Make Sure You Understand the Current Local Market
This is a critical first step, as an understanding of the current market is the best way to position your property to its best advantage. If you don’t make a habit of staying up to date with market conditions, beyond whatever you periodically skim online or in the paper, ask the experts. Look for industrial real estate agents who represent similar properties to yours, and do what you can to get a sense of where they think the market may be heading.
This is also the time to carefully and objectively evaluate your property. Consider too whether it might be usable in more than one way, so that you can market it appropriately and appeal to the broadest range of potential buyers and industries.
Study Your Target Market
Consider who might best benefit from a property like yours. Are you targeting investors? Growing businesses? Once you understand to whom you are speaking, you’ll be in a much better position to approach them appropriately. It’s also wise to spend some time familiarizing yourself with businesses in your community and inquire about plans for growth.
Determine the Right Time to Sell
Which option offers the best time to to sell – an active market, or a slow market? You may be surprised that a slow market can often mean investment opportunities for new ventures. Stay current on real estate price fluctuations, so that you’re primed to sell when the market swings in your favor.
Determine which Improvements Matter Most
Are you planning to sell your space as-is, or should you make updates and improvements to make it ready for the market? Do you have the right contacts to bring about those updates and improvements? If not, add that to your to-do list.
Learn How to Promote & Sell Effectively
Once your property is ready to be viewed, you’ll need to create an effective marketing strategy – think listing services, billboards, trade journals, signage. And then the real work will begin. From listing price to negotiation, make sure you understand the many intricate details in the actual sale process. It’s critical that you stay focused on individual details to move the transaction forward smoothly.
Or, Leave it to the Experts
Selling an industrial property is a complicated process that demands time and attention. If you have energy and resources that can be devoted to researching the local market, navigating improvements, marketing the property and closing the deal, then by all means, proceed. If that sounds like a lot of work better left to someone who makes a living with this kind of work, consider partnering with an experienced industrial real estate agent. He or she will expertly handle all of these details, so that you can focus on your own business. Enjoy the benefit of your agent’s experience and expertise, all with the confidence that you’re in good hands.
If you’re looking to buy, lease or sell in northern Nevada, Miller Industrial Properties is here to help.