Expert tips for selling Mount Isa commercial property
Selling commercial property is far more complicated than selling residential property. That’s why it’s important to get expert advice from experienced commercial property professionals. Here are our top tips for selling your Mount Isa commercial property.
Tip 1: Get a professional valuation
Talk to an experienced commercial real estate agency to find out what your Mt Isa commercial property is worth. This will help you to decide on a selling price and help you plan your financial future.
Our specialist commercial property team at Jays Real Estate can give you an accurate current valuation based on current market conditions and trends. We’ve been selling Mount Isa commercial properties for over 40 years!
Tip 2: Get advice from a good business tax accountant
Commercial property sales can trigger capital gains tax (CGT) obligations, but a good accountant can help you to legally minimise how much CGT that you need to pay by enabling you to take advantage of any available concessions.
Tip 3: Get specialist legal advice
Talk to a solicitor or conveyancer who is experienced in commercial property transactions. They will be able to give you a quote for the likely legal costs of all the legal documentation and advice that you’ll need to sell your Mt Isa commercial property.
Tip 4: Review your tenancy arrangements if you are a commercial property landlord
If you have tenants in your Mount Isa commercial property, review your tenancy arrangement before you list it for sale. Locking in good long-term tenants helps to make your property more attractive to potential commercial property investors who want to be landlords. It’s guaranteed income for them for the length of your tenant’s lease.
However, a vacant commercial property can also be attractive to potential buyers who are looking to use your asset for their own business purposes.
Tip 5: Budget for your selling costs
Selling any Mt Isa commercial property will usually involve:
Real estate agency sales and marketing costs
- Real estate agency sales and marketing costs,
- Legal and accountancy fees,
- Government stamp duty fees based on the value of the sale, and
- Capital gains tax if you sell the property for a profit.
It’s important to budget for these costs from your sales proceeds or other revenue sources.
Tip 6: Ensure your commercial property is as marketable as possible
Key sales and marketing considerations include:
- Making the property’s exterior look tidy and appealing (including the parking lot if you have one).
- Fixing any broken fixtures, tiles, peeling paint or other property repairs and maintenance issues.
- Cleaning and decluttering the interior of your property to maximise its space.
Use our commercial property maintenance checklist as a guide.
Tip 7: Hire an experienced Mount Isa commercial property agency
Last but certainly not least, make sure you hire an experienced Mt Isa agency who has a specialist commercial property division and a track record of achieving the best possible sales results.
An experienced agent will be able to identify the key selling points of your Mount Isa commercial property. They will also be able to provide you with advice on the right sales and marketing strategies to use so that you can reach as many potential commercial property buyers as possible.
These sales and marketing strategies should make use of high quality visuals and social media to promote your property. Commercial property buyers can come from anywhere, and impacting visuals can prompt an inspection visit from local, out-of-town or interstate buyers.
Tip 8: Talk to your lender if you owe money on your property
Your lender may need to prepare loan discharge documents and other relevant paperwork as part of the sale. In addition, there may be prepayment or loan discharge fees involved that you need to budget for, and you may need to refinance to suit your future plans.
How we can help
Jays Real Estate has been Mt Isa’s premier commercial real estate agency since 1981. We have a large network of contacts and vast experience selling all types of Mt Isa commercial premises, including industrial/warehouse, retail and office space, as well as accommodation complexes, businesses and commercially zoned land.
If you’re thinking about selling your commercial property, contact our team today for an obligation-free chat!