3 Reasons You Can’t Sell Your Commercial Property

If you’re  having a hard time trying to sell your commercial property, this guide will explore the key reasons it’s remained unsold, whether you are dealing with estate agents or specialist commercial property selling agents. Selling a commercial property is much more difficult than selling a residential property as there are numerous legal obligations to fulfil.

We list the top 3 reasons your commercial property may be struggling to sell:

1. Poor marketing

You can market the property with an estate agent of your choice, but it is important to make sure that your agent understands exactly what you are looking to achieve.

It can be useful to provide your estate agent with the initial relevant facts to assist in marketing your commercial property. Your agent will normally add detailed descriptions and photographs. However, bad quality photography and inaccurate descriptions are unlikely to interest potential buyers and you may find your business property doesn’t sell as quickly as you expected.

2. Unrealistic asking price

The amount your commercial property is worth is dependant on a range of factors, including:

The price of recently sold properties in the surrounding areas

If the commercial property you want to sell is in a run-down or unappealing area to, it will be valued at a similar cost to the buildings that surround it. Buyers, investors and developers looking to build on the plot would consider the overall potential profit before committing. Your business premises may therefore remain unsold.

Market trends

With Brexit taking over the news in recent years, a buyer may not be interested in your commercial property until there is more clarity on the market share and the growth or decline that the market may face. A buyer wants to get the lowest possible offer, so if you want to sell now – and fast – you may see there’s currently little interest.

Availability of similar properties

If competition is fierce and there are lots of similar commercial properties that aren’t selling in the same location – what are the chances of your property selling?

3. Condition of the property

If there are issues with the condition of your commercial property, estate agents won’t be able to make it gleam for you. In order to get a higher price and successful sale, you’d have to fix the damage, spending more money on the building to make it look appealing to a buyer. 

Delapidated commercial property sold for cash in Rothwell

Structural damage

When a commercial property is really run down and delapidated, it can be really hard to shift. Many buyers won’t want to move into a shop of office and have to do extensive structural renovations as their initial investment may only cover cosmetic improvements, furniture, signage and shopfitting.

Is it legal to live in a commercial property if I can't sell it?

Some sellers have asked us if it’s legal to live in a commercial property or on the land, but this can cause real problems and leave you with very limited options.

Planning permission

If a building is still a registered commercial property, you may need to obtain planning permission before converting it into a residential space. You will need to apply to your council’s local planning authority (LPA). The approval may be granted subject to a limited time frame within which to complete all the building works. This depends on the type of commercial property you are converting.

Beware: if you go ahead with any building work without having permission, you may find yourself facing the financial and legal repercussions of a planning breach.

Building regulations

If you are intending to convert a commercial property to live in, make sure you know exactly what the law stipulates before beginning renovations. There are guidelines covering electrical safety; heating and ventilation; plumbing, drainage and sanitation.

Local Authority Building Inspector

You should also seek prior approval from your council’s Building Inspector (part of the Local Authority Building Control team) before completing any major building or electrical works, even if they utilmately reaffirm that you are safe to go ahead.

Can I sell my commercial property for cash?

Many commercial property sellers skip the traditional method completely – cutting out legal costs, lengthy written contracts and time-consuming processes.

In 2021, sellers are moving towards commercial property buying companies, as way to save money and sell their business fast for cash.

Benefits of selling commercial property to a cash buyer

Here at Property Saviour, we guide you through the selling process and continue to stay in touch day to day. We have strong values – firmly believing that selling a property should be hassle-free and efficient, we aim to get you the best price possible. 

Although you must always make an informed decision based on your own personal and financial circumstances, the advantages of selling commercial property to a cash buyer are many:

  • No long waits for commercial agents to find you a buyer
  • You save on rent, business rates and utilities by disposing of the asset quicker
  • We advise you on legal issues such as structural defects, squatters and lease irregularities
  • You are free to move on with your life without the ties of property you can’t manage
 
Give us a call today on 0113 320 6770, to see how we can help you sell your business property quickly, and with minimal effort on your part.

Commercial property sold fast

I had a property to sell in Bradford – a commercial property – and Property Saviour were very interested. They came and visited and were happy with the property.  Everything went perfectly, no problems. I would recommend them to anyone.

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Office sold due to ill health

I sold a commercial property to Property Saviour due to poor health. They were able to purchase the property quickly and I was updated regularly throughout the process of the sale. Property Saviour did everything they could to make the sale go through as smooth as possible. Their lawyers reacted to all written enquiries generally […]

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If you're still wondering how to sell your commercial property, business premises or land quickly, check out our happy clients above and get in touch for a free valuation.

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