is often all about who you know and how you market it to a buyer - and commercial brokers know exactly how to do that.

Information a Commercial Broker will Collect

Your agent or broker will utilize online resources to come up with an appropriate asking price for your property. They will look at comparable properties, off market sales that are similar to your property, your profit and loss statements or rent roll, and any other recent sales that could impact the price of your specific property. This entire process will help a potentially interested buyer understand how your office building or other commercial property fits into their portfolio in the long run, especially if they already own multiple properties.

A Commercial Real Estate Sale

When selling your property for a cash price, both the seller and the buyer understand that the property typically will not be appraised, and there will be no lender requirements to satisfy since the buyer will not be subject to monthly mortgage payments. Typically just a real estate attorney and the brokers will be involved in the sale - which should move quickly toward the closing process in a short period of time.

Finding Qualified Buyers - Sell Your Commercial Property to an Investor In Connecticut

Many commercial real estate investors work without commercial real estate brokerages as independent buyers. These investors are looking to buy properties or purchase a commercial building as an investment property without the fees associated with real estate agents.

Many property owners would favor selling their commercial real estate to an investor looking to buy commercial buildings simply to avoid the fees of a real estate agent, a lengthy sale cycle, and other closing costs, but also so that they can take their time and get to know the investor if the deal is more personal and have more flexibility with a closing date and smooth transition.

When selling your commercial real estate to an investor, you need to establish a fair price right from the beginning. You can do this by using some of the same methods a commercial agent would use for the subject property, such as looking at similar properties and other commercial real estate transactions in the area and assessing the condition of your property to get a fair market value.

A Successful Sale By Owner

When listing your property for sale as a for sale by owner, make sure that you try to make the listing look as professional as possible and be prepared for questions from an interested party, like an investor.

Setting up google ads that target investors, placing flyers in shopping centers, reaching out to a professional appraiser who might know of a potential buyer, or connecting with other business associates who might be in the market to invest are all great places to start in addition to providing excellent customer service to buyers and other professionals.

Keep in mind that when selling commercial real estate directly to an investor, you won't have expert guidance in finding qualified buyers, completing a due diligence period, or navigating the ins and outs of a cash offer. Reaching out to real estate attorneys once you reach the point of a sale would be a smart move to make sure that everything is in order for a legal sale.

Selling Your Commercial Real Estate Directly to a Property Buying Company In Connecticut

There are companies that exist that purchase off market properties and other properties with the sole purpose of renovating them and then reselling them for a profit. If your commercial space is in rough shape, this could be a viable option. Many factors go into this for buyers, but if this is the case they may offer you one lump sum in a no obligation offer for your property.

Types of Property Companies Look For

These direct buyers are looking for run-down office buildings, for sale by owner commercial space with high traffic counts and maybe a multifamily with a commercial ground floor. Oftentimes these properties won't have any records of service history or maintenance and be in rough shape with numerous past issues.

When working on a purchase contract for these rough properties, a qualified buyer, like a local property buying company, will likely request to assess the condition of the building and then get estimates for needed repairs to see if the property is worth restoring. This could lead to a deal falling through if your property is beyond repair, or it could lead to a swift sale, followed by a big payday!

Final Thoughts on How to Sell Commercial Real Estate Fast In Connecticut

If you own commercial real estate properties and are looking to sell them quickly, you will need to take a step back and assess the situation. Read over the above three mentioned selling methods carefully and decide what's best for you and your property.

Potential buyers are everywhere for commercial real estate; you just have to find the right one!

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