Selling real estate can be a complex process in New York. Besides the legalities of the sale, you have to consider many potential factors that could affect the sale price and how long it might take to sell. In order to make the process as smooth as possible for all involved, it’s important to understand the key elements of a real estate sale.
Location
Many business decisions are based on the old adage: “location, location, location.” The same is true for real estate. The right location can mean a quick and profitable sale. Conversely, the wrong location can mean a long and difficult sale process. When choosing a property to sell, consider its surrounding area and what potential buyers might be looking for.
Price
Determining the right price for a property can be tricky. You want to make sure you get as much money as possible, but you also don’t want to scare away potential buyers. It’s important to have an accurate idea of what similar properties in the area have sold for and to set your price accordingly. Keep in mind that the price is not just for the property itself but also for the closing costs and any repairs that may be necessary.
Visibility
Buyers want a commercial real estate property that makes it easy for their customers or prospects to find or see. The property should be easily accessible and visible from the street.
If it’s not, you may have to lower your price or invest in some advertising to get the word out. If, for instance, your property is on a busy street but set far back from the road, you may want to consider putting up a sign or hiring a real estate agent with experience in commercial properties to help you find buyers.
Customization flexibility
Buyers are looking for properties that can be easily customized to their needs. They don’t want to have to spend too much time and money remodeling the property themselves. Properties with open floor plans and minimal customization requirements are typically more marketable than those that require a lot of work.
These are just a few of the key elements of a real estate sale. For more information, talk to a real estate agent or read up on the subject. Be prepared to answer some tough questions from potential buyers, too. By understanding the process and key elements, you may be able to sell your property quickly and for the best price possible.