How To Sell Commercial Land

Selling commercial land is totally different from selling residential raw lands or even a house. That is because of the fact that there is a specific set of characteristics that buyers typically look for in a commercial property before they even consider the purchase.

If you have commercial land that you wish to sell, this guide will cover some of the most important aspects of the selling process that you should take a look at.

Commercial Land Defined

Before we go further, let us define first what is commercial land.

Commercial land is any type of real estate property that is being used for business activities. If your land is generating profit, then it can already be considered a commercial one. When a property is identified as commercial land, it will have implications on how your property is going to be taxed, and how zoning laws will be enforced on it.

‍

Selling Commercial Land

Selling commercial land has almost the same process as selling any type of property. Before you begin, you have to make sure that all your documents, permits, and taxes are updated so you will have less headache down the road.

If you are already operating a business on your commercial land, chances are you have applied for specific permits or licenses to operate your business. Make sure that these permits are updated before posting a for-sale sign outside your property. This will make it easier for your prospective buyer once they occupy your property.

When selling your commercial land, you will have two choices: you can either go through real estate agents or you can do the sale yourself. Let us go through both methods and see which one works best for you.

‍

Selling Through Real Estate Agents

Most of the time, real estate agents are going to be your best friend when it comes to selling a property. That is because realtors (as they are also called) are trained to sell property so well and they have all the right connections that can buy or help sell your property. But that does that mean that they are also the best choice in all scenarios. Sometimes, real estate agents will ask for a hefty commission, between 6 to 10%, forcing you to give up a huge chunk of your sale. If that is something that you can afford, and something that you are prepared to do, contacting a licensed real estate agent might be the best step that you can take.

PROS

• Large network of buyers for easier selling of your property
• Familiarity with the process makes the transaction smoother

CONS

• Sale can still take a long time depending on other factors
• Hefty commissions (6 to 10% of the total sale value)

‍

Selling on Your Own

Selling your commercial land on your own is also another option that you might want to consider and explore. There exists a number of ways that you can do in order to sell your property by yourself. Here is an article that we wrote on how you can sell your property without a realtor, which should give you an idea of what the process looks like. However, I have to give you a heads up that this article focuses on selling vacant land that is for residential purposes, but the general idea is the same even if you are selling commercial land.

One thing that you should ask yourself when you consider selling your commercial land by yourself is if you have the time and energy needed to successfully pull off the sale. Selling a property is not gonna be a walk in the park. It needs time, effort, and dedication, not to mention some skills in using the most common platforms available to reach a wider audience. If that is something you are prepared to do, then you should definitely consider selling on your own.

PROS

• No expenses on realtor commissions
• Will be a great learning experience for you

CONS

• Will force you to dedicate a lot of time and effort
• You will have to at least know the basics of real estate selling

‍

Always Have a Good Marketing Strategy

Now that we have gone over the two selling options that you can choose from in selling your commercial land, there is another important aspect that will make the process a lot easier no matter what path you choose.

Whether you decide to sell through a real estate agent or by yourself, having a good marketing strategy will always help to make your selling experience a lot better. Your real estate agent might already have an idea of some of these steps but going over them and identifying things that can help in finding a prospective buyer for your commercial land will go a long way.

1. Use For Sale Signs - This one is a no-brainer. A “For Sale” sign with your phone number planted outside your property will be able to reach a number of people in a single day. From a single sign alone, you will be able to reach many leads depending on how many people can pass by your property on a daily basis. Be sure to use a clear font and also include your phone number so interested individuals can contact you immediately.
2. Post Your Listing Online - Nowadays, if your property is not online, chances are that you will have a lesser chance of selling it. That is because your competitors are on Craigslist, Zillow, and even on Facebook Marketplace. The reality is that most people who are looking for anything – from a new sofa, a new television, or even the next property to build their business, will go online to find it easier. That is why it is very important that you publish your property to the platforms that we have mentioned so you will have a better chance of selling it sooner.
3. Be Ready for Any Questions From Prospective Buyers - You as the owner should have all the information needed to answer any type of questions from anyone who is interested in buying your property. Since your land is commercial, most questions that you will receive will pertain to how easy or difficult it will be for them to start a business on your land if they buy it. One of the first things that you have to do is know the exact zoning of your land. As early as now, you have to be aware of any restrictions, if any, so you can advise your prospective buyers immediately. Also, be sure to provide complete information about your land in any listing that you will do online. Providing complete information will serve as an initial screening for the buyers who will be interested to know more about your property.

‍

Sell to Land Companies

If you think selling your commercial land by yourself or through real estate agents is not a viable option, you would be happy to know that you actually have another choice: land companies.

Land companies, like us here at Land Boss, can buy your property at a much faster rate than doing the traditional methods of selling. Once you have submitted your property details to us, we can provide you with an offer in as quick as seven days.

One downside that we have to mention is that we will have to buy your property at slightly lower than the market value. The main reason for this is that we will cover all the expenses needed to sell your property within the next few months or even years.

Is this something that you would be interested in? Send us a message today so we can start the process immediately!