If you’re looking to sell your business premises, it makes sense to maximize the potential revenue you’ll get in just the same way as you would when selling a domestic property. In many ways, the same rules apply, too, with just a few adjustments to the actions you take to suit what you’re selling.
Why you’re selling, and why it matters
If you’re moving premises then make it positive. For example, if you’re selling your retail space because your business is expanding, make a point of telling prospective buyers this good news – after all, if they can see how successful you’ve been, it creates a positivity about the space; if you’ve succeeded at this location, they’ll see this as a good sign for their own endeavor.
If you’re selling because your business hasn’t done so well, don’t dwell on it – spin it more positively; rather than saying it was a total failure that sucked you dry, just mention you’re moving onto bigger and better things.
Making a good impression
The condition in which you leave your premises will have an impact on potential buyers, most of whom will be unable to look beyond the trash, cobwebs, and grimy windows to see the potential of the space. Get a cleaning crew in and give the whole place a spring clean, then step back and see how you could make some simple, cost-effective cosmetic improvements.
For example, if your unit has a bare concrete floor, or old, tatty floorcoverings, you can improve the appearance of the whole space immensely by putting down a concrete epoxy coating. This will brighten up the space and give it a new lease of life, as well as being a practical solution that makes a valuable selling point itself.
Have a good look at the frontage as well – just as when you sell a house, you need to maximize the kerb appeal, so try to spruce up your business’s frontage to attract potential buyers. A good clean and a few coats of paint can transform a dirty, tired-looking frontage, and have a check for any damage like worn guttering or loose fittings so you can replace or repair them.
Be clear about what you’re selling
When you’re selling business premises, make sure it’s completely clear that it’s bricks and mortar (or the equivalent construction materials) that you’re selling, not the business itself or any part of it. It may seem obvious to you, but it’s surprising how often putting out an ad that describes your premises gets misinterpreted by potential buyers who believe that you’re selling your business, too. Be clear about what is for sale and what’s included so there’s no chance of a misapprehension.
Whatever reason you have for selling up, you’ll almost certainly benefit from a prompt sale at a good price, so see how you can add value to the business premises you’re planning to sell, and get a decent return on your investment.