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5 Tips to Prepare a Commercial Property for Sale

5 Tips to Prepare a Commercial Property for Sale

 

1.      GATHER YOUR A-TEAM

  1. Property accountant
  2. Experienced Real Estate Attorney
  3. Competent Commercial Real Estate Broker
  4. Title company
  5. Commercial real estate lender
  6. Designate a point of contact for the transaction

 

2.      GET ORGANIZED

  1. Work with the property accountant to prepare up-to-date rent roll
  2. Gather and organize leases and lease abstracts
  3. Profit & Loss Statements – YTD and prior 3 years
  4. Pull recent insurance claim history
  5. Due Diligence Preparation
    1. Survey
    2. Environmental Site Assessment (Phase I and II)
  • Property tax bills (3 year history)
  1. Maintenance and systems contracts
  2. Building Plans

 

3.      PRELIMINARY TITLE SEARCH

  1. Work with your title insurance provider and broker to pull a preliminary title search to identify any pending title issues
  2. Prepare to remedy any issues (liens,

 

4.      BUILDING INSPECTION AND PREPARATION

  1. Identify any deferred maintenance
  2. Repair major items, and/or get quotes for repairs
  3. Perform landscape cleanup, remove excess debris, clean gutters and windows, and prepare property for showings.

 

5.      UNDERSTAND THE MARKET

  1. Work with a broker to prepare a competitive market analysis
  2. Identify any comparable sales that have recently closed
  3. Identify current listings on the market
  4. Understand relative rental rates in the market
  5. Understand underlying land value in the market
  6. Determine a listing price supported by the market

 

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Brian Harris
Bart Allen is an exceptional broker who truly knows the submarket and the landlord landscape. His expertise helped us secure favorable renewal terms for our office lease and his communication was excellent from start-to-finish. We felt supported throughout the entire process and would gladly work with him again.
David Ellis
I’ve partnered with Jason Bollhoefner and his team at Benchmark Commercial on multiple deals over the past five years, and they have consistently delivered exceptional service—regardless of the size or complexity of the assignment. Jason is professional, highly knowledgeable, and always provides straightforward, honest guidance. He treats my clients as if they were his own, which is why I trust him with every referral in the Denver market. I highly recommend Jason and Benchmark Commercial to anyone seeking a dependable and results-driven commercial real estate partner.
Response from the owner:Thank you David! It's always a pleasure working with you and your clients. We value the trust you place with us get the job done right, for the right facility solutions here in Denver.
Alison Thaler
Huge shoutout to Bart Allen with Benchmark Commercial Real Estate! He helped us renegotiate our lease for our pediatric office and absolutely came through. Bart got our monthly payments lowered and even made sure we got some amazing upgrades throughout the whole space. The office looks completely refreshed and feels brand new; our patients and staff love it! Bart really went above and beyond for us, and I couldn’t be more thankful. If you need someone who knows how to get things done and truly has your back, he’s the one to call.
Jeremy Lacy
Tanner, I appreciate all of your help with our updated lease agreement. We feel more confident about this stuff knowing we have you in our corner. Thank you! - Jeremy Lacy, Ideations, Inc.
Anna Shea
Very helpful and communicative. Would recommend.
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