Making
your property attractive is the 1st step you need to take if you
want it to get sold. And in order to attract attention and to make your home
more memorable, you may consider adding custom designs such as landscaping, high-grade
windows, or a new roof. Improving commercial or residential property aesthetics
not only increases home attractiveness to buyers, it also adds market value to
the home.
There
are two possible ways on how you could sell residential property. First,
auction by nature creates urgency as there is a definitive time in which the
buyer must act or they risk losing their opportunity in buying or selling
property. Setting an auction date, groups all interested buyers together at the
one time, creating a competitive environment and the greatest chance to achieve
the highest possible price. Second, sale of residential properties by private
treaty requires the seller to set a price from the beginning of the campaign.
Your agent can help you with this process. Many sellers have a tendency of
initially setting a higher price as they think buyers are likely to negotiate
the price down.
The
rules of the game change when it comes to selling a commercial property. The
biggest difference lies in the way each is valued. Far more weight is put on
the income of a commercial property, whereas residential property values are
generally determined by neighboring comparable sales. Income on commercial
property is directly related to its usable square footage. That's not the case
with individual homes. You'll also see a bigger cash flow with commercial
property. The math is simple: you'll earn more income on multifamily dwellings,
for instance, than on a residential property.
Know
also that commercial property leases are longer than on residential property.
On the other hand, in residential property, make sure a full detailed financial
appraisal is undertaken, precisely identifying the likely gross revenue of the
scheme the property could accommodate, total costs and level of profit expected
by the market.
By
and large, finding and evaluating commercial and residential properties is not
just about farming neighborhoods, getting a great price, or sending out smoke
signals to bring buyers to you. It takes great skills to sell a home. If you
don’t have what it takes, never hesitate to seek the help of professional real
estate agents as they will make your sale a lot easier.
Tam
Bay Realty LLC
1408
N West Shore Blvd Suite 1000 Tampa, FL 33607
(813)
908-0706
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