Selling Commercial Property
From shops to warehouses and everything in-between, you may be considering selling a commercial property.
Top questions and answers about selling a commercial property
✅ How does commercial property differ from residential property?
Residential property includes freehold and leasehold houses and flats that are used for people to live in. Commercial property covers a wide range of properties of all shapes and sizes that are used by companies and other entities that aim to make profits from their services. Examples of commercial properties include shops, offices, cinemas, private hospitals, and more.
✅ What are the options for trying to sell a commercial property?
If you own a commercial property and would like to sell it, you can choose between using a fast buyer such as LDN Properties, trying your luck with an auction house that has experience with selling commercial properties, or using an estate agent that can handle such sales. The right choice will depend on your specific needs, such as how quickly you want to sell.
✅ Does every option for selling commercial property include fees?
No. If you use a fast buyer to sell your commercial property, the legitimate companies will never charge you any fees, which means you can maximise your profit. Estate agents will typically charge a fee based on a percentage of a commercial property’s sale value, whilst auctioneers may charge even higher fees, although these are sometimes negotiable.
✅ What is the swiftest way to find a buyer for a commercial property?
Using an estate agent to sell your commercial property can take several months, and it might even take more than a full year before you receive a serious offer from a buyer. Auctions can take at least two months, including the time it takes to list a property and complete the sale. Fast buyers are the speediest option as they can finalise the sale within a few short weeks.
✅ What information will buyers want when looking for a commercial property?
Commercial property sales can often require significantly more information for prospective buyers than conventional residential house or flat sales. Some of the facts that buyers might want will include any planning permissions for the property, details on Energy Performance Certificates, business rate summaries, taxes and liabilities, and various other issues.
✅ How do I know to trust a fast buyer when selling my commercial property?
Ask a fast buyer whether they are registered with the independent organisation known as The Property Ombudsman (TPO), which issues rules to protect property owners against fraud in the quick buying industry. All TPO members must adhere to those regulations, giving you extra peace of mind. Be cautious about selling to a non-TPO member because it might be a scam.
✅ What steps can I take to ensure I get a trustworthy commercial agent?
If you have decided to use an estate agent for selling your property, it’s important that you find an agent who specialises in commercial property sales. And for your security, you should consider using an agent who has accreditation from a reputable organisation like the Royal Institution of Chartered Surveyors, as this usually signals that they have a high level of professionalism.
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