Selling Mt Isa commercial property – lock, stock and barrel
Selling commercial property is more complex 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. We’ve been doing it for over 40 years!
Tip 1: Get advice from an 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.
Tip 2: Get 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 documentation and advice you’ll need to sell your Mt Isa commercial property.
Tip 3: Get a professional valuation of your commercial property
Talk to an experienced commercial real estate agency in Mt Isa to find out what your commercial property is worth. This will help you to decide on a selling price and help you plan for your financial future.
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. Locking in good long-term tenants if you can helps to make your property more attractive to buyers who want to be commercial property landlords. It’s guaranteed income for them for the length of your tenant’s lease.
On the flip side, a vacant commercial property can be attractive to buyers who are looking to use your space for their own business purposes.
Tip 5: Budget for your selling costs
Selling commercial property will usually always involve:
- legal fees
- real estate agency costs
- government stamp duty fees based on the value of the sale, and
- CGT if you sell the property for a profit.
It’s important to budget for these costs before you receive your sales proceeds.
Tip 6: Talk to your lender if you owe money on your property
Your lender may need to prepare loan discharge documents and other relevant paperwork.
Tip 7: Ensure your commercial property is as marketable as possible
Key considerations include:
- making the exterior look tidy and appealing (including the parking lot if you have one)
- fixing any broken fixtures, tiles or peeling paint.
- cleaning and decluttering the interior of your property to maximise its space.
Tip 8: Hire an experienced 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 results.
An experienced agent will be able to identify the key selling points of your property that will attract potential buyers. They will also be able to provide you with advice on the right sales and marketing strategies to use for your commercial property so that you can reach as many potential 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.
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!