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Preparing to Let or Sell Your Commercial Property

Most people will at some point have prepared a property for sale, looked around lots of properties and then made an offer on one of them. However, when it comes to selling or letting, your commercial property, the process is rather more complex than that which surrounds the selling or letting a domestic property.

Here, a fresh coat of neutral paint, a quick tidy away of all your clutter, a selection of potted plants and the smell of freshly baked biscuits or freshly brewed coffee is not going to help you win your potential buyers over, and secure you a sale. This is unfortunately not what will grab a potential buyer when they are looking at a commercial property with a view to setting up a new business or even relocating an existing one. There are, however, a number of things you could consider doing to prepare your commercial property for the market that should help you secure that all important buyer or tenant.

Ready To Move Into

Just like buying a domestic property, any potential buyer or tenant for your commercial building is likely to want something that they can move into with a minimum of work required. Time is money and they will not want to waste any time putting things right that you could have sorted out to make your property more appealing.

That does not mean that you have to spend lots of money to make things right. Instead take the time to step back and look at your property with a fresh pair of eyes; how will the building appear to potential buyers or tenants?

The things that catch your eye will be the things that will potentially put people off the property.

  • Make sure that any plants or bushes have been tidied up, and any rubbish removed from around them
  • Ensure that any parking areas that are associated with your property are clean and tidy
  • If there is any graffiti on the outside of the building make sure this is dealt with; you may want to have the building exterior power washed to freshen it up
  • Make sure the windows are clean with no cracks or broken glass
  • Look up; the roof is maybe the most important feature of your building, if it needs attention then have the necessary work done
  • Make sure that the inside of the building is clean and tidy and ready to move into

Paperwork

When selling any property there is a considerable amount of paperwork involved; information that buyers or tenants will want to see before they sign anything. It is important to take the time to gather all of this together in advance and make sure that you have copies of everything. Having this information to hand will instil confidence in potential buyers and tenants.

The information to have available should include:

  • Any planning permissions or lawful use certificates that relate to the property
  • Commercial Energy Performance Certificates (EPC certificates)
  • Stamp Duty Land Tax on leases
  • Utility plans and any capacities available
  • Topographical survey, if appropriate to the property
  • Asbestos testing survey results
  • Environment report, where appropriate
  • Ordnance survey plan
  • Searches
  • Completed CSPE forms

The following are usually the responsibility of a potential tenant however having them to hand may help to speed up the process of letting your property.

  • Information on business rates for the property and any reliefs available
  • Local searches, no more than 3 months old for preference

Whilst it is not compulsory to provide these documents, offering a comprehensive pack of information should certainly help you to achieve a quicker sale or signing of a lease agreement.

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