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When is the right time to sell your commercial property?
Number one, way before you have to. Commercial real estate, as you know if you’re an investor and you’re a long-term buyer and/or seller, you know this market goes up and down and has cycles, so you want to be proactive around understanding what your vision for your business is going to be, understanding what implications are going to trigger a sale and/or trigger acquisitions. So if you’re looking to sell your property give yourself at least 12 months.
Number two, you’re going to want to assess the market. You’re going to want to identify the right broker to represent your property. You’re going to want to clean house. You’re going to want to make sure your books are in order. You’re going to want to make sure all of your taxes are free and clear before you’re going to be ready to transact on that commercial asset. You’re going to want to assess your rent rolls. You’re going to want to assess all your tenancy and your leases in place, the expiration date and all these other factors that go into an acquisition.
So when someone’s looking to acquire a property they’re going to ask a lot of critical questions, you’re going to make sure that files and documentation are available and clean and clear for you to communicate the value of your asset.