Selling a commercial building is a huge chance at a major income while also risking some heartbreaking loss if you’re not able to do it correctly. There’s a lot that can go wrong or right when you’re selling commercial real estate, so it’s vital to get to know how to handle this process before taking it on.

These are the top things to know before selling a commercial building.

You Need to Market The Property Online

Marketing is vital when it comes to commercial buildings. You want to be able to get as many eyes on your property as possible, and failing to do so can cost you hundreds of thousands of dollars on a possible sale. To market the property, spread the word that it’s for sale in online business owner circles and list it on multiple real estate sites. Make sure your listings are well done, properly edited, and that the photos show the best parts of the property so that it looks like a dream come true to all buyers.

Look at Similar Buildings for Comparable Selling Prices

If you’re unsure how to price your building, it’s important to look at comparables. These are properties that are similar in size, location, condition, and utility and that have sold within the last six months. Of course, you can stray on one of these items, but that will mean that the numbers won’t completely align with what you should expect for your property.

Use Your Social and Work Connections

Word of mouth is a powerful and underutilized tool. This ensures that people will know about the property early, that you can inform them on things like whether there are insulated roof panels and how well the property heats or cools, and will give you the chance to make a human connection.

People are more likely to buy things if they’re able to make a human connection to them, making commercial real estate a game of who you know rather than how far you can spread your information.

Check to Ensure the Property’s Energy Efficient

Your future customers may want to know how energy efficient the building is. Heating and cooling bills can get extremely expensive, and the more energy is wasted:, the more expensive it will become. Get to know how insulated the building is, try to gather at least six months of heating and cooling bills to let the possible buyers see how much you pay every month, and make changes to make it more energy efficient so that this can change.

How Safe and Secure Is the Building?

When buyers consider a property, they want to know that it will be safe for their company and its employees. Nobody wants to put any human being at risk simply to save a couple of dollars on a building. Check to make sure your commercial property has items like smoke baffles, working fire escapes, and fire alarms within the property distances from each other. This will protect you and your future buyers and save you from dealing with them being unsure due to safety issues.

Work With a Professional Who Knows What They’re Doing

Don’t assume you know what you’re doing just because you own the building. If you’ve never sold commercial real estate before, you may assume it’s similar to selling a home and that you can handle this: but it’s more complicated than that. Don’t place yourself in possible legal hot water. Instead, work with a professional who’s worked on similar properties successfully and can help you.

Get to Know the NRC Ratings of Your Materials

Outside sounds and noise pollution can make it impossible for offices to stay focused and complete the work they need to. Get to know the NRC ratings of the materials your building is made of, and try to get a clear read on how much noise filters through from the outdoors into the building.

If you notice that there’s a lot of noise coming through, take your time to update and solve this problem before any customers give it a walk-through.

Update Your Mailboxes and Package Rooms

Mail and package reception and sorting aren’t as prevalent as they used to be for businesses: but they’re still vital to think about. Does your building have multi-unit mailboxes if it’s a multi-residential building? If it’s an office building, does it have a space for mail to be sorted and worked on within the building? Consider which perks this building offers, and make sure to mention it when you’re talking to possible buyers or making the listing.

Selling Commercial Real Estate Can Be A Huge Step

Whether this is the first commercial real estate you’ve ever owned, or you’re simply trying to ensure you make more from this property: it’s a good idea to be aware of these items. You deserve every cent you can make!

Ryan Shure is an editor for the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.