When it comes to buying and selling real estate, timing is everything! Commercial property is an excellent “buy and hold” investment, but when it’s time to sell, it’s crucial to get the best possible price! Ferstl Valuation Services has been offering trusted real estate appraisals in Little Rock since 1967, and we’re always a phone call away if you have any questions about property values or if you’re ready to schedule an appraisal.
A property’s fair market value is influenced by supply and demand, and you can review the recent sale price of comparable properties in the area (“comps”) to get a ballpark estimate of your property’s value. Other factors that influence property values include its location, amenities, and proximity to schools, shopping, and healthcare. You don’t have any control over your property’s physical location, but a few inexpensive upgrades can make a significant difference. Here are a few things to consider as you get the property ready to sell:
Make physical upgrades—If your most recent appraisal notes a lack of specific amenities, they’ll likely be noted again on your next appraisal. Even though making capital improvements can put a strain on your budget, you risk leaving money on the table if comparable properties are currently selling at a premium. You’re most likely to recoup your investment in kitchen and bathroom upgrades, and improving a property’s energy efficiency instantly makes it more attractive to both tenants and potential investors.
Maximize Occupancy—A commercial property is much easier to sell if it’s already fully leased, and it’s always a good idea to renew or extend leases with quality tenants before putting the property on the market. Clarity and transparency will help ease any potential buyer concerns, so be sure to keep your income and cash flow statements up to date and make your records viewable at all times.
Improve the property’s curb appeal—Even if you don’t have enough cash to make significant capital upgrades, it’s crucial to keep the property clean and well-maintained at all times. A fresh coat of paint offers a lot of bang for your renovation buck, and you’ll also want to freshen up your landscaping, repair your sidewalks, and ensure your signage is clean and visible.
For more information about real estate appraisal services in Little Rock, contact us online or at 501-375-1439.
