This is what every commercial owner wants to know when selling. The honest answer to this question often leaves most vendors disappointed. The price the agent quotes you is only an opinion and can vary greatly depending on the integrity of each agent. Unfortunately there is no simple formula for calculating the value of your property.
What your property is worth in any given market is determined primarily by the law of supply and demand. In this digital age of online data and a wealth of information, interested buyers will value your commercial property by comparing it with what other similar properties in the immediate area have recently sold for. The land and building size along with the rental return are all determining factors in assessing the value of your property.
Ultimately it is the potential buyer’s assessment of how your property compares with other recently sold properties that will determine what they are prepared to pay for it.
It’s not hard for you to work out the likely selling price for your property. Accessing this information is easy enough. Arriving at an unbiased and realistic price on your property however is not as easy, as it requires you to be more rational and less emotionally attached.
Because buyers want to try and buy for less, the only other factor that can have an impact on the price you receive for your property is your agent’s skill level. Knowing how to negotiate the highest price the buyer is willing to pay for your property is the most important skill to look for in an agent.
For most people selling a property is one of the most emotional and challenging moments in their life. Agents are aware of this emotional attachment you have to your assets and it’s sad to see dishonest agents take advantage of this by quoting vendors a high price to win the listing. Don’t fall victim to this tactic.
The agent who deceives you with the price is often the worst agent and they will not get you the highest price for your property because if they deceived you once they will deceive you again when selling.
The agent you choose is by far the most important decision you will ever make when selling your property because the agent’s skill level, and not the price they quote you, will determine the price you receive.